China

Developing countries: dangerous times for the internal public debt

11 October 2008

Since the second half of the 1990s, the internal public debt of the world’s developing countries has increased significantly. This increase is now reaching alarming proportions in a number of middle-income countries. While some very poor countries have not yet been affected, the historical trend indicates a continuing rise in the debt level for developing countries. At enormous cost to the countries concerned. According to the World Bank, the internal public debt of all developing countries (...)

The new Chinese capitalism

21 September 2008

The recent Olympic Games have been a great showcase for the new ascendant Chinese capitalism. China has today been through a long process of capitalist restoration initiated three decades ago. The reforms began in 1978, and extended and deepened, progressively debilitating the mechanisms of the planned economy and received a decisive push from 1992 onwards. In the 1990s an unrestrained process of privatization of state companies and liberalization of public services took place. Nowadays, (...)

South/North Dialogue – Quito – 10-15 September 2008

International Conjuncture. Short version

5 September 2008

In 1982, the epicentre of the debt crisis was in the South and the first casualties were the governments of the developing countries, who suddenly found themselves owing enormous amounts in debt repayments. In August 2007, a debt crisis exploded in the North in the world’s leading economy, which so far has mainly affected private finance companies in the industrialized countries, especially in North America and in Western Europe. The global situation has changed over the last 25 years in (...)

South/North Dialogue – Quito – 10-15 September 2008

International Conjuncture. Full version

5 September 2008

In 1982, the external public debt crisis of the developing countries was triggered by the combined effects of the rise in interest rates imposed by the United States two years earlier, and the fall in prices of raw materials, particularly oil. The epicentre was in the South and the first casualties were the governments of the developing countries, who suddenly found themselves owing enormous amounts in debt repayments. The financial crises of the 1990s practically only affected developing (...)

China and India: two models ?

12 January 2008

China, a capitalist country of the modern style China is presented from the angle of its economic success, in terms of GDP growth and increased exports. GDP growth may well be impressive, but in fact, China has chosen a capitalist model of development, implying increased exploitation of Chinese workers, mass redundancies, privatisation of many public companies, radical reductions in State spending on education, health, social security, and unbridled productivism with total disregard for (...)

Statistical errors of the World Bank in China: 200 million more poor people

12 January 2008

The news was barely noticed by the big non-specialised media: the World Bank admitted in December 2007 that it overestimated the Gross Domestic Product (GDP) of China for a number of years. This is what happened.

Green shoots amidst debt chaos

4 December 2007

December 2007 As regards North/South relations, we are at present in a situation which is exactly the opposite of the financial crises of the past 25 years. The credit bubble has begun to deflate and is moving towards the developing countries in the form of speculative capital settling on stock exchanges such as those of Mumbai/Bombay, Shanghai or Sao Paulo. The high level of foreign reserves accumulated by the developing countries gives them some protection but caution is required. We (...)