China’s finance sector was once freewheeling, but new regulations and mandates from officials suggest banks’ new role looks beyond simple profit-seeking.
I do wonder if the people saying this stuff are genuinely this ignorant, or if they are just saying it to manipulate people who are ignorant. I wonder how the west managed to become financial superpowers? What actions did they take to get there, hmm?
Colonialism and imperialism, in a word. I know you were being rhetorical, but just to make the point because it’s an aspect of the equation that the “free market” worshipers tend to gloss over.
Also, to this line in particular by the person quoted in the article:
“No country in history has developed strong financial markets through administrative mandates and controls”
It’s worth noting that their “free market” utopia has never existed in the first place. The US, for example, has administrative mandates and controls; it just tends to orient what it has in favor of the capitalist class consolidating power. Their kind of thinking is one of an implicit denial of power dynamics, elevating the ideology “free market” above power dynamics themselves, obfuscating any bias toward the capitalist class in the process. In contrast to how the mentality of socialist projects directly confronts the power dynamics, does not act shy about them, and says, “Our society is going to be openly and studiously oriented around engaging with power dynamics and having no qualms about plainly being biased in favor of the working class.”
If the capitalist class openly and plainly stated, “We’re by and for ourselves and we will exploit the working class relentlessly in order to do so,” I think it’s safe to say people would not be happy. So they try to frame it as a patron-like benefactor instead. Which is likely where some of that “rich person grows a heart and becomes charitable” storyline in RL propaganda and in fiction, comes from.
(Mind you, I’m saying much of this in relation to the US and its glorification of the “free market.” I know the design in China is a bit more complicated.)
Yeah, it was completely ignorant, willfully or otherwise, of the role imperialism played in America’s dominance. It’s very strange to see Chinese nationals fall for this “just follow the west’s instructions exactly and you’ll be rich like us” bullshit the west peddles. No idea how anyone could fall for it at this point. Though I guess they are wealthy bankers, so they would prefer a western model, that way they keep their wealth.
It’s very strange to see Chinese nationals fall for this “just follow the west’s instructions exactly and you’ll be rich like us” bullshit the west peddles.
Chen Zhiwu, a chair professor of finance at the University of Hong Kong
Dude’s 100% entrenched relic of colonial academia.
Colonialism and imperialism, in a word. I know you were being rhetorical, but just to make the point because it’s an aspect of the equation that the “free market” worshipers tend to gloss over.
Also, to this line in particular by the person quoted in the article:
It’s worth noting that their “free market” utopia has never existed in the first place. The US, for example, has administrative mandates and controls; it just tends to orient what it has in favor of the capitalist class consolidating power. Their kind of thinking is one of an implicit denial of power dynamics, elevating the ideology “free market” above power dynamics themselves, obfuscating any bias toward the capitalist class in the process. In contrast to how the mentality of socialist projects directly confronts the power dynamics, does not act shy about them, and says, “Our society is going to be openly and studiously oriented around engaging with power dynamics and having no qualms about plainly being biased in favor of the working class.”
If the capitalist class openly and plainly stated, “We’re by and for ourselves and we will exploit the working class relentlessly in order to do so,” I think it’s safe to say people would not be happy. So they try to frame it as a patron-like benefactor instead. Which is likely where some of that “rich person grows a heart and becomes charitable” storyline in RL propaganda and in fiction, comes from.
(Mind you, I’m saying much of this in relation to the US and its glorification of the “free market.” I know the design in China is a bit more complicated.)
Yeah, it was completely ignorant, willfully or otherwise, of the role imperialism played in America’s dominance. It’s very strange to see Chinese nationals fall for this “just follow the west’s instructions exactly and you’ll be rich like us” bullshit the west peddles. No idea how anyone could fall for it at this point. Though I guess they are wealthy bankers, so they would prefer a western model, that way they keep their wealth.
Dude’s 100% entrenched relic of colonial academia.