This video should be required viewing. It shows how since joining the WTO, China has uses currency manipulation, protectionism, lack of ethics vis-a-vis workers’ rights and pollution to gain economic dominance. It proves, as the book Poorly Made in China does, that China is outmaneuvering the world when it comes to business competition.
Narrated by Martin Sheen and based on Peter Narravo’s book by the same title, the documentary clearly explains how China’s strategy to decimate its environment costing thousands of lives by allowing rampant pollution, how its currency manipulation works as a tariff, and how they have no plan to open their markets to foreign companies. Instead their game is to steal as much intellectual property they can so that they can just make their own cars, machines, electronics, etc. using the know-how of other countries to move forward.
The experts interviewed have great credentials and their insights line up with what I saw and heard when living in China. The pollution and lack of ethics are not exaggerated. Yes, most of the people I knew were nice, but there is a glaring lack of ethics and the good people were afraid of standing up for what is right. And it’s true that the government’s philosophy is completely contrary to Enlightenment principles.
Once they are on top there will be no catching them. The film shines like on what we should do now.
Michael Goodwin and Dan Burr’s Economix (2012) is a graphic nonfiction book that explains economic principles in an accessible way. The book uses the narrative of a guy trying to learn more about economics to engage the reader. Organized chronologically, Economix begins just at the 17th century, though the author notes that economics pre-dates that era, but people didn’t know how to analyze it.
The book was most helpful to me when it explained new concepts or elucidated ideas like “supply and demand” which have more complexity under certain situations. I liked learning about economists I hadn’t heard of such as David Ricardo.
N.B. Neither Economix authors agree with Malthus
I appreciated learning that world and national economies are often so multifaceted that it’s (practically) impossible to predict or understand them. That assertion seems honest and I hadn’t heard that before that I can recall.
Towards current era, the authors state that the book will be more aligned with the Democrats and appreciated that admission. It’s unmistakable, but their statement made me trust their final chapters more. I do think the book would be better if it wasn’t so connected to American history and used more examples from all over the world, however, I guess they authors didn’t think their audience was very cosmopolitan.
All in all, Economix is a good introduction to economics, dark science that I’m trying to learn more about.
According to the Financial Times, China’s boom has peaked and opportunities are drying up. This short video is well made and includes interesting interviews with Chinese factory workers who’re heading home or contemplating such a move and with a Vietnamese worker who went to China. I had no idea that Chinese factories were bringing in illegal workers from Vietnam.
If you like Downton Abbey, you really should read Gail MacColl and Carol McD. Wallace’s To Marry an English Lord. I got the audio book from the library. The narrator had the perfect voice, elegant and slightly aristocratic.
To Marry an English Lord presents all sorts of facts and vignettes about the American heiresses, and there were dozens if not hundreds, who crossed the ocean to marry well. The focus is on New York socialites, whose fathers had fortunes, but couldn’t break into the elite circle of the Kickerbockers. Kickerbockers were the descendants of the first New York settlers from Holland, these people wore knickerbockers, i.e. pants that stopped at the knees. No amount of money could get you into their social circle so those with new money headed for England where they were welcomed not just for their money (though that was key) but also because American girls were so open, confident and free. British girls were sheltered and shy. They were chaperoned everywhere, but the American parents gave their girls a lot more freedom. And they had much larger clothing allowances. A British girl would make do with 3 new gowns a season, but the American would get 18 or so spending about $500.000 in todays money (plus a 50% tariff). The British men noticed, in droves apparently.
The book covers every aspect of the women’s lives from dress, parents, education, hobbies and such to marriage, infidelity and socializing. I found it quite interesting that these girls had the best of all worlds because as was typical in the U.S. at the time they were encouraged to be spirited and confident as debutantes and unlike the women who married in America after they wed they could follow the custom of getting involved in politics or writing, which was normal in England.
The book is a solid and entertaining social history that makes me think a real life Cora had more meaningful work to do, more extravagant parties to give, more friendships and probably more infidelity than we see on Downton Abbey. (Mind you I’m happy Cora did not hop into bed with Bricker, the bounder.) The authors’ style is full of wit and energy.
While I enjoyed being able to listen as I drove, I think I’ll get the actual book, because I can envision wanting to fact check the history and that’s hard to do with a CD.
By The School of Life
What do you think? Why are some countries poor?
In I got a good tip from The Atlantic Wire’s email today’s on a good piece in The N.Y. Times:
The fact that “American capitalism as currently constituted is undermining the foundations of middle-class society” shouldn’t be up for argument, Krugman writes. “But it is, of course. Partly this reflects Upton Sinclair’s famous dictum: It is difficult to get a man to understand something when his salary depends on his not understanding it,” Krugman argues. “I’ve noted before that conservatives seem fixated on the notion that poverty is basically the result of character problems among the poor. This may once have had a grain of truth to it, but for the past three decades and more the main obstacle facing the poor has been the lack of jobs paying decent wages. But the myth of the undeserving poor persists, and so does a counterpart myth, that of the deserving rich,” he writes. Americans are wealthy because they made the right choices, the story goes. “But the main thing about this myth is that it misidentifies the winners from growing inequality. White-collar professionals, even if married to each other, are only doing O.K.” It’s the top 0.1 percent that are growing in wealth. The Washington Post’s Greg Sargent tweets, “Nice takedown of David Brooks’ latest on inequality from @NYTimeskrugman (without ever mentioning Brooks’ name).”
The full editorial is here.
I didn’t know that during the Depression some localities created their own currency. Now the practice is re-emerging. Champaign-Urbana, Illinois has started Smile Bucks, like the Berkshares currency described in the video.
I would use these if they were offered in my town.