China’s unique experiment 30 years successful capitalist development under the rule of the communist party. Bearing in mind the capitalist development was with massive US help and the communist party was very open minded unlike others it worked.
On the other hand Russia disbanded the communist party altogether but suffered from criminal privatization and political instability to swing towards stronger central government reclaiming its stake in the economy.
Now with falling oil prices the Russian government won't be able to bribe the population into submission and will face popular protests.
With economic stagnation in the US and other major markets Chinese leaders face the same predicament.
From the way they manage this precarious situation will depend the pace of recovery for the rest of the world. Or not?
Thursday, December 25, 2008
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