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article imageAbsurd enough? World Bank tells China to adopt Western economics

By Paul Wallis     Feb 28, 2012 in World
Sydney - We, who bask in the genius of Western economic theories on an hourly basis, hope to bring China around to our Nirvana-like level of brilliance. The World Bank has decided to help China escape its sinful prosperity.
If you’ve ever wondered how America’s God-fearing capitalists could do business with China’s Godless Communists, it’s really been a case of charity.
Yes, a country with a gigantic trade surplus and demand for its products that springs back instantly in between economic catastrophes really needs that good ‘ol Western knowhow. Obviously, the best people to save China from all this success are the World Bank.
Having told Chinese leaders that China’s growth is unsustainable (They’ve been saying that since about 1995) in a truly heart rending appeal for sanity the outgoing president of the World Bank says:
The Bank urged Beijing to adopt a new development strategy to avoid the fate of falling into the ‘‘middle-income trap’’, a misfortune that had befell on many developing countries before.
For China to achieve its goal of becoming a high-income economy, it must address urgent issues such as the meddling role of the government in the economy, widening social inequality and worsening environmental problem.
Talk about "And now a word from our sponsor"... As well as telling the only working big economy on Earth, and the one expected to pull the world out of the economic black hole it's in, to change the only successful major economic model... They're nothing if not consistent. If it's the wrong move, they'll make it, and publicize it.
There it is, a cry from the last word in economic sincerity. Meddling in the economy! Oh, surely not! In a communist country which is nominally state owned, solvent and economically managed by a 5 year plan! What were they thinking?
This is roughly the same thing as Wall Street and America’s other financial deadbeats telling Washington not to meddle in their business, just bail them out every time they cause a disaster. Please wait tensely while the World Bank explains exactly who should be running the economy.
Social inequality- Yep, the Chinese don’t yet have that wonderful 1%-99% level of equality. This awful social gaffe will have to be rectified. Imagine having a population of 1.5 billion people who haven’t yet been exposed to this degree of economic enlightenment.
Worsening environmental problem- Although the Chinese haven’t yet succeeded in destroying the Gulf of Mexico, fouling their entire coastline or other democratically acceptable environmental management triumphs, they have been trying. Beijing, in fact, has been trying to get the provincial idiots to get moving on its regulations for some time. Much the same way that the American EPA is now a virtual public prosecutor in terms of the endless repeat violations of environmental law by American businesses.
Chinese readers should note that the World Bank, after its brilliant display of decisiveness over the Greek debt farce, is feeling much better and may even be able to eat solids one day soon. This isn’t so much a critique of China as what appears to be a sort of post-delirium delusion of relevance.
Exactly how the Bank expects to force China to rework its political and economic management setup is debatable. Perhaps someone should give the Bank a crayon and ask them to draw it, first. If there was ever any need for proof that the old capitalist economic model is now just a sales pitch for failure, this would be it. Non-economic meddling, no regulation, and apparently no laws for the rich is the combination which has us in the West expecting global crashes on a monthly basis. The current crash, since 2008, is in fact worse than the Great Depression in real terms.
The social inequality criticism, coming from an economic regime which just contributed to sentencing most of Europe to a healthy added 20% poverty rate for a few generations, is simply facetious, or perhaps merely ignorance gone mad. Is it possible that China, faced with this sort of godlike wit and consistency, might possibly object to these arguments merely because it overtook Japan as the world’s second largest economy and has enough liquid money lying around to buy the World Bank several times over?
Which leads to an interesting economic question- Has anyone seen any evidence whatsoever of the world’s economic managers having a clue what they’re doing in the last few years? Do they even know what they’re not doing? If you know the answer to this question, try telling the European and American governments. They’d be quite interested to find out.
Suggestion for China- This is casting a brick to gain jade. The advice is worthless, (as is the World Bank, aesthetically), but if taken seriously, who’d benefit? Not China, obviously. Suggest you throw a few bricks back, you might get enough jade for a small earring with the state of Western economies at the moment.
More about World bank, Chinese economy, Robert Zoellick
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