The Economist’s cover for the March 12, 2011 issue of what the British call a newspaper disguised as a magazine had a cover with Bamboo Capitalism splashed in big print over a picture of a bamboo forest with people riding red butterflies.
The Economist says, “China’s success owes more to its entrepreneurs than its bureaucrats.”
True, but The Economist also says China’s economic success has often been vaguely attributed to “capitalism with Chinese characteristics”… taken to mean, “Bureaucrats with heavy, visible hands have worked much of the magic.”
Hmm, I never saw it that way. I don’t think the Party in Beijing sees it that way either or cares what anyone in the West thinks.
Although The Economist goes on to point out that government bureaucrats have less to do with China’s success than most think, it is a fact that government intervention in China’s economy helped China survive the 2008 global financial crises caused by America’s obese, debt ridden, diabetic, cancerous capitalist economy, which I have termed Bald Eagle Capitalism.
Bamboo Capitalism is a good term to identify China’s “capitalism with Chinese characteristics”. In China, bamboo is considered a symbol of luck. It is flexible. People may eat part of it. It stays green most of the time. It is used in construction, to cook food, make floors, furniture, etc. In ancient times, warriors used bamboo as armor.
The flexible way Chinese entrepreneurs are allowed to do business is the primary reason for China’s economic success, but the central government’s control over property values and banking also deserves credit — an area the US government turned a blind eye to, which led to the 2008 global financial crises and about 64 trillion dollars in global losses along with tens of millions of lost jobs around the world.
The documentary Inside Job revealed the infamous Wall Street architects of the 2008 global financial crises and how they are still in charge at the same jobs where they caused the crash in the first place.
If these same men and women had lived in China, China’s bureaucrats may have quickly executed them so the same crises might not happen again as soon as it may repeat in the West.
In fact, Bald Eagle Capitalism is a fit term to describe the US economic system.
The Bald Eagle is not only the national bird, it is a bird of prey and although it will eat fresh fish, its primary source of food is from carrion, which vultures (a term to describe the people behind the 2008 global financial crises) feed on too.
The Bald Eagle’s diet is opportunistic and varied. The Bald Eagle will also eat the garbage from campsites, picnics and dumps.
Bald Eagles are an endangered species, as is the American economy.
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