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The different approach taken by China and the West towards finance and the real economy rests upon philosophical foundations that have diverged fundamentally since the Ancient World. Since the Asian Financial Crisis in 1997-98 a tremendous transformation has taken place in the financial systems in both China and the West. China has persisted steadily with reform of its financial system but it remains heavily protected from international competition. In the West regulatory structures have been progressively dismantled, permitting an unprecedented secular expansion of asset prices and debt relative to GDP. The structure crashed to the ground with the collapse of asset prices in 2008-09. In the decade since the GFC asset prices and debt in the West have rebounded. The West's financial system stands on a knife- edge. In 2018 China announced the intention to accelerate the opening up of the country's capital markets. The way in which the Chinese and the West's financial system interact constitutes a central issue in global political economy in the years ahead.
List of contents
List of Tables Acknowledgements Prologue Introduction 1. Philosophical foundations The West China 2. The West since the Asian Financial Crisis Transformation of the real economy Consolidation of financial services Global level playing field Global Financial Crisis 3. China since the Asian Financial Crisis System fragility System strength Conclusion: interaction of China and the West References
About the author
Peter Nolan was a television news reporter whose career in Chicago at WMAQ-TV and WBBM-TV spanned the 1960's, 70's and 80's. He won three Emmy's and several journalism awards including Chicago Magazine's best TV reporter. He also worked as a broadcast journalist in Niagara Fall, New York and Youngstown, Ohio. Writing credits: Author of the critically praised CAMPAIGN! The 1983 Election that Rocked Chicago. (Amina Press 2012), Op Ed Chicago Sun Times 12/30/06, Op Ed Sun Times 1/8/2009.
Summary
The different approach taken by China and the West towards finance and the real economy rests upon philosophical foundations that have diverged fundamentally since the Ancient World.
Report
"An extraordinary example of sustained scholarship, fitting a huge amount of literature into a compelling and persuasive narrative." - Geoff Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge
