China: Borrowed Time The Chinese Geography
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China: Borrowed TimeThe Chinese GeographyNorth has a wide broad plain
which took two millennia of civil wars to consolidate
Yellow River not navigableÞBeijing is the political/military capital
Yangtze is the only navigable river in the countryÞShanghai is the economic capital
South has good ports and is subtropicalÞGreatly retards northern controlÞEncourages foreign presence
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China: Borrowed TimeGeopolitics Meets Development Policy• North: political unification• Yangtze: economic partnership• The Far South: military occupation• Everywhere: bribes
• Private capital pooled into state’s hands, which funnels it at sub-market rates to achieve national goals
• Maximize employment by maximizing firm size, market share and throughput at the cost of debt, profitability and return on capital
• Allows for endless bidding for inputs, while subsidizing price of outputs
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China: Borrowed TimeGeopolitics Meets Financial Policy
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