Some economists have said that in order to avoid disruptive amounts of civil unrest (as opposed to the more manageable baseline levels of unrest that are a constant), China's economy must grow by 8.5% per year or more, just to keep enough people quiet.
Inability to understand dynamics strikes again.
Growing by 8.5% doubles China's economy every 6 years.
Not on this globe; not in this Universe.
Given the resulting cost of labor, which is vanishingly low, compared to western labor costs, they have been able to claim double digit growth rates since the late '80s, I believe. That seems to be coming to an end. I have long thought that a severe downturn in China would be explosive. We may be about to see. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Explode, or fall over....?
Interesting that buildings can fall over, rather than collapsing into their own footprint. No doubt the 9/11 types will have something to say.... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
