Whoever thinks, West is completely Capitalistic is wrong. US System is half way Socialistic but Americans call European Countries Socialists. The most Capitalistic Countries are Poor Countries of the world and this is why they have lower standard of living and Economic Class System. . Middle Class is 75% to 90% of population in Advanced Countries and people living at or below Poverty Level are the larget Class in Poor Countries, 40 to 80% of the population like good old Capitalist days in advanced countries. . Advanced Countries that have Minimum Wage Law, Retirement Pension for all, 12 years of Free Education, Free or almost free Medical Care for Poor, Elderly, Handicapped and other Needy, Food Stamps and Cash for Needy, Profit Sharing with their Employers, subsidized or Free Housing for poor, Subsidized Interest Rate for all to buy Homes etc can not be called Crude Capitalists. Almost all former Soviet Block nations, Europe, Greenland, Iceland, USA, Canada, Austrialia, New Zealand, Japan, Singapore and Hong Kong, all the rich advanced nations of the world have that. . God gives more, if you share the wealth, not to Capitalist Poor countries, where rich pay hundreds of times lower Property Tax than in the advanced countries, cheat on Income Tax on regular basis, steal Electricity, take out loans and get them written-off instead of paying back etc. . As soon as Western Capitalists started sleeping with Communist China, she started growing economically because of factories the Capitalists built in China creating jobs but actually taking advantage of world's lowest Wages to make a lot more money. Definitely, it helped China earn tons of Foreign Exchange but its not much more than USA spends on Imports each year. This is why present Worldwide Recession has caused massive un-employment in China too. . My other comments are inserted below. --- Khan Arif <ank2000pk@...> wrote: > > There is no appreciable change in the wealth of the nations. The increase in unemployment in industrial countries including China is still lower than ours in normal circumstances. And it is due to corruption and greed of big business and big banks and laws do not have sufficient safeguards against their exploitation. . TURKMAN: The rule of Crude Capitalists Republican Party had scrapped all the Regulations to safeguard such exploitation that were implemented by Pres. Franklin D Roosevelt in 1933 otherewise everything worked fine for last 76 years making USA become the richest nation on earth and a Super Power. -------------- > Socialism and communism as economic systems are against the human nature and that is why they collapsed in Soviet Union and Europe. . TURKMAN: You are an ignorant. Socialism has not collapsed anywhere in this world and it has been more Humane System than Capitalism or Islamic System. Communistic Economical System is also a lot more Humane than Islamic Economical System because Islamic System is closest to Capitalism than these systems. ---------------------- China has now adopted a realistic attitude towards the capitalistic countries in its trade and social contacts. See article > http://www.netvert.biz/paklink/articles/socialism.html > > > Arif N. Khan > > http://www.netvert.biz/wordpower . TURKMAN: Not true, China has been the biggest assistant of Capitalists in the world since 1981. ------------------ > --- On Mon, 3/30/09, Saleh <sak555@...> wrote: > > > Just see how God has changed the world right infront of our eyes....those who use to be proud of their system, imposing them on all the world are now laying on the ground and begging to those who were there enemies, for revival....China is leading the way and it needs to improve further by acquiring more and more of our Islamic system . TURKMAN: China is leading the way in Economic Growth but so is Russia and some other countries and Chinese Economic System has nothing common with Islamic System. ----------------- ...the further a system is from Islamic economics, the sooner will it crash, the closer the system is, the better palced is its foundation . TURKMAN: Then, how come no Islamic Country has Islamic Economic System? How come Islamic System had crashed in Talibani Afghanistan? How come even after 30 years of Islamic System, Iranians are still poor and Iran has not gone anywhere? ----------------- .. .all experiements done have failed, are we going to go further in these experiements and destroy our children lives as well?? . TURKMAN: Which experiments have failed, sir? -------------- > Â > Reagan's Revolution Is Getting Chinese Makeover: William Pesek > > > Commentary by William Pesek > March 30 (Bloomberg) -- Ronald Reagan wouldn't be happy. > The free-market revolution that the U.S. president championed in the 1980s isn't just over. It's about to get a Chinese makeover as officials in Beijing assert themselves as rarely before. The way they are scolding the world ahead of this week's Group-of-20 meeting leaves little doubt about that. > Now lets see, what can China teach us about running an economy? First, don't lend $740 billion to someone you worry can't pay you back (Whoops, did that!). . TURKMAN: I agree. ---------------- Second, don't rely on a single industry such as manufacturing for growth (Damn, did that!). . TURKMAN: You must be out of your mind. Is China not earning all that hundreds of billions of Foreign Exchange through the Manufacturing Industries that our Capitalists have installed there? ------------------ Third, don't ratchet up defense spending when your economy needs fixing (Oh man, did that, too!). . TURKMAN: Defense Spending ratio of China has been higher than USA's for decades, sir. ---------------------- > The point here isn't to pick on China. Nor is it to defend Reaganomics and its simplistic faith in the wisdom of markets. The laissez-faire crowd has done more than enough damage with its contempt for regulation and its financial innovation. The point is that we shouldn't get ahead of ourselves in thinking China has a how-to guide for others to emulate. . TURKMAN: China is a Communist Country sleeping with Capitalists of the world earning Foreign Exchange from factories of USA and Europe exported there. What can China teach the world? ------------------- > Give credit where it's due. China has done an impressive job of raising millions of people out of poverty. . TURKMAN: Which Poverty? --------------- Its rapid growth filled a void in Asia left by a Japan that never fully recovered from the deflation of the 1990s. China worked fast to shield its 1.3 billion people from the global credit crunch. . TURKMAN: Being a Communist country, China was never exposed to Free Market Enterprise. How could Credit Crunch hit China that you claim China has shielded her people from? ------------- > Load of Cash > Yet having a load of cash -- including $2 trillion of currency reserves -- doesn't necessarily make you an economic leader. It does buy you considerable influence, particularly when you hold the deed to the world's biggest economy. China is playing a role somewhat akin to that of financier John Pierpont Morgan in 1907. Its money is propping up the U.S. . TURKMAN: China has bought some US Treasury Bills but ten twenty billion here and there make no difference to $ 13 trillion strong US Economy, sir. Saudi Arabia has the most investments in USA, not China. Tell me, which Industry or company China owns and I would give you a list of Saudi-owned companies and banks? -------------- > As the third-biggest economy, China will have a prominent seat at the table when G-20 officials gather in London on April 2. . TURKMAN: China is not world's 3rd biggest Economy. (1. EU $ 16.9 trillion 2. United States $ 13.8 trillion, 3 Japan $ 4.4 trillion, 4. Germany $ 3.3 trillion, 5. U.K. $ 2 trillion, 6. France $ 1.8 trillion, 7. China $ 1.4 trillion.) ------------------------ It's still not clear what the world can learn from a nation that has so little in common with developed ones. > It's no mystery why China's top-down system has yet to create an indigenous corporate star. . TURKMAN: Because its a Communist Country. What do you expect? ------------------- For all its challenges, India has produced names such as Infosys Technologies Ltd. and Tata Motors Ltd. China's focus is still on acquiring recognized names from overseas rather than creating an environment to empower entrepreneurs. > Who knows, perhaps history will show China is creating a smart model here: leapfrogging over an entire level of development. Yet how does a country that censors Google and polices the Internet so actively compete in the Information Age? . TURKMAN: Good Question. ------------------ > Economic Inspiration > China critics often point to the frequency of mining accidents, pollution or the lack of worker rights, product quality and food safety. All are valid concerns. So is China's reluctance to build an economy that inspires grass-roots energy and creates jobs. There's some of that, but not enough. There is a reason why China isn't even close to producing its own version of Bayerische Motoren Werke AG, Sony Corp. or Microsoft Corp. > If China really has a superior system advantage,as central bank Governor Zhou Xiaochuan argues, its one thats a plus in the short run and a negative in the long run. > Chatting with officials in Japan, India or the Philippines, you often hear comments such as, 'It would be nice to be China right now'. What they mean is that democracy slows and complicates stimulus efforts. The Communist Party can say do this now and do that tomorrow, whereas democracies require consensus. Look no further than the bickering in Washington. . TURKMAN: True. ----------------- > Saving Capitalism > The U.S. has lots to answer for. China can't be happy that its 10 percent-plus growth was interrupted by the fallout from U.S. excess and greed. Export growth has evaporated, leaving 20 million migrant workers jobless. China worries its U.S. debt holdings may lose value. . > China makes some valid points, too. Market forces, if left unchecked, will lead to asset bubbles and ultimately a disastrous market clearing in the form of a financial crisis like the current one, its central bank said in a report. . > That is, after all, what happened in the U.S. economy. Also, China's calls for a so-called systemic-risk regulator to oversee big financial institutions and a federal authority to seize them if they run into trouble jibes with recent suggestions by U.S. Treasury Secretary Timothy Geithner. . > There's no doubt the world that Reagan envisioned didn't work out. The 'Washington Consensus' of free markets, small government and unfettered globalization that characterized the 1990s also is over. China knows it, and it's speaking out more confidently -- and rightly so. . TURKMAN: This is why Americans have thrown-out Republican Capitalists and have elected Obama. -------------------- > Capitalism isn't dead; it lost its way. Expect a more sensible version than the one that just crashed in which capital flows freely and regulations see that markets don't go off the rails. As perverse as it sounds, a touch of socialism is needed to resuscitate capitalism. > This idea of capitalism with Chinese characteristics is fine for China, which is destined to be a great economic power someday. In 2019, we'll talk. In 2009, China shouldn't be lecturing the world on how best to run economies. . TURKMAN: True. Chinese are still coutiously learning Free Market Enterprise and Banking. On the other hand, Russia has already learnt the basics and is already on stronger Economical Roots than China and growing faster than China. Chinese Economy can only become the biggest because of her population, not because it could compete with the advanced world in providing Standard of Living to Chinese. > |
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