The present global economic situation is largely defined by the by the extremely negative consequences of the U.S. stimulus programs.
These consequences are fully in line with economic theory.
Clarity on these economic issues is crucial.
The facts show clearly that in 2023, the issue is by how much China’s economy it will accelerate, whereas in the US by how much its economy will slow down. After three pandemic years during which China already outgrew the West by a huge margin, this is an extremely striking situation.
The British edition of “China’s Great Road” – is now being published.
In the West the population is at present sheltering to protect itself from Covid, entering the greatest economic downturn since the Great Depression, and facing the threat of unemployment and reduced living standards. On the other side of the world in China, something going in exactly the opposite direction is occurring.
By John Ross
It is simply an objective fact that China has made in total the greatest contribution to human well-being of any country – in particular to the most historically oppressed sections of humanity, those therefore of special interest to socialists throughout the world.
The following article by John Ross, setting out that China has produced the greatest economic achievement in human history, was previously published by Socialist Economic Bulletin.
China’s recently concluded “two sessions,” the National People’s Congress and the Chinese People’s Political Consultative Conference, reaffirmed China’s strategic medium term goal to create a “moderately prosperous society in all respects” by 2020. But “moderately prosperous” is a specifically Chinese term. To give a clearer idea internationally of what achieving this would mean, it is enlightening to give a global comparison for China’s goal of “moderate prosperity.”
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