China in 2022 will face more negative global economic trends than in 2021. This will clearly require more domestic stimulus in China while making it necessary to avoid the errors of Trump/Biden administrations.
How China responded to the USSR’s collapse
An interview with Zhang Weiwei (Deng Xiaoping’s interpreter and now one of the most influential political analysts in China).
Biden has abandoned 40 years of US neo-liberalism. He is attempting the greatest change in US economic policy since Reagan. This change in economic policy will make the US a more formidable economic competitor to China.
Austerity measures are integral to the current economic policies of the US and UK. They amount to an all-round attack on wages and the social wage while there is a temporary boost to demand. That is why it is extremely foolish and misleading to compare them to the policies of Corbyn, McDonnell or Keynes.
Keir Starmer’s speech on A New Chapter for Britain was heralded as a breakthrough moment where he would simultaneously set out his vision for the economy and society while beginning to outline a wholly different economic policy.
If that was its purpose, it failed miserably in every respect.
Already reeling from job losses and pay cuts, workers and those on fixed incomes will see their living standards fall even further, if central bankers’ policy to increase inflation is successful.
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