5min chapter

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The New Political-Economy | Russell Napier, Edward Chancellor, & Helen Thompson

Hidden Forces

CHAPTER

The Rise of China in the World

The UK house pressed income ratio went from around four times at the turn of century to over nine times. And that creates an acute vulnerability to rising interest rates, particularly in the UK. I think what the rise of China does in the ways in which Russell was talking about it is bringing the story of the 70s crisis and how we got out of the70s crisis in the West to an end. It's only because of shale oil production that the world gets through 2010s without an energy crisis. So you've been in a kind of like energy situation that's quite just an oil situation for the time being.

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