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4min chapter
Michael Pettis: China's Economic Growth Model Is Dying
Forward Guidance
The Politics of Consumption in China
China has a very unequal distribution of income. But the problem is not that the rich have too much relative to ordinary Chinese. So who else? You can transfer it from businesses, but if you really penalize businesses, you may undermine long term growth rates. The only real way to solve the problem in China is transfers from local governments. And I would argue, and one of my favorite economists, Albert Hirschman, wrote about this back in the 1970s.
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