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Michael Pettis on What Evergrande Means for China’s Macro Economy
Odd Lots
Is There a Cost to Following a Growth Model?
Every country that's experienced an investment driven growth bubble has always had a surprisingly difficult adjustment. The total value of real estate in china is worth twice what it is in the us, and more than three timesWhat we've seen in the past is that when wealth gets admertized, those losses have to be distributed within the economy. As we start getting poor, as all of that, false wealth gets amertizing, that changes the behaviour of the economy,. typically in adverse ways.
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