A Chinese Led De-Globalisation? with Matthew C. Klein
WTFinance
The Effect of the Financial Crisis on China's Growth
China's growth rate overall slowed down very dramatically. Exports as a share of GDP by itself is not seeing the same kind of rebalance that one might have expected. The increase in the trade surplus has been a major source of overall growth because domestic demand has been so weak.
Interview recorded - 2nd of February 2023
On todays episode of the WTFinance podcast I had the pleasure of speaking with Matthew Klein, the founder of The Overshoot and Co-author of the book “ Trade Wars are Class War - How Rising Inequality distorts the global economy and threatens international peace.”
During our conversation we spoke about how de-globalisation, China’s consumption issue, what has influenced inequality and how this can be changed in the future. I hope you enjoy!
0:00 - Introduction
1:08 - Thoughts on current markets?
2:29 - Opening not as inflationary as first thought?
3:14 - Key drivers of current price action?
4:54 - Unemployment key factor?
7:14 - De-globalisation and near shoring going to occur?
11:20 - Chinas consumption issue?
15:55 - A currency issue?
20:55 - What has influenced inequality?
24:45 - Why did globalisation not cause inequality?
26:50 - Corporations ruining globalisation?
28:50 - What needs to change to reduce inequality in the US?
32:05 - Targeted CAPEX investment?
33:50 - What other changes need to occur to reduce inequality?
35:40 - What is one message to takeaway from our conversation?
Matthew C. Klein is one of the “most astute commentators on the global economy” (Adam Tooze). He is read across the world by central bankers, chief economists, academics, policymakers, and investors. Klein has given background presentations to staffers of the U.K. Parliament, White House economic advisers, and officials at the European Commission. As a top analyst of both current events and longer-term trends, he can speak on everything from the state of the housing market or the latest decisions of the Federal Reserve to the impact of population aging or the economic legacy of Shinzo Abe.
Klein has over a decade of experience studying the intersection of economics, public policy, and financial markets. He has written for the Economist (2012-13), Bloomberg (2013-14), the Financial Times (2014-18), and Barron’s (2018-21), where he was the Economics Commentator. He now runs The Overshoot, a premium subscription research service dedicated to tracking the global economy.
His writings cover a range of subjects, including asset pricing, banking regulation, Brexit, Chinese currency management and credit policies, corporate tax avoidance, the coronavirus pandemic, demographics, the euro area’s ongoing evolution, global financial imbalances, housing cycles, inequality, inflation measurement, the Japanese economy, the supply and demand for labor, the minimum wage, monetary policy and negative interest rates, productivity and technological innovation, protectionism and trade conflict, and the U.S. political economy.
At the beginning of his career, Klein worked in global macro investment research at Bridgewater Associates. Following this, he was a Research Associate in international economic and financial history at the Council on Foreign Relations (2010-12).
Matthew Klein -
Website - https://theovershoot.co/
Twitter - https://twitter.com/M_C_Klein
Book - https://amzn.to/3JIrRSH
LinkedIn - https://www.linkedin.com/in/matthewcklein/
WTFinance -
Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas
Thumbnail from - https://labor411.org/411-blog/wealth-inequality-trying-to-close-the-gap/
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