UNLIKE THE USA, CHINA’S RATE OF PROFIT DID NOT HOLD UP.
December 5, 2023 3 Comments
The complex rate of return in China has resumed its decline. The CCP now has no choice but to act as capitalists or fail. They have to break the politically sensitive social contract by ratcheting up the degree of exploitation to support the rate of profit. To do this the need to force down wages and with it standards of living.
THEPLANNINGMOTIVE.COM 
I love the mental gymnastics of reformists like Michael Hudson. He’s a fan of Chinese ‘socialism,’ constantly speaking about debt accumulation and the need for governments to cancel debts from time to time. Oh well, the biggest banks in China are state-owned, so why is China facing a debt problem? can’t they just cancel the debts like Michael Hudson says? aren’t they ‘socialist’?
Comment well made. Funnily enough capitalist states in the West are adept at socialising losses and privatising gains. Aka bailing out the capitalists when ‘they are too big to fail’.
Thank you aga