China risks a ‘Minsky Moment’

Forget the Trade War. China has even bigger problems domestically

By Marshall Auerback

This post first appeared on AlterNet

The transformation of China’s economy, both in terms of GDP growth rate and poverty reduction since it started its transition to the market system in the late 1970s, has arguably been the biggest macroeconomic event of the past half-century. The model that has characterized the country’s high output growth rates has followed in the footsteps of the Asian “tigers": first, its high growth rates of capital accumulation, driven by high ...


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