Does Chinese Capitalism still have the Mandate of Heaven?
|The traditional Chinese term for a dynasty’s legitimacy is the Mandate of Heaven. It signals the approval of the heavenly powers for peace and prosperity for the realm. In modern China the conversion to capitalism with Chinese characteristics by Deng Xiaoping has brought prosperity to hundreds of millions of China’s citizens. But the thirty-year old export model depends on foreign sales and the worlds is awash in overproduction. China’s conversion to a domestically driven consumer economy has been largely unsuccessful. The spectacular collapse of the Shanghai Exchanges in the past month are just the latest signal of the stresses shaking the mainland economy. Join us for a survey of the Chinese economy and its implications for economies and currencies around the world.
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