Een gesprek tussen Gordon Long en de macro-econoom Charles Hugh Smith.

This decline is inevitable in fast-expanding economies that depended on export growth and investment booms.

The fundamental context of China’s economy is that it has traced out an S-Curve–as did previous fast-developing nations such as Japan and South Korea.

The S-Curve can be likened to a rocket’s trajectory: first, there’s an ignition phase, as the fuel of financialization, cheap labor and untapped productive capacity is ignited.

The boost phase lasts as long as credit-fueled production and consumption expand rapidly.

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