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James Fallows on PRC at 60 and US in 2009

Thursday, October 15, 2009

The People's Republic of China recently celebrated its 60th anniversary. James Fallows, national correspondent for the Atlantic and author of Postcards from Tomorrow Square: Reports from China, lives in Beijing. He discusses the recent news from that country, as well as domestic politics, from health care to the war in Afghanistan.

See a video from The Guardian of the PRC Celebrations:

Guests:

James Fallows

Comments [7]

Hugh Sansom from Brooklyn NY

Every single one of the accounts of American Capitalism offered by listeners here is better than that offered by James Fallows or ANYONE currently teaching economics at Harvard or Chicago (the seats of right-wing stupidity driving the US to hell these days).

Oct. 15 2009 11:47 AM
antonio from park slope

capitalism in the united states..

It is mostly a plutocratic and oligarchical structure where the the natural order of the economic/social system is skewed to insure specific corporations, banks and ruling class gain absurd amounts of protection, money, power and interest while the regular participants are forced to play by the text book definition (i.e. without the subsidies..)

Oct. 15 2009 11:40 AM
tom from qns

AmCap = How quickly can we give the future away to China.

American capitalism since Ronald Reagan has been< "What ever makes money faster and quicker goes" -- and "government get out of the way." If the end result is massive growth in China, 100 million Chinese rising to middle class while we decline, that's OK. "How quickly can we give the future away to China."

Oct. 15 2009 11:28 AM
Dan Owen from Carbondale, IL

Definition of Capitalism:

A system allowing bankers to create high risk investment opportunities (while giving themselves huge bonuses) that drain the retirement funds of millions of people. Then when they have destroyed the banking economy when the risky investments collapse, they are given trillions of dollars since they are "Too big to fail." This allows them to continue giving themselves huge bonuses without missing a best.

Ain't Capitalism Grand?

Oct. 15 2009 11:26 AM
Hugh Sansom from Brooklyn NY

Allocating risks and rewards based on the market....

Except that is EMPHATICALLY NOT the economic system of the United States, as the events of the past 2 years (and the past 150 years) prove conclusively.

Fallows's definition is probably what professional economic liar Mankiw at Harvard would offer.

It is simply false.

Here's a real definition: American capitalism is a system of redistribution of wealth from the general population to the wealthiest ostensibly on the basis of market forces but in practice on the basis of formal and informal rules put in place by government and multi-billion dollar corporations. American capitalism is best characterized by the socialization of risk and the privatization of profit in the service of an oligarchy.

Oct. 15 2009 11:22 AM
James from New York

US Capitalism

It's people with money (aka bankers and doctors) begging the politicians to give them more money, cause we the people will not survive without them.

The politician agree with them with a slight adjustment on the interpertation. " we the politician " intstead of we the people.

Oct. 15 2009 11:22 AM
kai from NJ-NYC

Sure, rushing headlong without thinking things through is a great way to conduct matters of critical national and international concern, particularly when American lives are at stake.

We must always do things quickly, poor choice or not, just so the U.S. looks decisive. Where are the real "deciders" when we need them?

Oct. 15 2009 11:14 AM

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