US, EU economic system struggling to 'survive' against China, US trade chief warns
The US and European market-based economies are struggling to survive against China’s "very effective" alternative economic model, a top US trade official warned on Thursday (4 April).
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I especially love how they are panicked about China "overproducing" (in quotation marks of course because what they are complaining about has nothing to do with to the actual economic concept of a crisis of overproduction) stuff like solar panels, EVs, steel, etc.
I would really love to ask these people just some basic questions and see just what bullshit cope they can come up with. Like: I'm sorry but wasn't it what you told us when you sold us on capitalism that competition would result in higher efficiency and lower prices and that would be good for us?
Didn't you teach us in econ 101 that this is just the law of supply and demand in action? According to the dogma of market economics that you have been drilling into our heads since we were in elementary school China is merely providing a supply to fulfill our demand, and doing so more efficiently than the competition - so what's the matter, i thought a rising tide lifts all boats?
I thought having winners and losers is good for everyone because it incentivizes innovation and boosts productivity? Shouldn't you be celebrating this as a triumph of the market? Isn't getting more and more stuff for less and less money the whole point of progress according to the consumerist world view that you are constantly trying to get us to buy into?
And why in the world would you announce that you want to "slow down China’s rate of innovation”? Why don't you just wait for the innovations to trickle down to you through the free trade you love so much? And if the "market dynamic isn't playing in your favor" why are you trying to rig the game and change the rules instead of just getting better at competing?
And the million dollar question: if China's economic model is more efficient than yours why don't you just adopt it?
Yeah, overproduction would be producing things that there is no demand for. What they're complaining about is that China is cornering the markets on crucial tech that everybody is going to want going forward.
It's "overproduction" in the sense that if western countries had a shred of sense and decency they would be mass producing green tech of their own but since they are a bunch of fossil fuel corporations in a trench coat they are too busy genociding brown people. Since China is practically the only country in the world making and selling solar panels it is overproduction relative to them.
yeah basically
they ain't gonna adopt it because it would require the business aristocrats that run the west to utilize their profits for something other than lining their pockets over public good
Meanwhile the West funds, ships, markets, and fucking overproduces useless shit for decades.
So much plastic is being wasted on the absolute worst possible bullshit, like Stanley cups, or every other seasonal stuff that nobody needs.
Fuck that. Produce green tech ffs. And affordable housing. And vertical farms.
Another aspect is that cheaper solar panels means cheaper energy: something that Europe is having trouble with right now.
Cheaper energy means lower costs to produce stuff - Making their economy more competitive not less. E.g. Certain foods need refrigeration. Factory equipment. Server farms. Offices have lighting and aircon etc.
If Europe allows their own solar panel industry to gouge themselves, the initial investment in solar will be more of a cost and they are going to have less future growth.
