Friday, February 15, 2013

Macrobusiness: China and US Growth Models (Michael Pettis)

Pettis: China and the history of US growth models

urlExclusively from Michael Pettis' newsletter. As regular readers know I have often argued that the Chinese development model is an old one, and can trace its roots at least as far back as the “American System” of the 1820s and 1830s. This “system” was itself based primarily on the works of the brilliant first US Secretary of the Treasury Alexander Hamilton (see especially his report to the Congress on manufacturing and his two reports on public credit and banks). ...There were three key elements of the American System. Historian Michael Lind, in one of his economic histories of... READ FULL POST AND MORE HERE

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