Though Chinese trajectory to wealth is known, Russian trajectory is not clear. It certainly had an industrial base which might not have been very efficient. The following comment give some plausible reasons.
@wagelaborer 14
You misunderstand China is and Russia too.
87% of China's economy is owned by regional banks which are responsible for recycling profits directly into their regional economies. Basically an inversion of the capitalist system where the bulk of the capital serves the oligarchs, with a tiny trickle going to the workers and even less supporting the public sector.
This is how China has sustained its growth while financing urbanization, public infrastructure and facilities, increased median income almost ten times over since the 1990s, eliminated extreme poverty and almost eliminated poverty in all but the most rural backwaters.
In China the billionaires step very carefully, because they know that they, along with any politicians they suborn, are, if caught engaging in corrupt practices, likely to be tried, and if found guilty, executed pour encourager les autres.
As for Russia, the post-Soviet jewish-Ukrainian oligarchs who looted the public and purchased the government enabling them to make out like bandits under Yeltsin (principally buying up Soviet assets for pennies on the dollar using funds from the USA and Israel see e.g. Braguinsky Serguey (2009). Postcommunist Oligarchs in Russia: Quantitative Analysis. The Journal of Law and Economics. 2009 52:2, 307-349) were decimated under Putin, who offered the семибанкирщина (Seven Bankers, six jewish) and other oligarchs a simple choice. Stay out of politics or join their dead, jailed, exiled or bankrupted peers (See e.g. Harding Luke (2007-07-02). The richer they come: Can Russia's oligarchs keep their billions - and their freedom? The Guardian).
Posted by: Hermit | Dec 17 2022 22:05 utc |
So the moral May be control the oligarchs. The remark is from the thread https://www.moonofalabama.org/2022/12/ukraine-sitrep-more-missiles-attack-plans-artillery-hits-morale.html#comments
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