First, there is Capital Wars by Michael Howell, who established CrossBorder Capital Ltd. in London:
....For Howell, the nature of the imbalance is different, although his theory appears consistent with that of Klein and Pettis. As he expresses it, the U.S. has an overdeveloped financial sector and an underdeveloped industrial sector, while China is the other way around. Fixing this involves risks and difficulty for those in power; China needs to financialize, so that it no longer needs to import American capital, while the U.S. needs to re-industrialize, so that it no longer needs to import cheap Chinese goods. It is very difficult for these things to happen unless they happen at once.
...The risk is that the coronavirus gives an incentive for China to keep pumping more out of its industry, and importing capital from the U.S., whose banking sector will be happy to provide it given lack of consumption at home.
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