December 10, 2022 By Stephen Gowans It has been a tough week for the star-gazers who run a platform called Friends of Socialist China, a motley collection of Sinophiles and pretend-Marxists who sup…
This article relies extensively on GDP, which is not a good measure of an economy. For instance, Italy on paper has a bigger economy than Russia’s, but a whole lot of that is based on debt fed back into the economy. Industrial production, particularly heavy industry, is a much better indicator of the real wealth of a country.
This article relies extensively on GDP, which is not a good measure of an economy. For instance, Italy on paper has a bigger economy than Russia’s, but a whole lot of that is based on debt fed back into the economy. Industrial production, particularly heavy industry, is a much better indicator of the real wealth of a country.
and purchasing power is important too right?
Yes, in 2020 China actually pulled ahead of the US in terms of PPP