Jostein Hauge@haugejostein<\/p>\n
The rise of the East and the decline of the West can largely be explained by the relative power of private capital versus the state.<\/p>\n
In East Asian countries \u2014 Japan, Singapore, and South Korea throughout the twentieth century, and more recently China and Vietnam \u2014 profit-seeking capital has not dictated the direction of investment. Instead, the state *governs* the market. This has enabled strategic long-term planning and the successful implementation of industrial policy.<\/p>\n
By contrast, the West \u2014 especially the United States \u2014has become so deeply financialized and so heavily influenced by private capital that investment decisions are overwhelmingly driven by short-term profits and the maximization of shareholder value. Long-term, productive investments that benefit the real economy have increasingly become a pipe dream.<\/p>\n
https:\/\/x.com\/haugejostein\/status\/2000948248979046480<\/a><\/p>\n Long response in comment 1<\/p>\n","protected":false},"excerpt":{"rendered":" Jostein Hauge@haugejostein The rise of the East and the decline of the West can largely be explained by the relative power of private capital versus the state. In East Asian countries \u2014 Japan, Singapore, and South Korea throughout the twentieth … Continue reading