Monday, November 7, 2011

Will China Bail Out Europe?

Not if this man has anything to say about it:

"If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.
"Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard."
Maybe Jin Liqun should run for office in the US as a Republican. He's absorbed the party line perfectly. (h/t Sophie M.)


Alex Price said...

Actually, by acknowledging a role for “the welfare system,” Jin remains well to the left of candidates such as Rick Perry for whom any form of state assistance is the thin edge of the socialist wedge. In any case, who wouldn’t want to be languishing on the beach? I dream of it everyday…

Robert said...

I recommend Jasper Becker's "The Chinese." It has a chapter in which he explains how mainland capitalists now have former Taiwanese army officers running factories -- with military discipline.

Is Jin Liqun a product of said culture?

Anonymous said...

"From each according to his ability ..."

FrédéricLN said...

To Robert : Chinese factories ARE run in a military way, that's no recent change — it's the logical consequence of a very low level of mutual trust within the Chinese society, as far as I understand it. Everyone is constantly suspected of wanting to take the money and run.

From a European perspective, the Chinese looks very much like the American society in this respect (short-sighted human relations, low implication in professional work), but the American solution to this issue is the written contract, while the Chinese one is the constant supervision.

I think the Chinese acknowledge the accomplishments of the European societies in the past, and our proven ability to work hard; they just suspect us of having changed that for some kind of "qualité de vie à crédit", borrowing to them some right to rest.

Which would not be unfair (at all).

The Greek answer to the Germans "you criticize our way of life, but it's the one you're looking for when you come on our islands for your summer holidays"; the European as a whole can answer the same to the Chinese. But being just a holiday resort is not a high status in the global ranking of nations ;)


Writing that, I have to add how frightening it is to read things like "the French live comfortably at others' expenses", when the majority of the French is not wealthy in any way. The failure is in the economic strategy of the Nation, in our Administration's decisions, in mis-information by political leaders on the situation… the citizens themselves made the right choices, as far as I know.

I just think the majority of them did not vote for the political leaders who showed the rescue lane ;-)