There is a difference of attitudes towards wealth that a friend of mine pointed out, while not in all cases is applicable does have some truth in it. In general in Asia, if you see someone wealthy, it may encourage you to do better whereas in the West I find the attitude is that someone who does well they are vilified as if they had stolen something or did something illegal to get it. And I have seen this, if they see a nice car parked on the road they will vandalise it.
It is the same in Asia in many parts, China has a great deal of envy. Minus the vandalizing of property it is about the same envy wise. You can always find people who resent success and popularity no matter where they come from.
Personally I loved the cops in L.A when they see a Black man driving a car they could never afford on a cops pay, they do not even try to hide their contempt and hatred of his success. Likewise in Germany my own brother in-law when seeing a Turkish immigrant driving a Mercedes had flashes of resentment across his face. As Malcolm Maclaren always said popularity breeds contempt, success has the same effect on many in the same way.
"greed is good!!!!!" we have all watched "Wall St, money never sleeps".. you must remember Gordon Gekko.
But those are way too American..that will be Chinese disaster if China becomes another U.S.A.
I'd rather see China becomes more European or Canadian.. which wealth can be shared by everyone. Higher tax, better social secuirty.. isn't that what Chinese Revolution was about back then?
Not from what i saw by the mortgage-backed security debacles in the US lately, or the S&L crisis in the '80s or the great depression, nor....
What do you mean? Finance is a bad example of free market capitalism... As far as I know, everything you mentioned was caused by government intervention, the greatestest example being the Great Depression. The mortgage crisis was also caused by pressuring banks to make risky loans in order to increase house ownership in the US, especially among visible minorities.
The government caused the Great Depression. Even Ben Bernanke, the Chairman of the Federal Reserve, agrees. Here’s what he said at the celebration of Milton Friedman’s 90th birthday in 2002 . .“I would like to say to Milton (Friedman) and Anna (Schwarz): Regar...
The government caused the Great Depression.
By not wanting to intervene the market in the 20's. That was the smallest federal government in 20th century US history. What do you thinks QE1 ansd QE2 are for? Which school of economics did you have the previliage of associating with?