By M. DeWeaver
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Additional resources for Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant
In the second of his Two Treatises 14 ANIMAL SPIRITS WITH CHINESE CHARACTERISTICS of Government, Locke’s hero was not a wise ruler but rather the alltoo-fallible progenitor of the human race—Adam himself. Following his expulsion from paradise, it was necessary for him to improve the postlapsarian world to make it suitable for farming. ”2 Yu and Adam both invested in improvements to the land. But the social consequences of their activities were quite different. Yu’s success gave him the right to rule and led to the establishment of the dynastic system.
This includes not only assets such as factory machinery, roads, and intellectual property but also inventories of inputs and finished goods. Investment cycles are thus fluctuations in the aggregate value of all such expenditures, defined in terms of changes either in the absolute level of investment or in its rate of growth. In the case of China, where the level of investment has risen continuously since 1990, the growth-rate-based definition is the most appropriate. To keep things simple, it is also useful to limit consideration to fixed capital formation (FCF) and fixed asset investment (FAI), measures that exclude inventories.
But if such an LLC were actually part of one of Ding’s “consortia,” it might make more sense to classify its projects as private. The essential feature of the Chinese system is not simply that the majority of investment is wholly or partially state owned. Ownership itself is also much less well defined. The state cannot really be an owner in the same sense as an individual. Because its assets belong to everyone, there is also a sense in which they belong to no one. The same could be said of state-owned assets in other countries.
Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant by M. DeWeaver