Monday, May 15, 2006

How Telling

How telling that China's State Administration of Forgign Exchange--the government agency charged with managing China's global financial integration--should have an image of the Great Wall as its moniker. FYI, it is a good thing by my measure that China keep the option of barriers between its domestic economy and free flowing foreign capital--though much to the consternation of Citigroup, et. al. This is what insulated China from the Asian financial crisis and allows it to maintain its economic policy sovereignty and pursue its own path--rather than that of the IMF, World Bank, or U.S. Treasury--toward economic development. Which is not to say that China's own path is the right one, but certainly the path of the Washington Consensus (PDF) foisted on others who surrendered economic sovereignty is the wrong one for development.

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