The speech of Frank A.J Veneroso is remarkable for a bourgeois and we at Political Economy Research agree with much of what he says and China should listen to his advice except we would go further and close down the free market evangelist Tsinghua University Economics Department and the derivatives and futures markets in China. The capitalist asset transfer system in China called the Stock Market should also be shut down.
We would reinstate the Chinese Central Planning Commission which was disbanded by Wu Jia when he set up Institute for the Reconstruction of the Chinese Economy.
Speaking of Hyman Minsky and excluding Karl Marx from this debate which is about the centrality of capital accumulation and its discontents and the internal contradictions of capital shows the class character of these hired prize fighters of the Chinese bourgeoisie and their lack of scientific political economy now that Chinese Universities have succumbed to the political virus of neo liberalism.
China has the opportunity to return to Socialism in the 21st century or descend into the barbarism of full free market capitalism rather than the state capitalist hybrid present system - listen to Frank Veneroso not the paid prostitutes of the free market in China like Tsinghua University professors who are not fit even to run pig farms after working for Goldman Sachs.
“crossing the river by touching the stones” was a lie when first propagated by Deng Xiaoping has he had a plan based on failed attempts of labour market reform during Mao Era.
China needs a plan now not blind market forces to steer it economy to safety - only Socialism can save China.
Nickglais, Editor of Political Economy Research
PS If you want to know how Goldman Sachs survived and flourished during the economic crisis it has little to do with their systems like Jian Wulin their Tsinghua University apologist speaks but much more to do with Guanxi (connections) watch a recent video by Greg Palast here :
See Also: http://www.youtube.com/watch?v=JY-7Sz058P4
Just saw the INET/Tsinghua Report on the Conference above and they reported that Venerosa said to cautious about further liberalisation - they obviously did not listen to his speech and have even reported it inaccurately has he said NO to further liberalisation.
This fundamental debate constitutes the classic challenge facing Beijing today and it is well reflected in this panel discussion between Andrew Sheng and Frank Veneroso from a recent conference in Shenzhen, China, titled, "The Good Life: The Challenge of Progress in China Today."
Which path will lead China to success in the 21st century?
Watch the video to see what Sheng and Veneroso have to say!
Frank A. J. Veneroso is presently the lead partner of Veneroso Associates. Formerly he was a partner of Omega Advisors, where he was responsible for investment policy formulation. Prior to this, acting through his own firm, Mr. Veneroso has been an economic consultant and investment strategy advisor to governments, international agencies, financial institutions, and corporations around the world. He acted as an economic policy advisor to international agencies and governments in the areas of money and banking, financial instability and crisis, privatization, and the development and globalization of emerging securities markets. His clients have included the World Bank, the International Finance Corporation, and the Organization of American States. He has been an advisor to the governments of Bahrain, Brazil, Chile, Ecuador, Korea, Mexico, Portugal, Thailand, Venezuela, and the United Arab Emirates. Mr. Veneroso graduated cum laude from Harvard University and has authored several articles on subjects in international finance
See Also: http://kasamaproject.org/international/791-23nickglais-china-today-capitalist-or-socialist