Peter Nolan - Finance and the Real Economy: China and the West Since the Asian Financial Crisis

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Finance and the Real Economy

The different approach taken by China and the West towards finance and the real economy rests upon philosophical foundations that have diverged fundamentally since the Ancient World. Since the Asian Financial Crisis in 199798 a tremendous transformation has taken place in the financial systems in both China and the West. China has persisted steadily with reform of its financial system but it remains heavily protected from international competition. In the West regulatory structures have been progressively dismantled, permitting an unprecedented secular expansion of asset prices and debt relative to GDP. The structure crashed to the ground with the collapse of asset prices in 200809. In the decade since the GFC asset prices and debt in the West have rebounded. The Wests financial system stands on a knife-edge. In 2018 China announced the intention to accelerate the opening up of the countrys capital markets. The way in which the Chinese and the Wests financial system interact constitutes a central issue in global political economy in the years ahead.

Peter Nolan isFounding Director, Centre of Development Studies, University of Cambridge and Director, China Centre, Jesus College, Cambridge

Routledge Studies on the Chinese Economy

Series Editor: Peter Nolan

Founding Director, Centre of Development Studies, University of Cambridge; and Director, China Centre, Jesus College, Cambridge

Founding Series Editors

Peter Nolan, University of Cambridge and

Dong Fureng, Beijing University

The aim of this series is to publish original, high-quality, research-level work by both new and established scholars in the West and the East, on all aspects of the Chinese economy, including studies of business and economic history.

70 China and the West

Crossroads of Civilisation

Peter Nolan

71 Wind Power in China

Ambiguous Winds of Change in Chinas Energy Market

Julia Kirch Kirkegaard

72 Multinationals, Global Value Chains and Governance

The Mechanics of Power in Inter-firm Relations

Peter Hertenstein

73 China in the Asian Financial Crisis

Peter Nolan

74 Chinas Commercial Health Insurance

China Development Research Foundation

75 Finance and the Real Economy

China and the West since the Asian Financial Crisis

Peter Nolan

For more information about this series, please visit: https://www.routledge.com

Finance and the Real Economy

China and the West since the Asian Financial Crisis

Peter Nolan

First published 2021

by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

and by Routledge

52 Vanderbilt Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

2021 Peter Nolan

The right of Peter Nolan to be identified as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data

A catalog record has been requested for this book

ISBN: 978-0-367-47425-6 (hbk)

ISBN: 978-1-003-03551-0 (ebk)

Typeset in Times New Roman

by codeMantra

In memory of my parents,

Barbara and Charles

We shut the cellar door behind us, and when they found the bag they spilt it out on the floor, and it was a lovely sight, all them yaller-boys. My, the way the kings eyes did shine They pawed the yaller-boys, and sifted them through their fingers and let them jingle down on the floor When we got upstairs, everybody gathered around the table, and the king he counted it and stacked it up, three hundred dollars in a pile twenty elegant little piles. Everybody looked hungry at it, and licked their lips.

Mark Twain, Huckleberry Finn

May this Ring be accursed. Its Gold gave me unmeasured power;

Now its magic shall breed death for him who wears it.

Care shall consume whoever possesses it;

Whoever possesses it not, envy shall gnaw.

All shall lust after its possession but none shall delight in its use.

Wagner, Das Rheingold

Monkey:

Just throw the dice

That shall suffice

To make me wealthy.

Life isnt healthy,

But, given gold,

Id be consoled,

Sober and nice.

Mephistopheles:

How happy would the greedy monkeys be

To live on gambling or on lottery!

Goethe, Faust, Part 1

Contents

I am most grateful to Tim Clissold, Stephen Perry and Chris Rowland for their comments.

I have benefited greatly from discussions with Dr Zhang Jin throughout the preparation of this book.

I am most grateful also to Elizabeth Briggs for her expert editing.

I greatly appreciate the support of Peter Sowden of Routledge in the production of this book.

Money and finance are inextricably inter-connected. Analysis of their role in the economy and society is immensely challenging from a philosophical, personal and political perspective. The production of a complex physical product such as an aeroplane, a new medicine or a new model of automobile, or constructing a global business system to deliver a fast-moving consumer good to billions of customers, involves a huge, long-term investment of physical and human capital. In financial markets it is possible in the twinkling of an eye to make as much profit as that made from a whole batch of a particular aircraft or automobile, a new medicine or a fast-moving consumer good. This mysterious characteristic of money has perplexed, delighted and repelled humans in equal measure since the dawn of complex civilization.

The symbiotic inter-relationship between the financial economy and the non-financial (real) economy is at the heart of political economy. Regulation of the financial system in order to serve the common interest is a crucial task of public policy at both the national and the global level. However, it is hard to regulate something if it cannot easily be defined. In fact, money is an elusive concept. Identifying the functions of money (unit of account, store of value and means of exchange) is far easier than defining what it is. Throughout economic history an almost limitless array of instruments of debt and credit have been a necessary adjunct to narrowly defined money. Walter Bagehot famously observed: Men of business in England do not like the currency question. They are perplexed to define accurately what money is;

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