When comrade Marx developed and spread his ideas of a wonderful communist, shared world, he hoped that the men who implemented them would not subdue to one of the most irresistible and naturally occurring characteristics of our kind: ambition.Today, China has become “the government of the rich, for the rich and by the rich”(Truth Out).
After studying the roots of the existing social tension and disorder in the country, which remains unattended by the nation’s “absurdly-wealthy” runners, this is just crystal clear. During the last year, China has become the world’s new billionaire factory, producing more tycoons than any other country. Nevertheless, with the delicate state of the economy, the most powerful among the Chinese citizens have become particularly urged to flee from their home country. Among these powerful personalities, at least one third have foreign visas or passports, the rest are planning on getting them and almost all of them send their kids abroad.
If we summarized the current state of affairs in modern China, this should not be surprising at all. Their economy is on the verge of collapse. Their pollution levels are absurdly high. Corruption cases on a daily basis. Their core-periphery effects are strong. Etcetera.
Could it be that George Orwell’s Animal Farm not only came true in China, but that the truth is so bitter that the “Napoleons” who rule the country cannot stand it anymore? Because the answer is so obvious, I’ll just spice things up by responding with one last rhetorical question: why would the people who sucked the life out of a country want to stay in it? Maybe they are just counting on the “Boxer”s (a.k.a. migrant workers and the rest of the working classes), hoping that they will fix the mess they made.
http://www.truth-out.org/news/item/29578-why-are-china-s-rich-so-eager-to-exit
http://paxonbothhouses.blogspot.com/2014/07/nicholas-kristoff-inequality.html
Since many of these billionaires made money partly through corrupt practices, having a home outside China reflects self-preservation. It’s not a vote of confidence in the economy. Instead they are voting with their feet on the belief that the anti-corruption campaign is real.
But: “Their economy is on the verge of collapse.” ?? — I don’t think so. Even if real estate prices fall a lot, the economy will slow, not crash. And even if real estate prices do not fall, the economy will slow, not crash.
Just because GDP growth has slowed in the past year and China may be developing a housing bubble does not necessarily mean they are on the verge of collapse. However, the fact that China’s billionaires do not see China as a fit place in which to continue personal investment and raise a family does raise concerns about the developing culture. Perhaps economic growth has far outpaced cultural growth. Perhaps China’s growing middle and upper class will find no cultural haven within their own country.
It was inevitable that China’s economy would eventually slow down. The fall in real estate prices just may slow growth faster than analysts predicted. Only time will tell how China responds to the new slow growth numbers. Even in the event of a crash, China can recover. Just look at the US economy now, 6 years out from the financial crisis, the dollar is surging.