[Marxism] Conspicuous consumption
gtrichur11 at hotmail.com
Thu Aug 18 09:09:57 MDT 2011
China's 12th FYP empahsizes sustainable development and redistributive effects of growth. Conspicuous consumption of luxury goods is not something that average Chinese can or do indulge in. There is some general sense that China's sustained growth process will 'trickle down' to the majority. Devaluations of the dollar (via QE-3?) will surely erode the value of all those huge forex reserves (dollar-based) held by the PRC. Perhaps this is as good a time as any other for strong redistributive projects http://www.washingtonpost.com/world/chinas-newly-rich-are-flaunting-wealth--and-giving-communist-rulers-a-headache/2011/08/05/gIQA801KMJ_story_1.html
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