Re:How China's “debt traps” work
by bparsons on Monday October 02, 2023 @02:03PM
(#37742046)
Nature abhors a vacuum. If western countries are not setting up credit facilities, someone else will.
It might be predatory private entities looking to get their hands on state assets, or it might be the Saudis or Chinese looking to exert more political power.
If we want to seal ourselves off from most of the world and stop trading or participating in regional security arrangements, then this is a reasonable approach.
I think people underestimate how much of our material wealth in the west is reliant on these trade and security arrangements.
Countries like the United States can pursue a North Korean model and try to produce everything domestically, but the standard of living is going to plummet.
It might be predatory private entities looking to get their hands on state assets, or it might be the Saudis or Chinese looking to exert more political power.
If we want to seal ourselves off from most of the world and stop trading or participating in regional security arrangements, then this is a reasonable approach.
I think people underestimate how much of our material wealth in the west is reliant on these trade and security arrangements.
Countries like the United States can pursue a North Korean model and try to produce everything domestically, but the standard of living is going to plummet.