Austrian Economics in China

Tom Woods

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Zhang Weiying warned about malinvestment, about artificially low interest rates and stimulus, etc., and is now seeing vindication. (Thanks to Murray Sabrin and everyone else who sent me the WSJ piece.)

guest

For those who are inclined to believe that China’s currency manipulations, or it’s history of Communism, renders them unfit to trade with, I want to offer the following videos:
Classic Ron Paul – 1988 Campaign Interview (part 2)
http://www.youtube.com/watch?v=Tpp5XOJPGlM
Defending the Undefendable (Chapter 23: The Importer) by Walter Block
http://www.youtube.com/watch?v=PTT_WHyzZ54
In the first part of the first video, Ron Paul explains why currency manipulation is only an issue when you’re using fiat money, and that you don’t have those problems when using sound money such as gold.
In the second video, Walter Block is basically arguing that the division of labor is a good thing, per se; such that trading with other’s CAN’T harm anyone merely by offering consumers alternatives, the availability of which no one had a right to restrict in the first place, and the purchasing of which is the right of the individual by virtue of individual liberty.
Besides, the division of labor works against Communism, because it involves seeking profit. So the best way to end Communism is to have free trade.
J Cortez

I suspect this guy will be a big deal in chinese economic circles in the years to come. He’s certainly saying the right things. I wonder if his ideological progeny will be like. Meaning, how far will they take it? If this guy gets lots of disciples it should be interesting. Followers of any ideology tend to push it to it’s logical end, which usually is beyond where the originator started. The article paints him as largely Hayekian, but because of culture and circumstances, there’s probably some differences and new arguments. I wonder if there’s any accessible translations of this guys work?