China

In 2014, Hong Kong was rocked by the 鈥淯mbrella Movement鈥 鈥 an ongoing series of mass protests featuring sit-ins against a series of attacks on democratic rights.

Robin Lee, a British left-wing activist living in Hong Kong who is an editor of the Borderless Movement, was interviewed by 麻豆传媒 Weekly鈥檚 Alex Bainbridge about the current situation.

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Can you make some comments on the current political situation in Hong Kong since the 2014 democracy uprising?

When I first went to Hiroshima in 1967, the shadow on the steps was still there. It was an almost perfect impression of a human being at ease: legs splayed, back bent, one hand by her side as she sat waiting for a bank to open. At a quarter past eight on the morning of 6 August, 1945, she and her silhouette were burned into the granite. I stared at the shadow for an hour or more, unforgettably. When I returned many years later, it was gone: taken away, 鈥渄isappeared鈥, a political embarrassment.

The existence of drug markets 鈥 and the struggles around them 鈥 raise a number of important sociopolitical and structural issues for analysis.

The expansion of markets for psychoactive substances was a strategic initiative by European companies in the development of capitalism, slavery and imperialism. Initially there were no illicit markets but the licit industries included the critical sugar (and rum) industry in Haiti, Jamaica, Colombia and other countries and the tobacco industry in the US South.

My heart breaks over Category 4 Hurricane Matthew鈥檚 slamming of Haiti, Jamaica and Cuba.

When Hurricane Sandy struck New York City where I live, our entire neighbourhood was destroyed 鈥 every single house was uninhabitable.

Syrian refugees wait to perform Eid al-Adha prayers at Al Zaatri refugee camp during the first day of Eid al-Adha in the Jordanian city of Mafraq, near the border with Syria.

The six richest countries in the world, who make up almost 60% of the world鈥檚 economy, are hosting less than 9% of the total number of refugees in the world, a July 18 report by British charity Oxfam found.

In 1978, Deng Xiaoping, who Mao Tse Tung called a 鈥渃apitalist roader鈥, initiated an economic reform program labelled 鈥渕arket socialism.鈥 Within two decades, China had managed to transition from a closed communist state to an open centre of dynamic capitalism with the greatest economic growth rates in human history. After the onset of the Global Financial Crisis (GFC) in 2008, China immediately injected $US586 billion into its economy in classical Keynesian counter-cyclical stimulus spending. The next year, it began the largest fixed investment stimulus program the world has ever seen.
Every year, the International Monetary Fund (IMF) sends a group of economists to Australia to survey the domestic economy, comment on the effects of government policy and make some suggestions as to what might best be done in the coming year. It is known as an 鈥渁rticle IV consultation鈥. The IMF executive board鈥檚 latest report was publicly released in early October. After commending Australia鈥檚 economic performance during the past two decades, the report noted some challenges ahead. Chief among them is the prospect of 鈥渟low growth鈥 in the coming year.
The one thing neoliberal touts want us to forget is that the effects of the Global Financial Crisis of 2008 have never been overcome 鈥 and are still felt today. There is no such thing as everlasting 鈥渘atural growth鈥 in the world economy. As John Maynard Keynes long ago pointed out, capitalism 鈥渟eems capable of remaining in a chronic condition of sub-normal activity for a considerable period without any marked tendency towards recovery or complete collapse鈥.
Factory making high-speed trains.

The dramatic slowing of China鈥檚 economy has significant consequences for world growth. Official statistics likely overstate China鈥檚 official growth rate of 7%.

Tianjin residents protest, August 20. Capitalism with Chinese characteristics is in some strife. This is largely because the government鈥檚 attempt to keep growth at an unsustainable 7% a year is fuelled by equally unsustainable debt. Corporate and local government debt has grown by 50% since 2009, and total debt, which includes household debt, is now close to 187% of GDP.
Australia managed its way through the Global Financial Crisis (GFC) in better shape than most countries, mostly due to two factors. The first was $83 billion in Australian government stimulus spending, the third largest in the world as a percentage of GDP, behind the US and South Korea. The second was resilient demand for iron ore and coal exports to China which came from an initial US$4 trillion in Chinese stimulus spending organised through the country鈥檚 banks.

A new report by the Stockholm International Peace Research Institute found Venezuela cut its military budget by 34% last year, leading the region in arms spending cuts. In contrast, United States political allies Paraguay and Mexico led the region in upping military spending, raising military budgets by 13% and 11%, respectively.