Comparative Corruption of Russia and China
One of the benefits of the global financial crisis, if we allow ourselves to look for such a token silver linings, is that a number of major flaws and vulnerabilities of the world’s financial and political systems are being exposed for examination. Problems are being laid bare and difficult truths are being unearthed. This thought struck me as I was reading several articles earlier today about the economic slowdown in China, and the potential of a coming crash in one of the world’s most dynamic markets. With economists predicting a steep slide in growth for the third quarter, world markets are shuddering with anticipation of having to deal with declining Chinese demand in everything from steel to professional services. Even though 9% growth is still that most countries can only dream of, this would be the first time in more than five years for Beijing to record single digit growth rates. Corruption is a very big part of the story.