'The problem is the interval between the short-run and the long-run. Big powers facing decline or economic crisis are inherently a source of instability. This problem is exacerbated in China, where the personalized, de-institutionalized nature of government under Xi also creates internal sources of instability. Xi is mortal, and has grandiose ambitions: as he sees the time to achieve those ambitions shrink, his incentive to take risk increases. Further, such systems are inherently unstable when the leader dies or becomes incapacitated because of succession crises–crises that are exacerbated by the fact that the ruler has a strong incentive to crush potential successors, rather than cultivate them.'
- Craig Pirrong,
China Syndrome–Or Socialism Syndrome? December 27, 2019
Context'What do we do about China now?' - '..the Chinese manipulated Western politicians and business leaders into thinking China was evolving toward democracy and capitalism.'