Decay is the political choice China has made because decay presents no memoranda or crisis to manage; authorities try to smooth over problems today to prevent immediate crisis even though this doesn't forestall the forces producing the same pressures the next week or month, whereas reform involves writing down the capital stock and telling local governments, state-owned enterprises, and other actors who loses.
causalpending
Speaker
Logan WrightEvidence Quote
“one of the central arguments of the book is that decay is the political choice that China has made. Decay presents no memoranda. It presents no crisis to manage... Decay is easier than reform because reform involves writing down the capital stock.”
Created: 8/12/2026, 6:32:13 PM
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