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Q: How would China's billionaires fare without nepotism, cronyism and protectionism?

Would they have to spit out the windows of Toyota Corollas instead?

5 years 11 weeks ago in  Business & Jobs - China

 
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Governor

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Seeing as they're already billionaires I think they'd be okay. As for how they acquired their billions, a rapid transition from closed markets to free (er) markets naturally creates a kind of poorly regulated gangster capitalism (think Russia after the fall of the USSR). Welcome to the jungle indecision. I just hope they keep giving me their money to help their kids escape. 

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5 years 10 weeks ago
 
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Do you mean like the "old boys network"?

 

The British invented it and exported it.

 

http://www.theatlantic.com/business/archive/2012/08/americans-want-to-li...

 

Note.... just answering so the question can vanish into the ether.... we all now know that laowaigent was going through a bad time wink

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5 years 10 weeks ago
 
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Nepotism, cronyism and protectionism... Isn't that on the coat of arms of the House of Windsor?

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5 years 10 weeks ago
 
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Most wealthy Chinese will become poor again whenever the housing market collapses, a large number already lost their assets when the Shanghai stocks lost 7% a few months ago, and many of them are now in prison since they lost along their supports and guanxi.

 

Almost every wealthy Chinese are not rich because of ideas, concepts or creativity, they are not Mark Zuckerberg, Bill Gates or Steve Jobs (RIP), they are rich because they sold their farmland to some developer or used their guanxi to push the concurrence out of the market.

 

In a truly free market where only the most creative brains or the most efficient companies survive, they wouldn't stand a chance.

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5 years 10 weeks ago
 
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Governor

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Seeing as they're already billionaires I think they'd be okay. As for how they acquired their billions, a rapid transition from closed markets to free (er) markets naturally creates a kind of poorly regulated gangster capitalism (think Russia after the fall of the USSR). Welcome to the jungle indecision. I just hope they keep giving me their money to help their kids escape. 

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5 years 10 weeks ago
 
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