China Isn't Ready for Creative Destruction
Has China's Joseph Schumpeter moment arrived? China has suggested its decision to roll out deposit insurance for bank accounts beginning on May 1 will usher in a wave of creative destruction, chastening the cronyism that plagues the country. And there is some logic to the official spin. There's a flip side, after all, to Beijing's declaration that normal consumers will be kept safe in a period of market turmoil -- namely, the banks themselves could be permitted to go bust.
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