ago abandoned pure capitalism in exchange for securing favors with their respective ruling classes byguaranteeing the politicians’ perpetual reelection in exchange for favorable tax and regulatory policies that guaranteed the “too big to fail” corporations hegemonic dominance in their markets.
Zhou constantly marveled at America’s repudiation of its own past greatness. During his university days, Zhou met more committed communists on the campuses of UCLA and Harvard than he ever had in Beijing. The running joke among the ruling class in China these days was that if you wanted your child to study socialism, send them to an American Ivy League school, but if you wanted them to learn about capitalism, send them to Shanghai. Not only was China a more capitalist nation than the United States these days, it vigorously applied the lessons of American economic development that the Americans themselves had long forgotten. In a short period of time, aggressive, mercantilist trade policies catapulted a newly independent nineteenth-century America into the ranks of the wealthiest nations of Old Europe. Now America ran half-trillion-dollar annual trade deficits, exporting both wealth and jobs as quickly as it was accumulating debt from the same nations with which it ran trade deficits, particularly mercantilist China.
America was in rapid decline, even as its few ruling elites and their “too big to jail” client corporations accumulated ever-more-egregious amounts of wealth and political power. China understood, in fact, that it was because American elites enriched themselves without responsibility to their society that the United States was in an economic and political death spiral. China believed that capitalism should serve the interests of the state. American political elites apparently believed in crony capitalism where the state served the interests of the capitalist masters. The twenty-first century would soon decide which of the two systems was most viable.
The lights dimmed and a 4K HD digital projector lit up a massive screen on the far wall. Images of various African nations, Chinese corporations, and specific industrial enterprises—particularly oil and other natural resources—flashed on the screen as the analyst spoke. No recording devices, tablets, or even paper and pencils were allowed in the room today. Today’s meeting was top secret, and the securityservices feared the Western intelligence agencies and their vast cybersurveillance efforts. CNPC was a known target, particularly of the CIA. The purpose of the briefing was for policy orientation only.
“Today, there are over eight hundred Chinese corporations operating in nearly every nation on the African continent,” the analyst began. “Many of them are engaged in resource extraction to meet the growing demand of our rapidly expanding industrial and manufacturing sectors.” Icons matching African resources and Chinese industries flashed in sequence. “Every day, new resource potentials are being discovered and developed across the continent, but none so important as the recent location of new uranium and, amazingly, massive rare-earth-element deposits here in the Saharan desert, in the far reaches of Mali. In fact, Mali may have the world’s single greatest known deposit of lanthanum.”
The screen zoomed in on an image of northeastern Mali to emphasize its importance. The executives gathered around the table whispered excitedly. Lanthanum was critical for the manufacture of batteries. Hybrid cars like the Toyota Prius required more than ten kilograms of the mineral per vehicle, and more hybrids were being brought to the market every day. China itself was now the world’s largest car market, and hybrids were key to the expansion of that market. The startling new REE discovery in Mali was obviously the reason why this top secret emergency meeting had been called.
“As you are all well aware, China is the world’s largest producer of rare earth