China sentences man convicted of "ant" fraud to death..

BBC-- Death Penalty Over China Ant Scam



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The Chinese government has sentenced a man convicted of defrauding several unsuspecting investors out of millions by selling them ants at a disgustingly inflated price. Wang Zhendong promised investors returns of up to 60% if they put their money into the fake ant-breeding program. Wang's scheme caused great distress to his victims, with one man committing suicide because of the despair he suffered after learning that he had squandered his savings on a false investment opportunity.

Human rights activists will likely strike out at the disturbing impudence used by Chinese officials when it comes to the liberal use of the death penalty for matters of economic corruption and fraud. Rent seeking and favor-trading dominate in local Chinese economies, and fraudulent scams are common, but it is difficult for a Western perspective to ever understand how death is a proportionate penalty for fraud. However, it is impossible for a Westerner to ever truly understand the pressures of governing a country of the size and complexity that characterizes modern China.

I suspect that a government truly of the people would never endorse such Draconian policies, but it is unclear to me whether a government "of" 1.4 Billion people could ever effectively manage the development the country has undergone in the post-modern era under the authoritarian Chinese Communist Party.

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"Red Capitalism" Growing In Global Appeal

Image via WikipediaImage via Wikipedia- Google News-- Chinese Success Creates New Paradigm for Developing Nations

For years the prevailing model for growing the economies of developing countries was the Washington Consensus- brain-child of the Clinton Administration focused on creating dynamic regional and bi-lateral trade agreements to help bridge gaps in comparative advantage and lower protectionist trade barriers. In terms of maximizing the benefits of globalization for the United States and its most valued allies, both developed and developing nations, it was a very effective. However, many lesser developed nations have failed to find their niche in the global marketplace and have floundered for years, usually under political turmoil.

The unrelenting growth exhibited by the Chinese economy since opening its borders to the west has given the Chinese Communist Party immeasurable credibility in the eyes of developed and developing nations alike. The CCP's policy framework for building a 21st century economy under great demographic strain and a hostile political climate, otherwise known as "socialism with Chinese characteristics"-- but more aptly termed "Red Capitalism" by many China scholars-- has been embraced by many 3rd world states struggling to feed their people.

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