I. The Means of Production in 2005
The means of production in China display three major characteristics as of 2005: slowing growth, increases in consumer spending, and falling prices for many consumer goods. We explore these phenomena in turn below.
A. The National Economy Slows
In 2004 some industries in China showed signs of overheating, as seen in ballooning resource demand and, with it, skyrocketing input prices.…