americandream wrote:Only the Anglo-Saxons refined the technique of extracting second, third, fourth and beyond tiers of estate from a primary estate using rules that are unwritten and inexact (flexible).
Well these instruments are a bit older than that, but indeed the Anglo-Saxons refined it. But I would say that the American type of capitalism only got its final form with the entry of Keynesian elements.
This part of the western economical models is unnatural or rather uncultural for Asians in general. In your rating example, the problem is not only that the Chinese have no track record in ratings, but more that the very nature of these markets is counterintuitive to them. Simply put they understand production, they understand trade, they understand debt and they understand investment. Anything that is not directly tied to tanglible assets or objectives is not worth pursuing.
Actually they might be better in rating then we because we put trillions in now worthless derivates while they kept clear
The Chinese would never try to emulate the Western financial systems, but they do seek to "bend" them to their own preferences. What is happening now is exactly playing in their hands. With the rating agencies limiting debt creation and debt flow, they effectively put a cap on the capitalists system.
Without the access to unlimited financial instruments, governments and companies have to compete on things like production, trade and such. That essentially puts the mercantilist nations on a level playing field.