The Economics of China's Mega Traffic Jam
30 August 2010 - 12:00pm
The recent 11-day traffic jam in China was no fluke. As The Economist explains, the crushing congestion is little more than a real-world example of imbalances in supply and demand.
Car ownership is on the rise in China. So is the construction of new highways. But one is rising faster than the other.
"Roadworks and booming demand for coal and other goods sent thousands of lorries heading for China's capital. Beijing is set to spend 80 billion yuan ($11.8 billion) on transport infrastructure in 2010—but it may not be enough. In recent years rising vehicle ownership has outpaced the growth of China's express highway system by a distance."
Full Story:
The great crawl of China
Source:
The Economist, August 26, 2010
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No, it's capitalism in action.
The Economist gets it wrong again - big surprise.
This is not an imbalance of supply and demand, it's capitalism in action.
Soviet Russia eventually recognized that they were collapsing. Capitalist America has not yet had this realization. Hence the rationalizations coming from places like The Economist.