The White House and American news media are wringing their hands over China’s economic slowdown, which is construed as posing a threat. The argument that China should focus on consumption instead of investment is fallacious, and serves to bolster a Western sense of superiority.
Right, there’s basically no path towards improving things under the rule of financial capitalists. The new deal was possible because capitalism was still largely in its industrial phase at the time. Today, most of the economy has been financialized and it’s simply not profitable to reshore things like manufacturing.