Oligarchic control of government has been a major distinguishing feature of Western civilization ever since classical antiquity. And the key to this … - Michael Hudson

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Oligarchic control of government has been a major distinguishing feature of Western civilization ever since classical antiquity. And the key to this control has been opposition to strong government – that is, civil government strong enough to prevent a creditor oligarchy from emerging and monopolizing control of land and wealth, making itself into a hereditary aristocracy, a rentier class living off land rents, interest and monopoly privileges that reduce the population at large to austerity. ... To save themselves from being swept into the whirlpool of economic destruction now engulfing the West, countries in the world’s rapidly growing Eurasian core are developing new economic institutions based on an alternative social and economic philosophy. With China being the largest and fastest growing economy in the region, its socialist policies are likely to be influential in shaping this emerging non-Western financial and trading system.