The Positive Fear of Debt
It was a sunny day and we were cycling in rural China, when our Chinese guide cycled near me and started a conversation. He told me that even though China is relaxing its strict communist policies and allowing people to own their own homes and apartments, the dream of home ownership is not available to most people. In the past fifty years, many who have an entrepreneurial spirit, have emerged from forced poverty, which was caused by the fact that the communist party took away people's inheritances and all private property, and did not allow people to save money or to own private property. But unlike those entrepreneurs who have been quickly amassing their riches, many students and young adults have nothing but a job that pays very little and which is never secure. I asked Jason, our Chinese guide, what about buying a small apartment and later selling it for profit, if he could find an apartment in a place that is up and coming... He has a good chance of enjoying his own place to...