Anthropologist Susan Brownell studies sports and the Olympics:

My question, "will the Olympics change China, or will China change the Olympics?" was really an attempt to prod my audiences to think about the bigger question of the implications for the developed West of China's rise, because Westerners seemed so concerned about the question of whether hosting the Olympics would push China toward Western-style political reforms, and no one seemed concerned about the question of whether, instead of us changing China, China might actually change us. I felt that many of my Western listeners needed to be awakened out of their self-centeredness.

China did change the Olympic Games, and since the Olympic Games are a thoroughly global event, those changes reflect the changes that China has instigated in the world order. The world financial crisis hit right after the Beijing Games, in large part due to the fact that the integration of China into the global economy, which the Olympics marked, had tipped it off balance.

Read more at The Atlantic

A New Kind of Spectacle: How China Changed the Olympics

The world went into the 2008 games asking whether the Olympics would change China, but maybe it was the other way around.

David Graeber discusses economics at CNN.com Blogs:

…If the study of history shows us anything, it’s that it all comes down to power. The people on the top know that everything is negotiable. If there’s a real problem, you can always work something out – which is what we saw in 2008, when the financial establishment effectively convinced the both political parties to step in and take care of several trillion dollars of their gambling debts.

The rich have always been capable of extraordinary acts of generosity and forgiveness when dealing with each other. The absolute morality of debt is meant for us lesser mortals – since it’s the best means ever discovered to take a situation of massive inequality and make it seem like the victims are to blame.

…The most remarkable thing I discovered in my historical researches is that virtual money is nothing new. Actually, it’s the original form of money.

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David Graeber studied 5,000 years of debt: real dirty secret is that if the deficit ever completely went away, it would cause a major catastrophe
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