Do you think it is wise to praise the Chinese successful 'state capitalism' ?
The China's semi-command economics are successful in times of the global recession and for some people it feels like the way to go. There is growing Chinese investment all around the world.
Behind U.S. global expansion was an idea of a world based on free enterprise, mutual prosperity and open societies.
Behing China's global expansion is an idea of economical succession.
What is the quality of life of the average person under communist China's rule. There is your answer.
China currently sits at a unique economic advantage. They have been able to take the two major philosophies of capitalism and socialism and merge them into one potentially super system. Some might see it as hypocritical and economically unfair but who is to decide what is fair or un-fair in globalization.
Ask ,Henry Kissinger,it was his idea to sell out the American manufacturing workers in the first place.Him and the Manufacturing industries that moved to China,and elsewhere.
No I think you have to be careful praising it. You have to analyze how the expansion has been achieved - massive infrastructure - much of which is needless given the problems there. Look at the case with Rio Tinto and arresting their employee there at time when they were trying to buy Australian assets. Look at he human rights issues. So praising them is in danger of praising what they done such as that in the road to achieving. IMHO
I think it is way too early to call it anything but an experiment in government sponsored and subsidized capitalism. Everything at the end of the day is an ongoing experiment, really. I mean, Americans didn't necessarily invent capitalism. We can date that back to the Amsterdam Stock Exchange which sold shares in the Dutch East India Company in 1602. But certainly we've massively improved on it, and I think made it a very successful economic system. We've been around as a country for 234 years. China's been around much longer, but their economic growth has only been for the last 10+ years or so, so in comparison they are babies when it comes to their economic system and their approach.
In the case of this idea or concept I think it really is a wait and see type of a deal. I say that China should try what it feels is the right way for its country to go. Now if anyone sees problems in that, or think something is underhanded or unfair, well people will speak out and apply pressure—just like often happens to us as well. It'll allow them to shape and reshape and form and reform their system—just like we did.
Just an example is after the crash of 1929 we instituted curbs, which basically stalls the market when we have a specified drop in points in the market to sort of slow down the damage and let things cool off a little bit, which is also known as the 'uptick downtick rule.' This is a learned behavior. We took a lesson from a mistake. We identified something in our stock system that was problematic. We're doing much the same thing now during the recession, trying to right what we perceive to be faulty parts in the system or the process.
These too are all experiments. Curbs proved to help. We'll see about the measures we take today and how they affect tomorrow. We'll too see how the Chinese economy proves to be effective or not.
The short answer is yes, it is too early to call it a success. But equally, it is too early to call it a failure.
Their model is nothing new. Benito Mussolini, dictator of fascist Italy in the 1930s, called it "corporatism".
Well, very slippery question! I mean, you can look at both the sides at the same time. Good economy, less poor people, biggest manufacturing hub in the world, and pots of money to buy out all US dollars once..! And, on the other side, strict rules, bad human rights record (in china: Human rights? WTF!), dalai lama issue, tibet, and no election system to elect government! so, its like, you can only judge china from the required perspective. If u r US or India, you need to both love and hate China! This question of yours, although quite to the point, but, is like a endless loop...
China currently has a productive population base, cheap labor, and the world is running to its doorsteps as the next emerging market. Moreover, it has the potential to be a center of manufacturing for the world. Within that scope, the Chinese government will play to the capitalist desires. I do not see the influence extending much beyond the government level. Workers will certainly benefit somewhat and a given level of afluence will arise in the population. China is still a fragmented society with regional differences and also areas in the geography that are quite difficult to utilize and reach. As economy it still much progress greatly to reach a scale looked upon as a true national economy. For now, it is a system of regional economies with the government very much in control. On the one hand, China's large population offers some positives but it also comes with a lot of negatives when it comes to keeping it fed and motivated. If it becomes unproductive then the burden will become unmanageable from the government perspective. WB
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