AMERICA AND CHINA, THE TWO BEST HOPES FOR TOMORROW’S CAPITALISM

Donghyun Park

Chapter 51 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 230-237 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In short, China’s recipe for economic success is not a new alternative model which combines capitalism with an extensive economic role of the government — a model popularly known as state capitalism — but good old-fashioned, muscular, profit-driven, risk-taking capitalism fueled by individual greed for material gain. Common sense alone tells us that “state capitalism” is an oxymoron. Government bureaucrats may be good at lots of different things, but creating wealth and jobs is not one of them. This is true for even the most capable, honest, hardworking bureaucrats who work their tails off for the public good. The reason is that wealth creation is not, and never will be, part of the government bureaucrats’ job description. If a bureaucrat was any good at taking risks and making money, he would not be a risk-averse bureaucrat in the first place. He would be out in the real world, taking risks and making money, creating wealth and jobs in the process…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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