Quote:
Originally Posted by Slartibartfas
Chinas success is not based on planned economy. Ironically Chinas success bases on the worst kind of ultra capitalism that Europe and even the US have already abandoned in the very late 19th century.
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There's no reason that would be ironic.
In any case, the regulatory climate is tighter and more inefficient in China than in the US. it's not laissez-faire and the problems with it (and with 19th-century America) have to do with the stage of development it's in rather than the amount of control the government has in the economy.
If you wanna see an example of the ultra-capitalism seen in America and Europe in the 19th century, look a little south to the city-states of Hong Kong, Macau and Singapore (And notice how successful those places are).