The smaller city-states and capitalistic countries in Asia are a prime example of how capitalism works. The hyperactive growth of the US in the 19th century and during WWII in the 1940's is do to the work-ethic of the society of the time.

Many newly rising Eastern European capitalist nations (freed after the Cold War) have adopted capitalism but not the ethic of the time. While the work ethic of the Asian nations like Hong Kong, Singapore, and Taiwan, have fueled them into a massive economic growth. But when compared with China we can see how China has fallen short.

In 1963 Taiwan was 13% of the 1963 US GDP (per person) while Hong Kong and Singapore were are 27%. Come 2003 Taiwan is now just below 60% of the 2003 US GDP and Hong Kong and Singapore are at 80%.
In 1963 China was 5% of the US GDP and grew to only 13% of the US GDP, the population does skew the curve a little but not that big of a difference.

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If money makes the man, then who owns who?