Chinese and Western Economies Increasingly Alike
David Ignatius, Washington Post | October 16, 2008
When it comes to the economy, the West and China are becoming more and more alike. ++ The Chinese are moving towards private ownership and crave the kind of dynamism that only a capitalist system can provide. ++ Western economies, on the other hand, are only capitalist in name. ++ They don’t trust the free market anymore; they want a safety net in case of an economic slowdowns or crunches, and so the West turns to its governments for intervention and protection. ++ We are “entering a new political and economic paradigm.”
