TIME: Why China Does Capitalism Better than U.S

Beijing is also doing a far more effective job than Washington of tooling its economy to meet future challenges . . .according to historian Francis Fukuyama, a former neoconservative. Fukuyama said:

President Hu Jintao's rare state visit to Washington this week comes at a time when many Chinese see their weathering of the financial crisis as a vindication of their own system, and the beginning of an era in which U.S.-style liberal ideas will no longer be dominant.

Fukuyama said in the Financial Times said that the U.S. had little to teach China:

State-owned enterprises are back in vogue, and were the chosen mechanism through which Beijing administered its massive stimulus.

Fukuyama noted that polls show that a larger percentage of Chinese believe their country is headed in the right direction, compared with Americans.

China's success in navigating the economic crisis, wrote Fukuyama, was based on the ability of its authoritarian political system to "make large, complex decisions quickly, and ... make them relatively well, at least in economic policy."

It is true that China, with it single Communist Party, can move more quickly than the US with it dual party system or other western democracies with multi-party systems.


Of course, a single political party can also stagnate. Russia and Cuba are examples of that. China is an emerging power that has many problems and a long way to go. 


Although many conservatives thought the socialist era was over, China is proving that socialism is alive and well. Even the Russians are trying to figure out how the Chinese did it.


See the complete article at http://www.time.com/time/world/article/0,8599,2043235,00.html

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