There is no question that China has been one of the great economic success stories of the past several decades. They have gone from abject poverty and mass starvation as recently as about 40 years ago, to the second largest economy in the world today, with annual GDP approaching perhaps 60% that of the U.S. (depending some on the extent to which you choose to believe their numbers). Without doubt, they have made a huge accomplishment in reducing poverty, and have also made great strides in mass education. With a huge population of hard-working and entrepreneurial people, there could be many reasons to believe that China might represent the wave of the future. And the Chinese government has undisguised ambition to move into the status of a great world power, both militarily and economically.
China’s unique brand of state-directed crony capitalism has attracted plenty of fans among statism-loving American journalists. Certainly, you have not forgotten the famous 2009 praise from New York Times columnist Thomas Friedman (“[W]hen [a country] is led by a reasonably enlightened group of people, as China is today, it can . . . have great advantages. That one party can just impose the politically difficult but critically important policies needed to move a society forward in the 21st century.”) Or consider this, more recently (2017), from Time magazine, “How China’s Economy Is Poised to Win the Future”:
Today China’s political and economic system is better equipped and perhaps even more sustainable than the American model, which has dominated the international system since the end of World War II. While the U.S. economy remains the world’s largest, China’s ability to use state-owned companies to boost the party’s domestic and foreign influence ensures that the emerging giant is on track to surpass U.S. GDP in 2029. . . .
So what is your take? Before casting your vote, you might want to consider a few things about China today: . . .
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