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Is China's economic success a result of the government's close management of market activity? Or is China's economic success actually a myth in itself? As the author says "While it had been thought that 100 million Chinese live on less than one dollar per day, there are actually 300 million Chinese living on less than one dollar per day."

The author refutes claims that close government regulation creates higher, more long term growth, claiming that "We can see the strength of the case for economic freedom even more clearly through proper economic theorizing. Free-market economists like Friedrich Hayek and Ludwig von Mises arrived at the proper conclusions regarding socialism and interventionism long before the evidence on modern state planning was in."

Tags: China, economics, free markets, socialism, central planning, economic growth on 2008-05-22 -All Annotations (0) -About

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