For all its faults, our democratic and free-market economic system beats hands down the top-down and autocratically run economies of our main political rivals.
Winston Churchill famously said that democracy is the worst form of government — except for all the others that have been tried.For all its faults, it beats hands down the top-down and autocratically run economies of our main political rivals.
While the United States seems to be on the dawn of another productivity-enhancing round of new technology in artificial intelligence, robotics, 3D printing and driverless cars, China’s economy is rapidly going from a so-called economic miracle to a Japanese-style lost economic decade. Worse, President Xi is using that unbridled power to make a series of major economic-policy mistakes that are going to cost his country dearly.
That has produced a bubble in those sectors that the Bank for International Settlements estimates exceeds the corresponding bubble that preceded Japan’s lost economic decade in the 1990s. Meanwhile, its property developers are defaulting on their loans, house prices are falling, and the local governments are experiencing large budget deficits as a result of slumping land sales.as it finishes its debt restructuring, and Beijing is expected to cut prime interest rates Monday.
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