Summers on China:
I have higher hopes for socialist led development than Larry Summers. And I agree its a tricky problem what level of "state subsidies" unfair or improper. A US machine tool company might have a competitive problem -- and thus grievance -- against a Chinese firm (with state help) giving away machines for free to establish itself in a market. On the other hand every nation engages in subsidies to strategic industries in one form or another.
Thus, its probably a waste of time to debate any of this in the abstract with capitalist enterprise leaders. But Summers is a pragmatist, a brilliant one, and knows it IS possible, even with differently oriented social systems at different stages of development, to deal pragmatically with differences where harm is being done. Thus, grievances against China need not alter either countries' ability to grow an prosper in the future.
The great debate over whether state directed capitalism gets to happy life faster, and more reliably, than free-for-all markets and cowboys, remains unresolved But the Chinese are making a strong case for the former.
Can anything hold back China's economy?
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