In all seriousness, and I'm sure I'm going to get a lot of flak for this, but at this point the Chinese do capitalism better than the US:
- Lots of small and mid-sized firms.
- Lots of cutthroat competition with resulting price pressure.
- Virtually all firms are subsidized by direct government investment to some extent, but the government doesn't pick winners.
- Red tape and barriers to entry are generally low, regulation mostly affects larger firms. (The CCP doesn't want companies getting too big for their britches, but there are too many small firms to harass, and the government doesn't want people unemployed.)
- Civil legal liability is anywhere from 10x to 1000x less of an issue. I'm not exaggerating. The courts are fast, decisions are usually reasonable, and "access to justice" costs very little.
In the US you have this scheme where barriers to entry are insanely high thanks to regulatory capture, and the courts are a weapon that large firms use against small ones, almost exclusively, as smaller companies can't afford the costs associated with litigation. This is without even getting into "winners getting picked," which is obviously a problem.
And it's not some law of reality or the goodness of the CCP or some raced based bullshit that underpins is. The US was like this too, 75yr ago.
But for several generations we've been throwing more power behind both public and private institutions that reduce the tempo of economic activity and it sure fucking shows.
- Lots of small and mid-sized firms.
- Lots of cutthroat competition with resulting price pressure.
- Virtually all firms are subsidized by direct government investment to some extent, but the government doesn't pick winners.
- Red tape and barriers to entry are generally low, regulation mostly affects larger firms. (The CCP doesn't want companies getting too big for their britches, but there are too many small firms to harass, and the government doesn't want people unemployed.)
- Civil legal liability is anywhere from 10x to 1000x less of an issue. I'm not exaggerating. The courts are fast, decisions are usually reasonable, and "access to justice" costs very little.
In the US you have this scheme where barriers to entry are insanely high thanks to regulatory capture, and the courts are a weapon that large firms use against small ones, almost exclusively, as smaller companies can't afford the costs associated with litigation. This is without even getting into "winners getting picked," which is obviously a problem.