Cassidy goes on to argue, the way I see it at any rate, that since “state capitalism” (which involves heavy government intervention and support for key industries) is not China’s invention (Britain, America, Germany and Japan have all done it), then perhaps Westerners should not regard China’s “authoritarian model” as something so Chinese, evil and threatening. In Cassidy’s own words:
“Far from subverting the Western way of doing business, the developing world is, at last, stealing some of its tricks.”
Mr. Cassidy continues to contend that instead of viewing China as a threat and enemy, the West, and America in particular, should embrace China as an indispensible partner. Again, in Cassidy’s words:
From its vast purchases of Treasury bonds to its central role in lowering the cost of many consumer goods, China is an invaluable trade partner of the United States, and should be treated as such rather than as a potential enemy. This is an issue where fairness and self-interest come together. In its leader this week, the Economist says: “The best way to turn China into an opponent is to treat it as one.” Amen to that!
True, China’s economic model is nothing new even though it’s officially called capitalism with Chinese characteristics.
Oops! Chinese socialism with capitalistic characteristics.
Oops – Let’s try it again, socialism with Chinese characteristics!
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