Western Ideologues Can’t Figure out China’s Economic Success

After predicting for years that the Chinese economy would soon be on the verge of a financial blowout and a plunge in growth, honest Western economists, even of the rabid monetarist stripe, have to admit that the Chinese model of economic development does seem to work. Take the case of Michael Schuman, who penned an article in Bloomberg Business Week, of Jan. 29, under the title “What if China Is Exempt from the Laws of Economics?” . And an eloquent subtitle: “Beijing’s policymakers seem to be doing a lot of things right — and that may upend much of basic economic thinking, especially our faith in the power of free markets.”Hier   weiterlesen