05 June 2013

China's Tragedy

In the space of four years, from 1958 to 1962, China experienced a disaster of historic proportions - the death by starvation of more than 30 million people. . . .

RealClearMarkets - How Hayek Helped Me Understand China's Tragedy: " . . . while China has accepted some of Hayek's thinking on markets, it continues to insist on "socialism with Chinese characteristics." The powerful run and control the market in a system I call the "power market economy." The greatest problem with a power market economy is its inequity. Hayek noted that "a world in which the wealthy are powerful is still a better world than one in which only the already powerful can acquire wealth." In today's China, only the well-connected can acquire great wealth; society's riches are concentrated among those in power. This is the source of the current popular resentment against officialdom and the wealthy elite. A power market economy cannot possibly meet the Chinese government's vaunted objective of a stable and harmonious society. . . ."

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