Word: capitalisme
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What does this Marxist love-fest mean for a nation that has embraced capitalist reforms so energetically over the past two decades that it has consistently boasted annual growth rates of nearly 10%? Certainly, the administration of President Hu Jintao hasn't turned its back on the marketplace. But with...
The Republican Party has been a vehement bastion of economic freethinking for the past 25 years. This has been an extremely successful political strategy, and it rests on a basic truth: capitalism is the best way to create prosperity. But the strategy frays when taken to its extreme: the more...
China's leaders had better try to win them back. Violent local protests are convulsing the Chinese countryside with ever greater frequency--and Beijing has proved unable to quell the unrest. By the central government's own count, there were 87,000 "public-order disturbances" in 2005, up from 10...
Shleifer, the Jones professor of economics, was found liable by a federal court in 2004 for conspiracy to defraud the U.S. government while leading a Harvard economic reform program in Russia as it transitioned to capitalism in the 1990s. Shleifer settled the case for $2 million.
The most obvious bedrock of success is entrepreneurial spirit. The U.S. has the most risk-taking, most laissez-faire, least regulated economy in the advanced Western world. America is heartily disdained by its coddled and controlled European cousins for its cowboy capitalism. But it is precisely America's tolerance for...