Word: china
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...success is the product of intrusive governments. In the 1980s, when Japan was Asia's rising giant, some said its state-led economic system, in which bureaucrats "picked winners" by targeting industries for special support, was better than the more laissez-faire practices of the West. Today, pundits see China's "state capitalism" as the contender for global dominance. The heavier hand of the Chinese government, this thinking goes, acts as a source of strength in hard times while firmly guiding the nation into the industries of the future. China's vibrancy has even led Americans to question the viability...
Sure, the authoritarian rulers in Beijing can sometimes implement policies more efficiently than the argumentative democrats of the West. That's exactly why Beijing's recession-busting stimulus plan proved more effective than Washington's. With no political debate to get in the way, China's bureaucrats splashed money everywhere to toss up shiny new infrastructure. The slumping economy needs more credit? Well, that's easy - if you own the banks. Just open a spigot and watch the money flow. China's government can also push ahead on important long-term projects with greater speed. While health care reform...
...there are few things more annoying than pundits in the democratic U.S., who are firmly protected by the Bill of Rights, waxing poetic about the virtues of dictatorships. What they're forgetting is the frightening downside to China's authoritarian state capitalism, and not just in terms of human rights. China's stimulus program might have produced growth, but it could very well have undermined the health of the banking system. The Chinese economy is riddled with excess capacity, inefficient state enterprises and asset bubbles...
More important, the idea that the state made China rich is simply not true. China only started growing when the overbearing government got out of the way and allowed private enterprise, both Chinese and foreign, to thrive. The same is true in India. Across Asia, in fact, the primary engine of growth has always been the market, not the state. All rapid-growth Asian economies - including China's - succeeded by latching onto the expanding forces of globalization, through free trade and free flows of capital. South Korea, Taiwan and Singapore may have had active bureaucrats, but the true source...
...blames Yushchenko's "weakness" for the rampant lawlessness. "He didn't stand the test of power," she told TIME in an interview in December. Tymoshenko says she will display no such timidity. At a campaign stop in southern Ukraine in January, she told supporters, "Sometimes I'm envious of China, where they have just what's needed for punishing corruption - they cut off hands and execute people." Her aggressive rhetoric, coupled with recent surveys that show Ukrainians want a strong leader, has raised concerns of a possible return to more authoritarian rule were she to win. But Oleh Rybachuk...