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21 sats \ 2 replies \ @kepford 1 Sep \ on: World's Biggest Economies in 2075 econ
I consider myself very under-informed on China and India but I think these points are true.
- Pure Communism fails
- Pure free markets don't.
- Mixed economies of either can fail or prosper
China seems like it learned from the failures of the USSR both economically and militarily. It's liberalized economically and due to that fact it has boomed.
They have not directly challenged the USA militarily like the USSR has. Instead they seem to favor trade with emerging markets over proxy wars. Yeah, they do these nations dirty and I am not a fan but they seem more subtle than the US.
Now, the US learned from the British empire and has surpassed its power. I can see a future when China is the biggest power but they are going to either have to further let go of central planning or the US and other powers will have to further adopt it.
I'm not cheering for China. I hope we can see more people living more free lives on sound money.
I agree.
Sound money is definitely the way ahead. I consider India will be far far better because 1). It's not communist 2). The constitution of India much more balanced 3). India is not dependant on exports for it's growth. 4). Indians are born investors and consume only what's needed. Haha
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Where have pure free markets ever resulted in anything other than failure?
All wealthy and successful empire have been a combination of free enterprise and judicious government.
The British Empire combined a strong military, mostly Navy, with strong legal and monetary systems and well regulated financial markets.
The US has succeeded the British Empire and is equally reliant upon military dominance and control of international institutions and protocols to maintain its hegemony and wealth. Most of the US GDP is derived from 'financial services and manufacture of military equipment- debt and death.
The control of trade routes, access to commodities and markets and protection of territory are all significant factors where free markets alone will always fail without strong partnership with government.
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