Interesting comments and stats from Andrew Leonard at How the World Works. You can’t argue with his statement:
So here’s the irony: Conservative cable and radio TV talk show hosts are regularly castigating President Obama’s agenda as “socialist.” Is that supposed to be a bad thing? The country that pledged its allegiance to the free market most fervently in the entire world is floundering, up to its neck in debt, with a banking system on life support and a housing sector in freefall. Meanwhile, the country that is ostensibly “socialist” has cash to burn, is pursuing an aggressively counter-cyclical fiscal policy that would make John Maynard Keynes utterly delighted, and is steadily improving its competitive ability to dominate global markets.
In the future will Western students be attending the University of Beijing to learn how to manage a successful economy in the ‘new world’?