But, it’s not done so with the two proven pillars of democracy and free market capitalism, which have made most of the developed world urban and rich since the late 1800s.
Rather, China is the largest centrally-planned economy in the world. It’s a model that economists drool over, calling it “state-driven capitalism,” but that’s an oxymoron if I’ve ever heard one. It’s a violation of Adam Smith’s “invisible hand.” Democracy balances the greed and income inequality of capitalism, while capitalism balances the free-lunch, welfare state of democracy. China has removed democracy from the equation and created an environment where unelected politicians have the power to overbuild and over stimulate to please the people and keep power.
