What about China then?

Question

For years economists and governments were telling us that the free enterprise system was by far the most efficient and centrally planned economies had no chance of competing.

The collapse of the socialist states of USSR and satellites in E. Europe some years ago, was proof of that, although I always thought it had more to do with the trade boycott we imposed on them than anything else.

But now semi-planned India and communist China are surpassing our economic growth not by a little, but 4- fold. Economists are now predicting that both will overtake the US GDP and China will be the next super power. .
Was everything we were told in the past, lies or ignorance?
Do you know of any profession more discredited than economists?

Answer 1

India is currently the 12th richest country in the World and even if somehow their GDP was doubled they would still be number 3 behind the EU and the US.

China is currently the 4th richest country in the World and even if somehow their GDP was doubled they would still be number 3 behind EU and the US.

Top 4 Answerer in Business & Finance. (Vote for me. I just need 100 more votes)

Answer 2

We haven't been lied to at all. China's success has come more because it has introduced some free enterprise into its economy, not because it is centrally controlled. Notice how much the Chinese trade with the US and check to see how many items you buy at Walmart et al. that come from China. Their economy is indeed growing, but remember they have a huge population and labor is much cheaper there, so when they export, they can make good financial profits, a free economy concept, not a controlled economy concept.

Chow.

Answer 3

I think that the Chinese is just more work oriented than the US is. Thy also have way more people wo live there & the pay is way less. They do export goods more than the US does. If the USA just stoped taking exports from China, then they would be expaning less.

Answer 4

what about it?