red states rule
12-09-2011, 04:08 AM
As usual "the smart people" fail to see how they are acting like the very people they openly oppose
http://www.rushimg.com/cimages//media/images/obamamaofin120112/909466-1-eng-GB/ObamaMAOfin12011.jpg
Entrepreneur’s Rival in China: The State
snip
After more than a decade in which private companies have been the prime engine of China’s economic miracle, the Chinese government is eager to control more of that wealth — even if that means running roughshod over private companies.
Chen Zhiwu, a professor of finance at Yale University and a harsh critic of the state’s dominant role in the economy, says the Chinese government is smothering the private sector. “When the government is involved in business, it’s hard for private companies to compete,” Professor Chen said.
The usurping of private enterprise has become so evident that the Chinese have given it a nickname: guojin mintui. That roughly translates as “while the state advances, the privates retreat.”
Some prominent Chinese economists are warning that the potentially corrosive effects of an approach that favors government companies at the expense of the private sector could eventually stifle innovation, saying it could stunt China’s long-term growth and quash the rising aspirations of the nation’s 1.3 billion people.
“If China doesn’t deal with this problem and strengthen the private sector, this country’s growth is not sustainable,” said Xu Chenggang, a professor of economics at the University of Hong Kong.
http://www.nytimes.com/2011/12/08/business/an-entrepeneurs-rival-in-china-the-state.html?_r=1
http://www.rushimg.com/cimages//media/images/obamamaofin120112/909466-1-eng-GB/ObamaMAOfin12011.jpg
Entrepreneur’s Rival in China: The State
snip
After more than a decade in which private companies have been the prime engine of China’s economic miracle, the Chinese government is eager to control more of that wealth — even if that means running roughshod over private companies.
Chen Zhiwu, a professor of finance at Yale University and a harsh critic of the state’s dominant role in the economy, says the Chinese government is smothering the private sector. “When the government is involved in business, it’s hard for private companies to compete,” Professor Chen said.
The usurping of private enterprise has become so evident that the Chinese have given it a nickname: guojin mintui. That roughly translates as “while the state advances, the privates retreat.”
Some prominent Chinese economists are warning that the potentially corrosive effects of an approach that favors government companies at the expense of the private sector could eventually stifle innovation, saying it could stunt China’s long-term growth and quash the rising aspirations of the nation’s 1.3 billion people.
“If China doesn’t deal with this problem and strengthen the private sector, this country’s growth is not sustainable,” said Xu Chenggang, a professor of economics at the University of Hong Kong.
http://www.nytimes.com/2011/12/08/business/an-entrepeneurs-rival-in-china-the-state.html?_r=1