On Sat, Apr 5, 2014 at 8:46 AM, Jones Beene <jone...@pacbell.net> wrote:
China looks at this technology as a great success of State > sponsorship, where an efficient enterprise is doing something that no > capitalist in the USA has accomplished and is making both a huge profit and > saving the economy billions by reduced reliance on OPEC oil. > Over the next 40 years, China will save the capitalists from themselves, by offering genuine competition to their regulatory capturing, crony version of capitalism. China will do as was done in Singapore and develop a well-oiled, heavily socially engineered machine that is both efficient and slightly repugnant to Western sensibilities. Where US defense contractors will require 1 billion dollars to produce a new military system, the Chinese defense establishment will do something a little pared down and less ostentatious, but still quite effective, with 20 million dollars. As this happens, we will all collectively come to disdain prevailing superstition about efficient markets and start to look for more practical ways of allocating capital for large endeavors. (It's the big efforts that seem to pose a challenge for the US version of capitalism; I get the sense that commodity markets are already fairly efficient.) Eric
