Why China’s political and industrial systems work better than the US
An Indian writer and an American businessman explain how de-industrialisation and the rise of oligarchs handicapped the US ability to compete
No one really knows who will ultimately win. Perhaps that’s not even the right question. But it seems clear that China’s operating systems are currently working better than those of the US.
Contrast the Chinese state’s control of the tech and financial sectors with the United States, where the situation is reversed.
In 2007-08, unfettered financial capitalism almost caused the collapse of the US economy and triggered the global financial crisis. Wall Street’s political influence waned as a result, and globalisation stalled.
Instead, Silicon Valley, which previously exerted limited influence, swapped roles with Wall Street – meaning that billionaire tech bros now enjoy disproportionate power over Washington.
Pankaj Mishra, one of India’s finest writers, contrasts China’s treatment of its billionaire class with the US’. “They arrived at, in retrospect, a profound wisdom – that you need to unleash certain entrepreneurial energies,” he said about China in a recent interview with Novara Media.