State capitalism, hubris, and what China owes us

Times have changed. A decade back, the United States lectured the rest of the world on the advantages of democracy and its private enterprise system. Now, countries like China and Russia tout their “benevolent” one-party system and state capitalism as growth engines that correct the mistakes of the free market. Russia’s Putin characterizes the U.S. as a “parasite that lives off the global market.”

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