Ever think that the anti-capitalism of the press is exaggerated or non-existent? Check out this incredible story at MSNBC/Newsweek. You would never know, never even guess, that China was the home to a murderous tyrant only a few decades ago (est. 40 million dead), and you would certainly never guess that China has gone from vast impoverishment to vast economic growth in record time, and certainly the relationship of this to capitalism is completely lost on the reporter. So here we go with the full-scale hysteria blaming the market for all of China’s woes:
Far from the disciplined and tightly controlled economy China was thought to have, the ongoing scandals have revealed an often chaotic system with lax standards, where the government’s economic authority has been weakened by rapid reforms. This sorry state is not unprecedentedâ€¦ China today resembles nothing so much as the United States a century ago, when robber barons, gangsterism and raw capitalism held sway. Now as then, powerful vested interests are profiting from murky regulations, shoddy enforcement, rampant corruption and a lack of consumer awareness.