Turns out free markets aren’t doing a good job competing with a state run economy after all. Who knew!
If you read the article you’ll see the solution lays somewhere in between. China has been cutting down on some of the subsidies, and continuing with others. It’s a good article. I found it insightful.
I don’t mean that all the economy is nationalized, rather that the state exercises a lot of direct control over the market economy in China. There is also central planning in play where the government produces 5 year plans and directs companies towards implementing them.
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While the companies are private, the state is ultimately setting the direction and ensuring that things of national interest get the funding and resources they need. China also tends to nationalize companies once they become big enough to be of national interest. And yeah, I think China is very clearly showing that neoliberal ideology is a failure by comparison.
