This article brought up some interesting point of diverse
economy. I think my opinion might be different since I grown up in the communism
society. In the article, it discussed about people were kind of lean toward to
capitalism after the collapse of the Soviet Union and I noticed that people are
still confused about how socialism works. From my point of view, I think that
there is some benefit from socialism that capitalism should adopt. We are still
not sure if the entire free market if good or not. People are scared of
socialism because of the collapse of the Soviet Union but there are some people
still suffering from the 2008 economic crisis. And also because we are under
the globalization circumstance, not only people from America but also people
from all over the world suffered from the economic crisis. It brought up my
memory that some businessman committed suicide in Japan because of the economic
crisis. But at that time, in China, people did not suffer as much as expected.
I am not saying which system is better, but in socialism, what people call “the
invisible hand” can take some action if the economy system is not balanced.
People are still working on finding a good system.
Thanks for sharing comparative notes and perspectives on capitalism and socialism, Wenjie. I agree that comparing economic systems is very useful for noting the pros and cons of each system. I have two follow up questions: Is the notion of "invisible hand" used in China? (it would be fascinating to hear more about how this is used on the ground there). Are there alternative economies to state socialism that you know of in China? Guanxi might be one kind of practice to think about as being a diverse economy, an alternative to the state economy. The point that I want to stress here is that diverse economies exist in every society and economic system and that taking these seriously helps put the dominant systems (whether capitalist, socialist, other) into perspective.
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