China and the challenge of creative destruction


I well remember the moment I realised the Soviet Union was destined to fail. It came upon learning that photocopiers were considered subversive devices subject to tight state control. Such controls necessarily stifle creativity and channel it in destructive directions. One of the wonders of free markets is that they provide a socially constructive outlet for the maniacal drive and obsessive focus of successful innovators.

A contrasting, seductive attraction of centrally controlled economies is

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