This provides two strong disincentives to innovate. What is left is a Chinese state that discourages the development of the most tried-and-true means of economic development -- competition and innovation -- and instead relies on wealth transfer due to currency manipulation as the foundation of its success.
The role of government in an economy, therefore, should be limited if long-term sustainable growth is the objective. For totalitarian capitalism to be the superior system would require that system to develop competencies that enable its economies to compete globally. Thus far, these competencies have only emerged in the Chinese firms that have access to Western systems -- Lenovo's Hong Kong roots place it into Western-style competition for example. Without competencies, you have short-term success built on an artificial and unsustainable economy,...
The Western style emphasizes a limited role for government and the power of market forces. The totalitarian style emphasizes government intervention to control market forces. Eventually, however, the market forces will win, and Western-style capitalism with limited government intervention in the markets will prevail.
Huang, Y. (2008). Just how capitalist is China? MIT Sloan Research Paper 4699-08.
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No author. (2010). The spirit of enterprise fades. The Economist. Retrieved March 21, 2010 from http://www.economist.com/business-finance/displaystory.cfm?story_id=15331470
Krugman, P. (2010). Taking on China. New York Times. Retrieved March 21, 2010 from http://www.nytimes.com/2010/03/15/opinion/15krugman.html?hp
Williford, S. (2010). Americans can worry less about a Chinese takeover of the world. Old Gold and Black. Retrieved March 21, 2010 from http://oldgoldandblack.com/?p=7641
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