When I make this same point in posts, I am castigated by some Freepers. Of course, I am not a major CEO with direct knowledge of both regulatory environments. I do not have any measure of economic freedom to make an objective comparison. However, I look at the growth in both countries. I see the US languishing in economic malaise while China continues to grow. Of course, China has many problems with property right protections. China does not seem to be at war with capitalists. Although I am not ingrained with Chinese politics, I have never heard of the Chinese equivalent of the Lily Ledbetter law, the Davis Bacon Act, card check, unfunded liabilities for Medicare, Social Security, and federal pensions, the Equal Pay Act, the new Consumer Products Safety Act (with incredible levels of lead testing requirements), Fair Labor Relations Act, third party lawsuits by environmentalists, outrageous punitive damages, ... I realize that China has a labor arbitrage advantage. However, we should be lowering government imposed employment and production costs, streamlining regulations, and simplifying taxation. We are headed in the opposite direction.
“Lily Ledbetter law, the Davis Bacon Act, card check, unfunded liabilities for Medicare, Social Security, and federal pensions, the Equal Pay Act, the new Consumer Products Safety Act (with incredible levels of lead testing requirements), Fair Labor Relations Act, third party lawsuits by environmentalists, outrageous punitive damages, ...”
And AA, companies being forced to pay race pimps money to avoid being called racists, stuff like that too.
I don’t know who has castigated you in the past, but I’ll sing your praises!
Your post regarding the business climate in China vis-a-vis the United States is spot on. You get an A+ from me!
While the rest of the world runs away from socialism, Barry and his merry bunch of democrats are rushing head first to embrace it. Utter insanity.
“When I make this same point in posts, I am castigated by some Freepers.”
There are some folks who get their kicks from being argumentative. They’re best ignored.
Part of why FR is great because it is such a free-for-all. The best ideas are fire tested in the crucible.
Your basic theory is sound in my view. While we might not like it, there are other places in the world that are more friendly to business than the U.S.
I spend a lot of time with small businessmen and thier comments are they do not know what will be said or done tomorrow. And by tomorrow, I mean the 28th of June. We do not know what these creeps will do.
” When I make this same point in posts, I am castigated by some Freepers.”
Yes, you have been, by a bunch of “wannabe” mavens. I have read many of your posts, and with a few minor exceptions, you shine in every one of them.
I have done business all over the UK, and Asia, so I can tell you that Steve Wynn is telling the gospel truth. I was living and doing business in Kuala Lumpur in 2002, when I read in the New Straights Times that Steve was the first American to be granted a gaming lic. in Macau. I knew he would shine there. Now he will relocate there too. (The 22% tax cap doesn’t hurt, either)
America is committing financial suicide right before my eyes. At age 56, I don’t even know my own country anymore.
Professor, I have worked in both countries, and your observation comports with my experience. To argue that China has a more stable business environment than the US does not negate criticism of their form of government and its lack of respect for individual rights. Of course, there’s a room for reasonable debate on this topic because nobody knows just how bad the US individual rights situation really is.
I am certain of three things. First, the founders of the USA left it with a much better form of government than the founders of the Peoples Republic of China. Second, although neither government has been overturned by revolution, the practice of government in both nations is radically different from what their respective founders intended. Third, the PRC political elite are more practical, intelligent, and competent than the US political elite.
WRT to property rights in China: After Kelo, the screwing of GM and Chrysler bondholders, the BP Plc shakedown, Congressional hearings on nationalizing 401k accounts, and the massive bailouts, I don’t know which nation is worse in this regard.