SCOTT GALLOWAY: China's economy is on track to beat the US in some crucial ways. Here's what we should be learning from them. (via ProfGalloway)
China has taken the opposite approach, sacrificing economic freedom in favor of state planning and protections. My 1980s libertarian roots tell me this is doomed to fail, but the past 30 years of Chinese success suggest I should rethink more than my sartorial preferences from that decade. I just reread the last sentence and I sound like a douchebag.
Social democratic countries, Germany being the largest and most successful, attempt to strike a balance. My gut says this is no man's land, the worst of both worlds, and sluggish growth will hamper the European welfare-state model. It's worth noting that China's growth has in many ways come more at the expense of Europe than the US. For example, China is now home to eight of the largest global companies, leadership seized mostly from Europe.
Americans are by definition heavily exposed to the US economy. One way to hedge against Chinese success in the bipolar investment race is to invest in Chinese equities. Consider that an investment in the Chinese economy generally in 1990 would have returned 13% per year, far outpacing the S&P 500's return of 8% over that period. Individual opportunities were even more lucrative. In 2000, Masayoshi Son invested $20 million in a young Jack Ma's internet startup.
Whatever Xi does, there's the real possibility that the Chinese system, as morally flawed as it is, might produce greater prosperity than the US model. And shareholder returns are a product of opportunity and execution. If China in 2040 is the dominant power and a two-billion-person economic success story, all the regulatory overhang in the world won't cut into the wealth its corporate shareholders will enjoy.
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