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306 pages, Kindle Edition
First published September 8, 2020
Today, China, the leading authoritarian economy, remains weighed down by inefficient and heavily indebted state industries, a banking system with huge ‘zombie’ loans, an ageing population, and the massive task of shifting the economy away from excessive export dependency and towards greater domestic consumption. To be fair, it is making progress, and has real ambition about greening its economy, with over $1.7 trillion being invested as part of its five-year plan. But a central planning model is not likely to be one that will be able to take on the bold reforms to public and private collaboration that this book envisages. [emphases added]...When your entire book is supposed to de-mystify state policies, this imperialist liberal use of “authoritarian” is embarrassing. Ideologically, imperialism is somehow not authoritarian (well, it’s not acknowledged to begin with). Mass foreclosures (yes, including under liberal hero Obama) and homelessness is somehow not authoritarian; the dispossessed in the richest Western cities have the freedom to be shelter-less and seek relief in opioids, after all.

Capitalism is, indeed, in crisis. But the good news is that we can do better. We know from the past that public and private actors can come together to do extraordinary things.
The task is neither to pick winners nor to give unconditional handouts, subsidies and guarantees, but to pick the willing.