And we free market people think we have it tough in the United States. Imagine advocating for liberty and free prices in the Ultimate Crony Capitalist State, China. At least it’s not “off with their heads” as it would have been just a few years ago.
One participant in the Hayek study group detailed in the article even handed out copies of Hayek’s masterpiece The Road to Serfdom. Not so long ago such evangelizing would promptly have been stopped with a well placed bullet. So I suppose progress has been made.
Here’s a well done (and short) video outlining the themes of The Road to Serfdom. Take a moment to check it out if you haven’t read the book.
(From The New York Times)
Many economists, scholars and politicians believe that China is facing deep challenges to its economic model, that it needs to shift from a fixed investment-fueled economy, where the hand of the state is heavy, to one with more private enterprise and market forces.
For the Hayekians, it’s all pretty obvious. What China needs is more of the medicine Hayek prescribed. “China is at a point where it needs to listen to Hayek,” said Mr. Gao.
“People need to do things on their own again, with their individual energies,” Mr. Gao said. “We need a true people’s economy. We can’t do things through force anymore.”