FairAndUnbiased
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we're doin okay with technology, but our economy sucks right now cmpared to China, especially the natural disasters thet struck japan recently... How does China manage a free market economy while staying Communist??? its kinda impressive.
its a free market only in certain areas. in banking, telecom, railroads, power generation, oil and gas, steel and defence, it is socialist. In the US, for example, defence is private - Lockheed Martin is listed on the NYSE. Actually, the US is one of the only countries in the world with a private defence industry.
It combines the best features of a planned economy, where you can fund "big things" like nuclear weapons, high speed rail, super computers, vaccine development, oil exploration, airplane development and space travel, with the best features of the free market, which is enough consumer products.
Actually, Korea and Japan had a similar system, but instead of the companies being directly owned by the government, they just took money and orders from the government... which is basically the same thing. Samsung, Hyundai and LG are all heavily connected to the government of South Korea.