Battleangel

Joseph Stiglitz examines the remarkable growth of China’s economy and notes that

Market economies are not self-regulating. They cannot simply be left on autopilot, especially if one wants to ensure that their benefits are shared widely. But managing a market economy is no easy task. It is a balancing act that must constantly respond to economic changes.

Bottom line: China has done amazing things when it comes to poverty reduction instead of blindly focusing on just GDP growth. Even if there is still a long way to go of course. And as for China’s environmental problems, new policies have been put in place that will make a difference. Again, there is a long way to go. But unlike the U.S., they are heading in the right direction. Something American politicians and pundits in particular should consider before mouthing off about China. If nothing else, you should consider who is propping up your nickelodeon economy.