Comments by "M gronich" (@mgronich948) on "Harvard Economist Reveals Shocking SECRET About China In 2023" video.

  1. Good video about how China is not a top-down controlled society but also why industrial policy in the west fails but can succeed in China. Competition drives innovation. The US is dominated by a small number of very large companies in each sector of the ecnomy. These large companies have agreed not to compete on price, informally. Industrial policy is where the govt allocates investment money instead of the private sector. The reason why it consistently fails in the US is because the people doing the allocating are stupid or rather they listed to experts from large corporations who've made political donations. When the money is private, if they make bad investment decisions, they go out of business. But bad decisions by the govt keeps going till the govt collapses. There no way to weed out people in US govt who make bad investment decisions. In China there is competition between cities and provinces. Mayors or other officials who consistently make bad investment decisions are fired. But there's still corruption, everywhere, and China's local govt investments, I would think is still less efficient than the US's private investment.
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