Letters: Chinese economic model leaving US in dust

I am amazed at how China grows at 7 percent a year and has prevented a stock market crash. I take no pleasure in authoritarian systems, but the Chinese economic model is making fools of the theorists of traditional Western capitalism.

If a project fails, the government-owned bank writes down the loan and gets refunded for its loss by the central bank. In the United States, both borrower and bank may go bankrupt, creating the unemployment of innocent people.

If we are going to compete with the Chinese, we have to stop thinking in terms of the economic cycle and creating massive unemployment every six or eight years. Idle hands may not be the devil’s workshop, but they create nothing. The Chinese are going to eat our lunch if we don’t change.

This story was originally published July 28, 2015 at 7:37 PM with the headline "Letters: Chinese economic model leaving US in dust."