The most popular recurring foreign talking point on China’s surging economy in the era of the global financial crisis is something like, “Maybe they have got something figured out over there in Beijing that we don’t.” That is, maybe authoritarian state-led capitalism isn’t all that bad.
Well, I can agree that state capitalism is certainly not bad for the winners, China’s state-owned enterprises. But what about the losers? I am thinking now of some people you might not normally have sympathy for, China’s rich (or once-rich) private entrepreneurs. Over the years I have encountered peasant oil barons, coal mine bosses, private airline chiefs and real estate developers who have all learned to rue the defects of state capitalism. Their stories differ widely but most have the same ending: profitable assets ended up in the hands of the government, and private risk-takers lost.











Society

