Column: China's faltering economy is a result of state-directed planning. Now comes the global fallout

and consolidation of political and economic power in his hands, is more important than additional economic growth. And by implementing such measures, he all but assures that the economy will get worse. Markets need reliable information and freedom to function, but information is joining economic freedom in lock-up.In the 1990s, the “neoliberal” consensus was that economic liberalization would push China toward political liberalization. Today, that consensus is out of favor just about everywhere.

It’s no coincidence that Biden claimed China was eating our lunch when he wanted to get his “American Jobs Plan” approved. In America, the argument for state-directed economic planning is always made in the language of “competitiveness.”

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