Does the Rise of China Prove That Obama Hates Capitalism?

China officially leap-frogged Japan into the number two spot among world economies. National Review's J.D. Foster stands athwart history yelling -- ... well, basically just yelling.

After praising China's mixed capitalist/socialist economic transformation of the late 1970s under Deng Xiaoping, the subject turns -- in the way subjects tend to do at The Corner -- to President Obama hating America's founding principles.

The United States is being slowly strangled by the state. More spending, more regulations, more rules, and, soon, the Obama tax hikes all contribute to a loss of individual freedoms and, collectively, to an economy bearing a much closer resemblance to floundering Japan than rising China.

Where economic freedom expands, growth follows. Where economic freedom is stifled, economies stagnate. Sadly, China's former leaders understood this better than do its current leaders, or America's.

Two things. First, China's economic freedom ranking is pitiful, and yet its GDP growth has doubled our own rate in the last decade. Without waxing optimistic about the socialist market economy, I want to point out that you can't praise "rising China" in one sentence and say they're doomed to stagnation in the next. That doesn't make sense.

Second, it does seems like a stretch that the guy who said "the very essence of socialism is the liberation and development of the productive systems" was a better capitalist than Barack Obama.

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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