Calls to bail weak companies out with public funds must be resisted for true capitalism to prevail
Once upon a time, it was useful to think of free enterprise-based capitalism and electoral democracy as buddies. One supported the other, since both were about freedom. But trends in two versions of capitalism—the free enterprise one of the US and the authoritarian variety of China—should force us to re-examine this hypothesis. Faced with periodic economic crises, American politicians are wooing voters with socialist rhetoric and promises of a bigger state; the authoritarian Chinese state is metamorphosing into a new kind of imperium that is inimical to democracy. China is growing richer, but neither more democratic nor responsible.