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Where Capitalism Is Working
Article

Where Capitalism Is Working

What the World Can Learn From Switzerland, Taiwan, and Vietnam

Ruchir Sharma
Foreign Affairs, 2024
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8

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Capitalism gets a bad rap these days, writes chairman of Rockefeller International Ruchir Sharma in this thought-provoking article. He acknowledges widespread discontent with some of capitalism’s consequences, but he points to Switzerland, Taiwan, and Vietnam as solid showcases for capitalism’s pluses. Sharma posits that the US economy, by contrast, is headed in the wrong direction, leaving many citizens disillusioned and less sanguine about the future. Sharma cogently argues that US capitalism is ready for a do-over.

Summary

Many countries express disaffection with capitalism.

Modern capitalist models have left many people disenchanted. While some defend the United States as this economic system’s exemplar, with its robust economy and roaring financial markets, Americans are wary of the future. Distrust in government is rife. Many under the age of 30 view socialism more favorably than they regard capitalism.

America is leaning toward more centralized power and state intervention, to the surprise of many other governments. At the same time, China has reverted, under Xi Jinping’s leadership, to its traditional, interventionist “command-and-control” model. High levels of indebtedness, an aging populace, and a meddlesome government hamper economic growth there.

The Swiss, Taiwanese, and Vietnamese models of capitalism function properly.

Switzerland, Taiwan, and Vietnam exemplify well-functioning capitalism. Low levels of government intervention and the prudent use of public money provide a healthy balance...

About the Author

Ruchir Sharma is chairman of Rockefeller International.

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