America dreams of Chinese state capitalism

Is it time for Washington to play China's game?

A coin gate in China.
(Image credit: Illustrated | VCG/VCG via Getty Images, Aerial3/iStock)

The U.S. economy is in the 11th year of a record-long expansion. Unemployment is at a 50-year low. And most of the biggest, most innovative companies in the world hail from America. Given such abundant good news, one might think that American policymakers would exude deep confidence in the American Way of Capitalism.

Not so much. Democrats are making their usual arguments about inequality, saying the economy has been failing workers for decades. No surprise there. What's new is the skepticism coming from some Republicans who, not so long ago, enthusiastically extolled the wonder-working power of free-market economics. As Sen. Marco Rubio (R-Fla.) said in a speech at Catholic University last month, "The market will always reach the most efficient economic outcome, but sometimes the most efficient outcome is at odds with the common good and the national interest."

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