Capitalism and Competition: Can We Handle It?
"We have a China problem. It is not, however, a China problem in the way most people think. It is not a problem with safety standards that threaten our children and our pets. It is a problem with the very fact of China as an emerging force on the global economic stage, and it underscores a profound and worrying trend in American political and economic life. For half a century we fought for the creation of a global capitalist system. Now that we have one, we seem to have forgotten one little thing: Capitalism means competition, and we are acting like we can't handle it.
Since the dawn of the American republic, we have never faced the kind of economic challenge that China presents. It is playing the game of global capitalism almost as adeptly as we are, and our response for now seems to be a mixture of fear and disbelief.
China bashing raises questions about the ability of the U.S. to compete in the global economy that it did so much to create."
~From today's WSJ editorial "Watch Out for the China Bashers."