Baraka_Guru

But where do you find the balance between centralized economies and regulation?

We should probably use more accurate language to avoid confusion: what China does is more closely defined as a "command" economy, which is characteristic of communism. The government decides how capital is spent (with some exceptions).

A "centralized" economy can mean many things. In Canada, we have built a "strong central government." This is more akin to federalism than communism, and this is where regulation comes in play.

I'm not sure if you've been paying attention, but Canada's major banks for the most part have remained profitable throughout the global financial meltdown and recession--actually, they're making record profits. Just recently they've started to announce bonuses to executives and capital/finance departments, and yet no one is crying foul. This is because not one of them received a penny in bailout money. There was no need. The banking industry is well-regulated, and domestic and foreign commentators alike are beginning to suggest that our system should be a model to the world.

In China's case, I really think it's an odd combination of a command economy with rampant growth. We don't have many examples of this in recent years, and so when we hear of such things as cities being built and not used, we get a bit confused as to how that happens. But I'm sure other cultures don't understand how we can use other people's money to live above our means.

Is it a bad thing? Sort of, but not really. The land might eventually get used. But it might be a waste when all is said and done. Who knows?

Capitalism is known for wasteful outcomes as well. We just need to look at our disposable society.

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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön

Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot