How America Can Beat China's State Capitalism

Production of toy cars at the Sunny Side Co. in Panyu, Guangdong province. The vast majority is for export to the U.S. Photograph by Kadir Van Lohuizen/NOOR/Redux

With the rise of China as an economy, a question hangs in the air: Can America beat state capitalism? The evidence is not encouraging. The U.S. has lost millions of jobs to the Chinese. It will lose millions more if China, as it proposes, turns itself into a high-tech giant in critical industries ranging from telecommunications to aviation.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.