China's capitalism isn't so foreign

Western powers today fear that China's stunning rise signals a real challenge to the notion that economic growth triggers democracy. While I understand such fears, let me tell you why they're unfounded: China's economy increasingly mirrors our own.

As business academics William Baumol, Robert Litan and Carl Schramm argue in their 2007 book, "Good Capitalism, Bad Capitalism," there are basically four types of capitalism operating today.

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