Thursday, December 30, 2010
American Style Socialism, and Chinese Style Capitalism
While the U.S. spent $700 billion to bailout gamblers in Wall Street, the Chinese government spent much time “bailing out” its reputation in global business as the result of the recent tainted milk scandal. Two different social systems created two different issues for the global community. American financial gamblers dealing in sub-prime loans destroyed global business confidence. At the same time, the Chinese milk scandal fundamentally destroyed global consumer confidence. However, both the American financial crisis and the Chinese tainted milk crisis have one common mistake. That is, both governments failed to supervise the systems strictly and effectively. Accountability for business practices whether under capitalism in the U.S. or socialism in China, should be a priority for all.