Role of Government in Economy Research Paper

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This provides two strong disincentives to innovate. What is left is a Chinese state that discourages the development of the most tried-and-true means of economic development -- competition and innovation -- and instead relies on wealth transfer due to currency manipulation as the foundation of its success.

The role of government in an economy, therefore, should be limited if long-term sustainable growth is the objective. For totalitarian capitalism to be the superior system would require that system to develop competencies that enable its economies to compete globally. Thus far, these competencies have only emerged in the Chinese firms that have access to Western systems -- Lenovo's Hong Kong roots place it into Western-style competition for example.

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Without competencies, you have short-term success built on an artificial and unsustainable economy, rather than long-term success. The Western style emphasizes a limited role for government and the power of market forces. The totalitarian style emphasizes government intervention to control market forces. Eventually, however, the market forces will win, and Western-style capitalism with limited government intervention in the markets will prevail.

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