Week 6, post b

In this section Alan Greenspan talks about communism or Marxism in China. This is interesting to read about because like Russia Alan talks about how communism is failing. Because the Chinese government is starting to reform the way that the economy is run. It is remarkable because as the economy moves towards capitalism China has the second largest purchasing power, behind the United States. China is the second largest consumer of oil and the largest steel producer. This also shows that capitalism is the best type of economy. It has been tested by countries like Russia and China but neither have competed. The capitalist system is the best because of the freedom of consumers and the will to make money. In communism there is no drive no human needs to try their hardest they only need to do the bare minimum. But, in capitalism the more the person tries the more money you can make. China is booming but it will have to make decisions because as it booms it must watch its pollution and must meet safety standards if China wishes to compete in the future. With pollution becoming a growing problem in the world China must begin to regulate its pollution. Also China will have to update its safety standards to make work safer for all of its works. For example Chinese coal mines are very unsafe and dangerous. China will become a world power but in order to reach its full potential it must accept capitalism.