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China is the new idol for emerging economies because it has been able to show that fast-paced economic growth is possible. Western countries have urged that democracy and equal political rights are the prerequisites of prosperity. China has demonstrated that with state-controlled capitalism, it is much easier to solve socio-economic issues. Another reason why emerging countries are viewing China as an example is the issues with private capitalism. It ensures that private owners have the will to decide what to do with the financial resources at their disposal. It is evident that much of the capitalists seek financial gain and only invest if there are opportunities for profit. In other words, financial gain is more prioritized than socio-economic problems. On the other hand, when the capital is controlled by the state, funds will be invested even if the venture will not yield financial benefits. The government acts as a body that seeks improvements in social, cultural, and economic aspects of its country, but private capitalists cannot be expected to do the same.
As China progresses, there is going to be a clash of opposing visions in the future. According to the speaker, the U.S. may either choose to cooperate or contest. It is reasonable to cooperate to avoid growing schism and exchange ideas. It is evident that private capitalism contributed significantly to the unequal distribution of wealth in the world. On the other hand, China has been able to address this concern, which is why it would be beneficial for the United States to consider some of the ideas of the Chinese government. Competing may not yield any benefits and may serve as an obstacle for American corporations. The reason why companies in the United States have been able to achieve significant profit is because of the manufacturing capabilities of China. Ending trade with China will lead to increased prices because of the need to move production to domestic facilities.
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