This is an excellent, must-read article from Project Syndicate. Check it out!
I too commend China for its reforms and strong position on corruption. I also agree that widespread privatization in China at this stage would be risky. Look at the record of privatization in the UK or Russia, for example?
However, I think that it’s all too easy for the West to be critical of corruption in many rapidly developing economies. But on closer examination, the Western model is not that snowy white. Perhaps there is less direct corruption in the West but the system seems to promote increasing fraud, without the checks and balances in society. In this latter regard, Germany should be a beacon of best practice, with a a good balance between law, politics and stakeholders?
Any thoughts on reducing corruption and fraud?