Source: Adam Smith Institute
by Tim Worstall
“We have, a number of times, insisted that China is one of the most free market economies on the planet. Yes, obviously, there’s all that national planning and state ownership of industry and so on. Commanding heights and the Communist Party and all that. And yet at the ground level entry into a market is near entirely free of restriction. In that free to enter the market sense of free market it probably is that most free market economy too. In the professional life of one of us we’ve seen a Chinese company go from idea to production in the time it takes to do the environmental paperwork in Europe. We’re even willing to agree that total freedom to do just anything might not be optimal. But more absence of regulation and where that’s non-optimal less and faster seems like a good idea to us.” (10/01/26)
https://www.adamsmith.org/blog/the-costs-of-the-regulatory-state