Do Free Markets Still Beat Central Planning? — Andrew Sheng and Xiao Geng

Institutional arrangements are complex systems, shaped by history, geography, and culture. The objective should not be to identify a one-size-fits-all approach, but rather to devise the combination of characteristics that would deliver the greatest good for the greatest number of people, with the right checks and balances.

Should-read. Adopts the world system POV without calling it that. This approach emphasizes unity in diversity. This requires a multilateral approach rather than a unipolar one. This requires multi-dimensional thinking based on feedback rather than a uni-dimensional approach based on imposing an ideology as dominant.

Project Syndicate
Do Free Markets Still Beat Central Planning?
Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, a former chairman of the Hong Kong Securities and Futures Commission; and Xiao Geng, Chairman of the Hong Kong Institution for International Finance, and professor and Director of the Research Institute of Maritime Silk-Road at Peking University HSBC Business School