Forty years after and Vietnam learns capitalism

It took forty years after being abandoned to the communists but Vietnam has discovered what capitalism can bring. The mindset there is a comparison and contrast to that in the U.S. as Glenn Harlan Reynolds explains in How we ‘won’ in Vietnam, but are losing at home.

But the Vietnamese advantage may boil down to this: Free markets are new there, whereas America has had them for a long time. Scientist Thomas Ray once said that every successful system accumulates parasites, and the free market in America has been successful for a very long time. Established businesses get tied down with regulations that keep out new innovations — like Michigan’s GM-backed anti-Tesla law that bars car makers from selling directly to the public — while politicians line up to line their pockets with taxes and fees and campaign contributions.

The question is what it will take to get the U.S. back on track. That is what worries.

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