Last question first; they are both social market economies that are raked 67th and 16th respectively on the list of per capita of GNP/dependencies. These rankings are an indication of the standard of living in each country. The US is 8th.
I’m glad it seems to work for them, but in China’s case the standard of living seems to be much less than the US, and that is what is important for the people living in that type of system. Too much government control. It will be interesting to see how Hong Kong reacts to the takeover of the Chinese social market economy as opposed to the Free Market System they are used to.
For my 34 year professional career I was a member of a union, that is socialism to me (not necessarily a definition). The mantra of the union is to squeeze everything you can out of the Golden Goose without killing the goose. The people that run the union do so *for the good of the group*, but succumb to the need for power (absolute power corrupts absolutely). The leadership convinces the members that only they can deal with whatever problem you have with the *company* and this leads to group think, and eventually a single minded purpose. If there is not problem, they will make one up to make you feel they are needed. This may not be in the best of the membership. See Easter Airlines, the steel industry and the Teamsters.
Let’s look one of our socialist Presidential Candidates, Bernie Sanders. He campaigns on socialism and is trying to convince the population we need a $15 dollar minimum wage. His campaign staff’s union reaches a deal with the Golden Goose for a $15 an hour wage and the socialist Bernie Sanders becomes all capitalist and cuts their hours to maintain his expenditures. If you broaden this out to say, Medicare for all, paying student debt, open boarders, etc. you can see how we can become China with their low standard of living.
By the way, the Golden Goose can only provide good things when the goose is healthy. The unions can only get great deals when a profit is made. This is why teacher’s unions are usually just a social club with no teeth. It is why PATCO (Professional Air Traffic Control Organization) was broken by Reagan. When the money is gone, you end up like Venezuela.
I can’t believe some of our elected officials are arrogant enough to think they can make socialism work.