Must-Read: Justin Fox: China Will Keep Growing Because It Has to

…The U.S. and the U.K… were tripped up every 10 to 20 years by financial crises and economic depressions…. [Since] 1978, when the Chinese Communist Party ‘shifted its center of gravity from propagandizing class struggle and organizing political campaigns to economic construction,’ China is now in its 37th straight year of economic expansion…. China adopted a radically pragmatic approach to governing. If something resulted in economic growth, it was a good policy. The only real limit was that the supremacy of the Communist Party could not be challenged… [a] strange blend of Communist-Party corporatism, Keynesian macroeconomics and Schumpeterian entrepreneurialism has delivered spectacular improvements in living standards and similar gains in national clout…. Delivering steady economic growth has become the key source of its legitimacy, so it will keep doing whatever it can to deliver. And, given how painful an outright Chinese recession would be for the sputtering global economy right now, we’re kind of stuck with rooting for it to succeed.