Mises Blog: "Free market" magazine attacks free markets and thrift in "communist" China:

While I was reading the Economist this week, I was thinking the samething as Stefan Karlsson, whose post over at Mises I am linking to. What is up at the Economist?

"Allegedly according to The Economist, the abandonment of Mao Zedong's wise health care policies in favor of more free market oriented policies has brought on countless evils, including lower life expectancy and higher infant mortality. What is also extraordinary is that another alleged evil that the free market oriented health care policies create is a higher savings rate which according to The Economist is and I quote 'Public anxiety over the collapse of affordable health care is reflected in China's high savings rate...Worries about the fast-rising costs of health care and education...is restraining consumer demand and thereby imperiling China's long-term economic growth.' That's right, The Economist thinks that a high savings rate is 'imperiling long-term economic growth'. "