“What do you make of the notion that government economic planning is bound to fail?”
Hard to say, if done well I see no reason for it to fail.
Same for free markets (if managed well).
I think all successfully run governments are a mixture of both.
Both have bad and good. Both can be really really bad if not managed correctly and left to go to extremes.
When I say China “IS THE BANK” I mean the china Gov runs the banks and can decide who and how much for what and how much money to print (they totally control it).
Even down to what a bowl of rice cost today.
They will tell you what the inflation rate will be this month week or day.
