Wednesday, October 8, 2008

Black Cat vs. White Cat

"No matter if it is a white cat or a black cat, as long as it can catch mice, it is a good cat", cited the late Chinese leader Deng Xiaoping, who embarked on the modern reform of China thirty years ago.

It has been the motto of the get-rich-quickly generation in China since then. It doesn't matter if it is called socialism or capitalism, as long as it brings prosperity, it is good.

For the Chinese have learnt long long time ago that the only thing that doesn't change is change itself, as said in "Yi Jing", nothing holds constant overtime.

Now we learnt that free market doesn't have the monopoly of economic development. The historical steps taken by the US and European governments these days are likely to set off a new era of capitalism.

Another popular saying by Deng Xiaoping is " to cross the river by touching the stones". When there is no road map, you should take incremental steps and make sure each step is steady and firm on the ground and toward your goal.

Those principles turned out to be very beneficial to the recent Chinese economic development. Is there any inspiration to us in the US as we tread into the uncharted water?

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