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China’s is not a decimated economy and they haven’t been in cultural revolution for decadesCorrect. I’m describing the era of anything-goes growth. Because, without exaggeration, anything went.
America saw this in its Manifest Destiny era. (Suppose I should add depopulating conquest to the list.) Switching gears was existentially painful.
> government functions much more like a corporation
This was the pre-Xi CCP. A genuinely-effective meritocratic oligopoly. Now it’s a bog-standard dictatorship, with Chinese characteristics.
Also, good analogy. Corporations are mortal. States, theoretically, are not. The problem with dictatorship is it trades immortality for temporary stability. The deal with the devil is in the difficulty of swapping back.