“Rather than demonstrating the advantages of centrally planned long-term investment, as its foreign admirers sometimes suggested, China’s bullet-train experience shows what can go wrong when an unelected elite, influenced by corrupt opportunists, gives orders that all must follow — without the robust public discussion we would have in the states.”
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“an unelected elite, influenced by corrupt opportunists, gives orders that all must follow — without the robust public discussion”
That’s a pretty accurate description of corporate governance.