It is time to cease the argument regarding Socialism versus Capitalism and begin the movement towards peace and prosperity
When the financial crisis first swept the United States in 2008, the US government took several courses of actions, including a bailout plan, which was met with strong criticism from both the academic sector and the media.
Dr. Zhang then published this article supporting the government’s actions. He based his argument on his real life experiences, particularly from the previous decade when he was combating the Financial Crisis in 1997. He learned from that earlier crisis that the capitalist free economy competition principle limited the government, resulting in disastrously heavy losses in the Japanese industry, which has yet to recover. In his article, Zhang warned that arguing about socialism versus capitalism was pointless, and heeded the public to aim for peace and prosperity so that they might not repeat the same mistake. His article received wide resonance.
The results of the bailout plan proved his point. In 2009, just one year after the bailout, all the major banks recorded historically high profits and paid the government back in advance. The government’s share received high returns on investment and helped reduce the financial deficit.
Although the original purpose of the article was to suggest an economic policy to combat the financial crisis, the article has been used to apply to the US presidential election!