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Do free markets still beat central planning?

By Andrew Sheng and Xiao GengHONG KONG In 1944, Friedrich A. Hayek suggested that the spontaneous order of markets was inherently superior to the supposedly dynamism-draining totalitarian order of communist or fascist regimes. The ensuing decades when free-market economies thrived, and the Soviet Union’s centrally planned economy imploded seemed to vindicate him. Then ....

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