China “steps on a boom in the middle of it instead of waiting for the big bust,” Munger stated in an interview. “Of course, I admire that. In that one respect, they are wiser than we are.”
The 97-year-old longtime buddy and enterprise associate of Warren Buffett famous the contrasting ideologies of the world’s two largest economies.
“It amuses me that communist China is being smarter about handling booms than capitalist America,” Munger stated. “But I know a lot of people that are smarter than I am. Should we not have a nation sometimes that is smarter than ours in some respects?”
‘Their system has labored higher’
Asked about allegations of human rights violations and considerations over China’s authoritarian fashion of presidency, Munger stated: “Of course I prefer the conditions in the United States.”
“It’s true that I prefer my own system,” he stated, “but considering the problems China had I would argue their system has worked better for them than ours is for us.”
The billionaire pointed to China’s skill to beat its overpopulation drawback by way of aggressive steps geared toward limiting inhabitants progress.
“You can’t do that in a real democracy like ours. They had a problem we didn’t have. They needed tougher methods than we could use under our Constitution,” Munger stated. “They were lucky they had the current system they had at the time they had their population problem.”
Standing by reward for China’s regulators
“I don’t think we should assume that every other nation in the world, no matter what the problems are, should have our type of government,” Munger stated. “I think that’s pompous and self-centered. Ours is right for us but maybe theirs is right for them.”
Munger additionally pointed to the fast progress in China that has lifted hundreds of thousands of individuals out of poverty.
The Berkshire Hathaway government insists he doesn’t remorse these feedback. “Regret it? I would regret not making them,” Munger advised CNN.