Treasury Secretary Janet L. Yellen’s Nov. 7 op-ed, “The U.S. can compete with China — and work with China,” covered wide-ranging issues, including “the economic headwinds facing China in its recovery.” My own research into the workings of liberal capitalism suggests that “betterment” — i.e., the desire of individuals to better themselves and their close family members — is the driving force behind the vigor and energy of the system. Profits play a role, but any economic, financial or security measures that threaten the “betterment” prospect are critical, regardless of official efforts to encourage investment or demand.
