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Seems to be working fine in China. Bad management happens, and does not refute the idea of management itself. Good management works.
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For some time it worked in Germany and USSR too. Paradigm shifts are natural part of technology development. Somewhat similar to large companies, societies without individual freedom tend to have harder time making through such paradigm shifts, either failing completely or doing it slower and much more inefficiently, and as a result lose to the more efficient societies with individual freedom.
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