Goldman CEO, Lloyd Blankfein: ‘There’s no place for pure capitalism’
Communist China is on pace to overtake the U.S. as the biggest economy on the planet.
China’s economy may be slowing down from its breakneck pace of recent decades, but it’s still running far ahead of free markets like the U.S.
So does China’s rapid growth call into question the hands-down success of capitalism?
“The U.S. is not pure capitalism,” Goldman Sachs (GS) CEO Lloyd Blankfein told CNN’s Poppy Harlow. “In fact, there’s no place for pure capitalism, unregulated capitalism. We have a regulated system.”
Blankfein, arguably the most powerful man on staunchly free market Wall Street, said that “at the end of the day, everything is going to be a hybrid.”
That’s why the Goldman executive believes there’s enough “overlap” in the American and Chinese systems to allow the two countries to find places to work together through investment and bilateral trade.
Not every year can be a banner year: China’s economy is clearly going through some growing pains. Last year the country’s economy grew at 7.4%, its slowest pace in 24 years.
