Protecting their own is in no way an exclusively Chinese phenomena. And why would they want millions of additional unemployed with time on their hands? That could turn out messy in no time flat.
In regards to democracy, it has been a well pitched marketing effort that I have much less regard for. It's so-called virtues are shallow promises of hope for a minority of the well-connected. In reality it is just a front for crony capitalism, where those with the best paid lobbyists get the most intrusive, competitor-crushing legislation. The rest of us get the scraps via the trickle-down effect.
Hans Herman Hoppe described democracy as a devolution of theocracy with shorter time frames, and he was right. The progressives have taken full advantage by linking democracy with the wealth and lifespan improvements from the industrial revolution and now we think democracy is inseparable from prosperity.
The illusion of rational markets is another furphy that needs a sceptical eye. Markets have been intensively manipulated for decades. They are not places where investors gather, they are viciously competitive arenas with high frequency trading driven by algorithms, front running software, plunge protection teams, and liquidity injection through bond buying. The small investor gets fleeced through timed news releases, limited access to company reports and limited liability available to companies that fold. Asset stripping is a sport with the best adherents repeatedly winning gold.
Then there is is theft on a grand scale through suppression of natural interest rates, enabled by collusion between legislators, bankers and insiders. Keep the punch bowl full, they say. Inflation must always be positive.
The markets of today are an organised wealth redistribution scheme, where price discovery is dead and insider trading is normal. The baby boomers will be the last generation able to retire, as the ponzi scheme winds messily down into insolvency. The crisis of jobs that Adelaide faces? Just the rehearsal for what will play out elsewhere.