The rule of law is extremely important if you want a sound, stable economy. This has been proven throughout history. Unfortunately, as we know, the rule of law in America is becoming less and less. Now they can break down your door if they want, they can go into your bank account, they can go into your bedroom. They can do anything they want. A lot of the freedoms and guarantees we once had no longer exist unfortunately.
Now in China, and I am not defending anything China has done in the past few decades, but when I first went to China over 30 years ago, there was one radio, one newspaper, one TV, one everything! Everybody thought the same way and if you didn’t agree you were shot or went to jail! But now there are tens of thousands of demonstrations every year in China from people demanding their rights and demanding that the government not do some of the crazy things dictatorial governments have done in the past. It is changing.
Again, I certainly don’t defend Mao Zedong, he ruined China, but China is going the other way and I presume that will continue.