You mention China, and I should make one small qualification. It’s possible for command economies to succeed, at least for a while, if you define success in the very narrow sense of economic output. They can do this by effectively enslaving their workers, thereby reducing their labor costs sufficiently to offset the gross inefficiencies of their managed markets. If we’re willing to call that success, I’d make that concession.
Prudence, history, and humility all suggest moving slowly when dealing with something as large, chaotic, crucial, and spectacularly successful as the U.S. economy. That Obama and his people feel comfortable overhauling it suggests singular arrogance and reckless disregard for their limitations.