China is a mosaic of different “economies”—part subsistence agriculture, part controlled by the People’s Liberation Army, and only part more or less “capitalistic”. The State still calls far too many of the shots.
Many economists who differ over whom to blame for Greece's financial disaster agree in thinking it is a good idea for the Greeks to leave the euro and go back to using the Greek drachma. A good idea for both Greece and the future of the eurozone.
At least since the time of Adam Smith, economists have recognized that specialization and trade are the keys to prosperity. And at least since that time, economists have had a hard time explaining why this is true.