In this post, Krugman gets most things right. Two criticisms are warranted, however. First, he endorses Robert Solow's insolent solecism about sociology, appropriate for a fellow academic villain. The brutal fact is that "ECONOMICS IS A CONCENTRATE OF POLITICAL SOCIOLOGY" (to paraphrase and invert a mistaken Leninist motto).
The second objection is that he neglects to explain why the Chinese Communist Party-State CANNOT devolve politico-economic decisions and resources to its people: - for fear that emancipation (social and economic) will lead directly to it's overthrow!