I think you have misunderstood the overwhelming consensus of economists on the nature of finance and banking. A excellent work to better understand the history

I think you have misunderstood the overwhelming consensus of economists on the nature of finance and banking. A excellent work to better understand the history of economic thought from before Adam Smith through to mid-twentieth century is Mark Blaug's Economic Theory in Retrospect.[1] Discussions about systemic risk, for example, have not lead to normative conclusions about nationalizing banking. An analogy might be that finance is like electricity. The very real risks of electrocution or fires don't discount its fundamental role in modern civilization. China is absolutely able to engage in megaprojects financed by the state and the PLA, however funding for the industrial centers on the Pearl River Delta which are so important to China's economic success is largely private. [1] https://www.alibris.com/Economic-theory-in-retrospect-Mark-Blaug/book/1888996 https://www.alibris.com/Economic-theory-in-retrospect-Mark-B...