China's success cannot be attributed to it's form of government. And success isn't purely measured in economic terms.
But yes, depending on the people and the way they wish to be governed and the way they react to individual enterprise (the US)versus order (China), models of govt can be worked out.

The key to success is Discipline. In any field or in any form government it is Discipline that is key to success.

shall be reading this book this week..

Sounds interesting. I will definitely purchase this book.
Well written analysis. I agree with you both capitalism and socialism have their drawbacks. I want to add that the person implementing it matters a lot and how he chooses his team.