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14 sats \ 1 reply \ @7e6e393a56 17 Feb \ parent \ on: China Now Wants To Encourage Entrepreneurs? econ
Reading your comment, I understood that the definition that best fits China is:
-Market socialism (joking term to hide that it is capitalist)
Because Communism is not... maybe at the time of Mao Tse Tung.
There are countless billionaires in China in strategic sectors and their companies, despite state control, were not expropriated as they should have been according to the father of communism, Karl Marx.
If Chinese economic advancement continues like this, what will stop them from being an imperialist nation? The future will tell us
In conclusion, any nation on the planet is controlled... By the State or Billionaires in the market. There has never been a power vacuum in the world
'Socialism with Chinese characteristics consists of a path, a theory, a system and a culture.' wikipedia - they go on to say it has evolved since Deng.
Since Deng China has been a mixed economy with the state always maintaining the upper hand and the market providing huge growth.
So far it's success has been phenomenal.
The market got out of hand in the real estate sector but now is being reigned in.
Western financiers will bear a large share of the cost-
https://fortune.com/2024/02/08/evergrande-liquidation-99-percent-haircut-hedge-funds/
Limiting parasitic rentseeking market capture cartel behaviour by private interests is a legitimate state role as is providing infrastructure and inputs at cost to enable competitive advantage over other nations- China does all this- the west no longer does and so has lost competitive advantage, market share and trade surpluses to China.
China has won the trade war.
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