Economics/Class Relations

No, China is Not an Alternative to Capitalism

This is ridiculous. China is about a century behind the West in terms of its economic development. In the past few decades, they’ve merely gone from being a Fourth World country to a Third World one in terms of living standards for most people. The only thing “socialist” or “communist” about them is the name of the ruling party. Their model of economic development has been the same one used by the “Asian Tigers” of the Pacific Rim in the postwar era, i.e. a heavily protectionist, mercantilist economy of the kind that earliest industrial powers maintained in the 18th and 19th centuries while opening their labor markets to mega-exploitation by Western capital and creating a financial system that provides cheap loans to deficit-ridden Western governments. Plus, much of their vaunted “economic growth” is based on the use of Enron and Worldcom accounting practices. Why does Wolff think so many right-libertarian and free-market conservative market fundamentalists praise China for its capitalist innovation? Dengism was simply about lifting China out of remnant feudalism and joining modernity.

Image may contain: 1 person, text that says 'Richard D. Wolff Poster based in Italy 4h … China's powerful central government controls, regulates its economy- comprising 60% private, 40% state-owned enterprises. It grew far faster than US's private capitalism for last 20 years and continues to do so. Read more about this in Axios: Read more about this in Weforum: U.S. and Chinese GDP real 2020 dollars, 1980 $25t 2021 (forecast) 20t 15t $21.9t $21 10t US $15.9t 5t China 80 90 2000 10 20'

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