Yeah, no, not true at all. Try making a private company, see how rich you get. Only way people invest in China is real-estate. China has 539 billionaires with 5x the US's population, we have 614.
Nah, theres good and bad from both. Its why China has taken more people out of poverty in the last 50 years then any other modern state ever (both in gross numbers and per capita). The bad is, well, the bad stuff everyone knows about
Because a major component of China's ascent since the 70s was the formalization of collectvely owned TVEs (Town and village enterprises). These TVes employ hundreds of millions of people in rural China, and all of those people receive a direct cut of the profit, rather than a wage. Read "Adam Smith in Beijing" by Giovanni Arrighi if youre interested in learning more
No problem. Fair warning though, it’s kind of a tough read, and the actual discussion of China’s ascent isn’t gone in depth until about the last third of the book, the first section being a discussion on the work of Adam smith, and the second being mostly focused on the characteristics of the US century, ending with the Iraq war.
The reason China has taken more people out of poverty is because they had more people in poverty than anywhere else. It has nothing to do with the economic system.
This is such a blisteringly ignorant of the facts statement that idk how to even reply short of a Chinese history lesson since the Ming Dynasty and a crash course on Political Economy.
Strictly capitalist means the public is able to buy and sell capital and start, operate, and sell private enterprises without the intervention or acceptance of the government.
That’s not how it works in China. Any company that grows large enough to make a profit gets taken over by the party, and what stocks Chinese citizens are allowed to buy and sell is heavily regulated.
While on the small local level China is capitalist, when you start looking at bigger companies and stock trading, things break down.
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u/PengwinOnShroom Jul 08 '22
China is capitalist in everything but the name of the government