‘Socialism with Chinese characteristics’ explained
5:27
‘Socialism with Chinese characteristics’ explained
Jun 26, 2021
South China Morning PostEthan Paul, Lea Li
China isn't a "socialist market economy." It's a capitalist economy with authoritarian political control. The Chinese Communist Party figured out that socialism creates poverty, so they adopted capitalist mechanisms while maintaining political power. Their prosperity comes from the capitalist parts, not the socialist ones. This kind of rhetorical sleight-of-hand is common among socialists who want to claim credit for capitalism's successes while avoiding responsibility for socialism's failures.
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