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Yes the old system suffered a full bankruptcy, and indeed it is hard to compare to different cultures. The Chinese call their system "socialist market economy"
by ptaipale 10y ago
Yes the old system suffered a full bankruptcy, and indeed it is hard to compare to different cultures.
The Chinese call their system "socialist market economy" but I would call it "communistic capitalism" (communistic administration system, capitalistic economy).
- fsloth 10y agoI was under the impression the administration just follows thousands years old tradition of mandarins and bureaucratic administrators - nothing particularly communistic about that. Although, I'm not an expert on the subject.
- ptaipale 10y agoI think you're right; the thousand-year-old model of administration in China actually has lots in common with real communism as it was implemented in China, and in Soviet Union. The names are different; there's no Emperor and no Mandarins but there's a General Secretary and there are party officials.