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China has been largely capitalist since the late 1980s. Economically, it's similar to many Western countries—in fact, its government and welfare spending is low
by olalonde 11mo ago
China has been largely capitalist since the late 1980s. Economically, it's similar to many Western countries—in fact, its government and welfare spending is lower than the Western average. Where it differs dramatically is in its political structure (one-party state versus democracy).
- Synaesthesia 11mo agoI would say the primary difference is that the state supersedes capital, rather than the other way around. The Chinese state permits capitalism, but only when it's to the benefit of China's economy and wellbeing. So, for instance they just banned sports betting outright, as it's not productive or contributing to the economy. The state runs the "commanding heights" of the economy, the banks, and directs investment, coordinates with industry. Of course it invests in infrastructure development.