China closed the gap for sure, but they haven’t caught up yet. Their demographic issues and deflation over the next decade is likely to hinder their progress in closing that gap
Not that I oppose other economic systems from prospering, just I don’t think it’s accurate to say they’ve caught up. For example, they still can’t manufacture chips at as small a scale as US companies can. That’s a very significant manufacturing component to be dependent on
What “other economic system?” China is a state capitalist command economy – They can call themselves “communist” all they want but at this point it is in name only and we all know it. They left behind any shreds of actual communist philosophy in the late 1970’s and conveniently kept only the Soviet style authoritarian parts.
The entire country is run as one giant business for the purposes of profit, and although major swathes of their business sector may be state-owned, they’re still driven by a capitalist profit motive, and they keep said profits for themselves to no benefit of the teeming masses who make up everyone who isn’t already at the top.
I work for a company that manufactures environmental testing chambers. We also have operations in China, but they mostly sell to the Asian and European markets. They make one specific model at that plant, 4-5 units at a time, very rapidly, but they can’t do custom work, like the plant I work at in the US does. We specifically make chambers that are outfitted to meet specific needs of our customers, our Chinese plant can’t do that yet.
China closed the gap for sure, but they haven’t caught up yet. Their demographic issues and deflation over the next decade is likely to hinder their progress in closing that gap
Not that I oppose other economic systems from prospering, just I don’t think it’s accurate to say they’ve caught up. For example, they still can’t manufacture chips at as small a scale as US companies can. That’s a very significant manufacturing component to be dependent on
What “other economic system?” China is a state capitalist command economy – They can call themselves “communist” all they want but at this point it is in name only and we all know it. They left behind any shreds of actual communist philosophy in the late 1970’s and conveniently kept only the Soviet style authoritarian parts.
The entire country is run as one giant business for the purposes of profit, and although major swathes of their business sector may be state-owned, they’re still driven by a capitalist profit motive, and they keep said profits for themselves to no benefit of the teeming masses who make up everyone who isn’t already at the top.
I’m anti authoritarian, but I meant centralized vs decentralized economic planning. I agree though, communism is state capitalism
I work for a company that manufactures environmental testing chambers. We also have operations in China, but they mostly sell to the Asian and European markets. They make one specific model at that plant, 4-5 units at a time, very rapidly, but they can’t do custom work, like the plant I work at in the US does. We specifically make chambers that are outfitted to meet specific needs of our customers, our Chinese plant can’t do that yet.