That’s basically what they explain in the video. They point out that China is an outlier due to Mao era policies that ensured there was a strong educated working class, social support systems, and infrastructure necessary to bootstrap the manufacturing economy. India lacks these fundamentals and it’s trying to use the service industry to drive the economy. However, even here they’re primarily relying on US companies instead of have developing their own platforms the way China did. They also talk about the role of the public sector in China and the fact that banking is publicly owned, meaning that China is able to direct labor and capital allocation far more effectively. It’s a really good contrast of socialist and capitalist paths of development. The video is worth saving to show people who claim China is capitalist.
To go deeper than the Red Sails essay Yog linked, here’s an older but very relevant and deeply researched essay on how China isn’t capitalist. And this was well before the incredibly wide ranging and monumental changes in the Xi years.
If only there was a transitional phase, spanning a historical epoch, between capitalism and communism. Socialism, or something like that…
Neither private property nor billionaires disprove socialism. Such criteria are of moralist origin, it is plain revisionism to force moralism where it does not belong to begin with.
That’s basically what they explain in the video. They point out that China is an outlier due to Mao era policies that ensured there was a strong educated working class, social support systems, and infrastructure necessary to bootstrap the manufacturing economy. India lacks these fundamentals and it’s trying to use the service industry to drive the economy. However, even here they’re primarily relying on US companies instead of have developing their own platforms the way China did. They also talk about the role of the public sector in China and the fact that banking is publicly owned, meaning that China is able to direct labor and capital allocation far more effectively. It’s a really good contrast of socialist and capitalist paths of development. The video is worth saving to show people who claim China is capitalist.
I always thought China was Capitalist. They haven’t abolished private property, and they have billionaires.
To go deeper than the Red Sails essay Yog linked, here’s an older but very relevant and deeply researched essay on how China isn’t capitalist. And this was well before the incredibly wide ranging and monumental changes in the Xi years.
https://chinareporting.blogspot.com/2009/11/class-nature-of-chinese-state-critique_26.html?m=1
one of the best responses to that https://redsails.org/china-has-billionaires/
If only there was a transitional phase, spanning a historical epoch, between capitalism and communism. Socialism, or something like that…
Neither private property nor billionaires disprove socialism. Such criteria are of moralist origin, it is plain revisionism to force moralism where it does not belong to begin with.
Vietnam has billionaires. Cuba has private property. Are they capitalist?