this post was submitted on 23 Aug 2024
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China is state run capitalism. So a tale of two flavors of one system?
Neither country is state-run capitalism. And anyway, state capitalism is an oxymoron when a state has fiat monetary sovereignty—which the US and China do. Such a state has no need to make a profit, which is foundational to capitalism, because it can and does create as much money as it pleases. You don’t have to take my word for it, you can take Alan Greenspan’s.
China is not state run capitalism, but I guess western libs will never stop repeating it in face of all evidence to the contrary.