Comment by immibis
3 days ago
Actually, the system that produced the greatest standard of living increase in human history is whatever Communist China's been doing for the last century.
3 days ago
Actually, the system that produced the greatest standard of living increase in human history is whatever Communist China's been doing for the last century.
Not century.
Mao and communism brought famine and death to millions.
The move from that to "capitilism with Chinese characteristics" is what has brought about the greatest standard of living increase in human history.
What they're doing now is a mix of socialism, capitilism and CPP dominance. I'm not an American, but I understand FDR wielded socialism too, and that really catapulted the US towards its golden era.
Chinese do capitalism better than anyone else. Chinese companies ruthlessly compete within China to destroy their competition. Their firms barely have profits because everyone is competing so hard against others. Whereas US/EU is full of rent seeking monopolies that used regulatory capture to destroy competition.
What you're describing is that China is doing the free market, while the US/EU is doing capitalism.
Almost like they made a great leap forward during that century.
Capitalism.
...and they use money so it's capitalism.