this post was submitted on 02 Jun 2025
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Late Stage Capitalism
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The PRC is a Socialist economy. The overwhelming majority of the economy is in the publiv sector, and is subject to government planning and outside of the hands of Capitalists. There's a decent chunk of the economy in the cooperative sector that needs to be developed more in order to fold it into the public sector, usually in agriculture. There's also a good deal of private property, which is handy for rapid development but of course creates contradictions, which requires a state that will resolve contradictions in favor of the working class.
The difference between social democracy and the PRC's economy is where the principle aspect of the economy lies, the private sector or the public. The reason the principle aspect is important is because it determines to a good degree the balance of class power. Countries like Norway have broad safety nets, but largely fund them from exploitation of the Global South, and have an economy dominated by private interests.
The principle aspect, in short, is whichever form of property holds the large firms and key industries, as well as the state. In China, this is overwhelmingly the public sector.
China has a numver of contradictions it will have to solve over time. Cooperative property, like Huawei, as well as Private Property, will have to all be folded into the public sector. Commodity production will need to be abolished. Wealth disparity will need to be reigned in far more. However, these are problems to overcome, not proof of China being Capitalist.
Thanks! Great input, as always
No problem!