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The west have been saying this for decades, and China just keep going, it's scary.



It took the West centuries to achieve what China has done in a few decades. The change has been so rapid that Chinese culture hasn't caught up to it. Wait a few more generations and we'll see what happens. The capital flight is only the tip of the iceberg.


It can’t keep happening forever. China has got an enormous debt and capital retention policy. Rich Chinese are running away from China despite their strict capital controls, and the money that they run away with occasionally comes from the Chinese government.

It’s a timebomb.

And you can’t have a capitalist economy while having a communist government. It’s a non sequitur.



You should probably include private sector debt, not just public. I've seen figures that range from 266% to over 500%, depending on whether you include shadow banking and correct the official GDP figures for inaccuracies that researchers have uncovered.


You can have a capitalist economy with a non-democratic government. China’s government isn’t very communist these days.


> You can have a capitalist economy with a non-democratic government.

It's possible, but vanishingly rare, outside the sense in which non-Leninist/Maoist socialists describe Leninist/Maoist regimes as “state capitalist”, but while there is a case that that is a legitimate label, it mostly relies on “state capitalism” being a different-but-related system to traditional capitalism (which one might label “private capitalism”.)

> China’s government isn’t very communist these days.

China’s economic system is more like the form of corporatism found in fascism (whether the political system is otherwise fascist is a discussion for a different time) than either communism or capitalism, though if one subscribed to the idea that traditional Leninist/Maoist systems are “state capitalism”, that form of corporatism could be seen as a hybrid capitalism that shares elements of both state and private capitalism, but again that requires a broader-than-standard definition of capitalism, where the standard definition is specifically private capitalism.


Is it really vanishing rare? Most of the dictatorships I can think of are capitalist. Egypt, Russia, Thailand, Iran, as random examples. They’re not total laissez-faire economies, but neither are democracies.


Yes, but again, you can’t have a capitalist economy with a government that wants to control your every move and the way you think.


Singapore has done pretty well, and they're definitely a democracy in name only. More of a "benevolent dictatorship". I suppose the Singaporean government doesn't try to control "your every move and way you think" but they do crack down hard on people that criticize the government in a substantial manner. A city-state probably has a much different kind of ruler-ruled relationship than one of the largest countries on the planet, though.




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