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As a socialist country with an essentially planned economy, China's success is dismantling free-market dogma and residual white supremacy — we must be ready to derail any attempts at division and war sown by a declining capitalist West, writes CARLOS MARTINEZWe were told there was no alternative. The neoclassical economists said their system would bring the greatest growth and benefits. Privatise all public industries and the profit motive of the entrepreneurs would bring massive efficiencies and new growth. In the new privatised industries lots of workers got made redundant and new jobs didn't pop up to replace them. CEO bonuses grew big but with so many unemployed businesses lost customers. Then wages were held back and pensions became inferior, and for many they disappeared completey.
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As a socialist country with an essentially planned economy, China's success is dismantling free-market dogma and residual white supremacy — we must be ready to derail any attempts at division and war sown by a declining capitalist West, writes CARLOS MARTINEZWe were told there was no alternative. The neoclassical economists said their system would bring the greatest growth and benefits. Privatise all public industries and the profit motive of the entrepreneurs would bring massive efficiencies and new growth. In the new privatised industries lots of workers got made redundant and new jobs didn't pop up to replace them. CEO bonuses grew big but with so many unemployed businesses lost customers. Then wages were held back and pensions became inferior, and for many they disappeared completey.
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As a socialist country with an essentially planned economy, China's success is dismantling free-market dogma and residual white supremacy — we must be ready to derail any attempts at division and war sown by a declining capitalist West, writes CARLOS MARTINEZ
We were told there was no alternative. The neoclassical economists said their system would bring the greatest growth and benefits. Privatise all public industries and the profit motive of the entrepreneurs would bring massive efficiencies and new growth. In the new privatised industries lots of workers got made redundant and new jobs didn't pop up to replace them. CEO bonuses grew big but with so many unemployed businesses lost customers. Then wages were held back and pensions became inferior, and for many they disappeared completey. This all takes money out of the economy. There has to be a balance, but the neoliberals went for austerity.
CAPITALISM is in turmoil. Ongoing economic stagnation, alongside the startling failure of the major Western countries to contain the coronavirus pandemic, is producing a crisis of legitimacy and a corresponding sense of panic among the ruling class.
The leading capitalist power, the US, is the worst affected. Although it remains for the time being the world’s largest economy in GDP terms, its quality of life indicators are deteriorating. The poverty rate has reached 15 per cent, the highest it’s been for 50 years. Infrastructure is crumbling.
As a socialist country with a Communist Party government and an essentially planned economy, China is dismantling the established wisdom that Western free market liberalism is the perfect way to organise society.
The Morning Star