But just how is socialism more efficient. John Ross explains. Central to the argument is the assumption that investment efficiency is a foundational aspect of economics.
Socialist China’s investment is much more efficient in creating growth than in capitalist countries such as the U.S.. As will be shown, this efficiency of China is integrally linked to the socialist character of its economy.
As usual the method will be used to use the wise Chinese dictum to “seek truth from facts”. The first section of the article will establish the facts showing the greater efficiency of China’s investment. The second section will demonstrate that the reasons for this lie in the socialist character of China’s economy....
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Thomas Fazi
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A key reason why China's economy is more efficient is that 1) it does not respect or particularly hold to any labour standards (above the minimum required to sustain some limited measure social appeasement) and 2) China does not particularly enforce any environmental standards on companies (above a bare minimum that is easily got around through corruption).
It is also true that financialized capitalism is deeply inefficient, with the parasite having almost throttled the host, and that China's state-market mix allows for relatively effective winner-picking.
The only people who believe China has a socialist economy are right wingers and Marxists clutching at straws.
“True capitalism is not practiced in the so-called capitalist world.”
Agreed. The West today is based less on industrial capitalism than on parasitic financial capitalism.
Another way to differentiate societies is to look at how they handle credit and debt. Western societies are predicated on the supremacy of creditor-oligarchs. Western morality says that all debts must be paid, no matter how predatory the debts are, and no matter how much damage they cause to society. Everyone and everything exists to be debt slaves for the bankers. Western philosophy and legal theory imagine that this has always been a universal rule, and always will be. There can be no credit write-downs so that debtors can actually pay the debts. If you cannot pay, you must surrender all.
If a society is ruled by creditor oligarchs, then the West calls it a “democracy.” If a society is not ruled by creditor oligarchs, the West calls it an “autocracy.” This is an Orwellian reversal of reality.
There are no flavours of capitalism. Where there is commodity production, there is capitalism. Remember Marx's M-C-M' ?
Entrepreneurs are allowed to lose investor's money. Debtor's prison was replaced with bankruptcy laws. There has to be some debt forgiveness if you want individuals to take risks when starting a business. Investors accept risk in exchange for higher returns.
Banks have capital requirements. What's up with that?
I'm surprised they aren't allowed to claim your firstborn when they go bust.
Marian get with the commie program already… sheesh…
You’re going to get kicked out of the leftist club with this stuff…
An example of the filth that calls itself the mainstream media:
https://www.politico.com/news/magazine/2023/06/04/daniel-ellsberg-final-advice-00099639
@Matt Franko: it's 1984 from all directions now, I'm afraid
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