A popular trope in the West is that “China cannot innovate.” But when China gets creative in politics, economics, finance, trade, international relations etc., Western pundits scream, “nOt LiKe THat!”
When Nixon went to China in 1972, US oligarchs like Rockefeller started drooling.
A capitalist China? Wow, trillions of dollars to be made!
More importantly, an ideological victory over communism/socialism!
A New World Order was just around the corner.
A capitalist China? Wow, trillions of dollars to be made!
More importantly, an ideological victory over communism/socialism!
A New World Order was just around the corner.
And to “educate” the communists about the wonders of capitalism, the US sent numerous experts to China.
Like, Milton Friedman — Nobel prize winner in economics, libertarian, and the most famous evangelist of “free market.”
Here he’s with Zhao Ziyang.
Like, Milton Friedman — Nobel prize winner in economics, libertarian, and the most famous evangelist of “free market.”
Here he’s with Zhao Ziyang.
Chinese leaders were very willing to listen and learn.
Deng Xiaoping made peace with Japan, toured Japan, and was deeply impressed by Japanese technology and prosperity.
Deng Xiaoping made peace with Japan, toured Japan, and was deeply impressed by Japanese technology and prosperity.
But Deng and many at the top soon understood the Faustian bargain:
Accept Western capitalism, technology, and immense prosperity for few but… your country will lose sovereignty.
This is how China set on a journey of what I call as “Capitalism with Chinese Characteristics.”
Accept Western capitalism, technology, and immense prosperity for few but… your country will lose sovereignty.
This is how China set on a journey of what I call as “Capitalism with Chinese Characteristics.”
It’s been a phenomenal success for China but not easy.
Western capitalism is rigged to the core. The “rules-based order” and “free market” are all designed to make the US the winner.
Like Vegas, the house always wins!
Western capitalism is rigged to the core. The “rules-based order” and “free market” are all designed to make the US the winner.
Like Vegas, the house always wins!
Thus, China said:
- Okay, have free market but let’s also have state-owned enterprises
- Get rich, but also work towards the common goal of national rejuvenation
- You’re not on your own — the government will help you succeed
- Okay, have free market but let’s also have state-owned enterprises
- Get rich, but also work towards the common goal of national rejuvenation
- You’re not on your own — the government will help you succeed
In every aspect of the economic system, China introduced variations.
For example, no other country has TWO currencies! But since the 2008 financial crisis, China has had CNY and CNH!
An offshore and onshore currency to protect the economy from Wall Street marauders.
For example, no other country has TWO currencies! But since the 2008 financial crisis, China has had CNY and CNH!
An offshore and onshore currency to protect the economy from Wall Street marauders.
To conclude, this is why the US is bitter:
China conquered capitalism, instead of the other way around.
China conquered capitalism, instead of the other way around.
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