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submitted 1 week ago by jackeroni@lemmy.ml to c/memes@lemmy.ml
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[-] Cowbee@lemmy.ml 13 points 1 week ago

Their large firms and key industries are publicly owned, and central planning is the backbone of their economy. Their economic base is the public sector. This is socialism. State capitalism is when the large firms and key industries are privately owned, but directed by a strong state, like Singapore, the Republic of Korea, Bismark's Germany, and the US post-WWII. As far as corruption, over 90% of Chinese citizens approve of their government. Xi is incredibly popular because of the anti-corruption campaigns successfully removing large amounts of opportunists.

I don't really know what you think socialism is.

[-] Shatur@lemmy.ml 2 points 1 week ago

How publicly owned differs from privately owned? I assume there are no person who collects the profit, is it correct?

[-] Cowbee@lemmy.ml 11 points 1 week ago

Public ownership is collectivized, private is individual or a group of investors. Private ownership requires profits at a systemic level (if not individually), while public doesn't need to. Does that make sense? With collectivized ownership we can abolish the profit motive, and plan the economy more effectively.

[-] Shatur@lemmy.ml 2 points 1 week ago* (last edited 1 week ago)

I'm curious how public ownership is managed. Do they also have people in charge, but they can be elected? And what motivates their decisions?

From what I understand, with private ownership there are directors who make decisions based on profit motives. Which doesn’t always align with what consumers want. Which is bad, of course.

[-] Cowbee@lemmy.ml 5 points 1 week ago

Depends on the system, but think of how public services are run, that's an example.

this post was submitted on 24 Jul 2025
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