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India Can’t Match China’s Past 8-10% Growth, Morgan Stanley Says
(www.bloomberg.com)
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this post was submitted on 20 Mar 2024
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Capitalism cannot compete with socialism. But of course these Wall Street ghouls will never admit that this is yet another admission that their system only enriches them at the expense of everyone else and the planet.
China markets are not really socialist, quite opposite if you look at the hyper competitive copy cat culture.
The real boost in my opinion is goverment promoting local manufacturers and buisness while limiting foreign companies reliance.
Socialist enterprise and markets can be competitive, in fact more competitive than a capitalist system. China is actually super innovative now, having caught up technologically with the west in part by leveraging the same import substitution policies and general disregard for other countries' capitalist's "intellectual property" which drove industrialization in the western nations.
The two big differences between socialism with Chinese characteristics and western neoliberalism are the fact that SWCC places at its core collective ownership of the means of production and state investment in developing said means of production. Whereas the west privatizes everything and only invests state funds in the further enrichment of the few who own said privatized means of production.
The real boost is SOEs. Competition is good, it just needs a single large-scale player more concerned about the public good than private profits to push the industry in the right direction. There's a reason SWCC works so well while the Soviet system failed. Deng Xiaoping was a genius.