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Capitalism Can't Solve Climate Change
(time.com)
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You're describing socialism.
Well, so long as that party directs it in the interests of the people rather than capitalists, as is the case for China.
Really? I'm not convinced the Chinese government acts in the interests of its people at all. That's probably the biggest reason I can't call it Socialism. Just because government influence is stronger than in the West, the economic system isn't completely different.