| ▲ | orwin an hour ago | |
> But subsidizing with what? They don't have a magic money tree. They do though. The advantage of state capitalism is that at anytime you can switch from a fully capitalist economy, where the market is everywhere save the family cell, to a statist economy where the state decides what goes where, to anything in between. If the CCP says 'retirement won't be paid in RMB but in foodstuffs for everyone, and the funds are reappropriated', they kill their debt. | ||
| ▲ | rich_sasha an hour ago | parent [-] | |
Right - but means of production can't be created and destroyed from nothing. Proper centrally planned economies all thought it could and failed. China is much more free at moving them from one place to another, in particular allocating them differently to the hedonistic preferences of their citizens. But it's still only moving not creating. For now it seems, the thing that needs to give is the workers' consumption. What else? No idea. | ||