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Choices.
(lemmy.nz)
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this post was submitted on 15 Sep 2026
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Late Stage Capitalism
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No? The US is controlled by private finance capital and runs its economy on the basis of world imperialism. Capitalists dominate the state and private property dominates the economy. China's state is run by the working classes, and the commanding heights of the economy are publicly owned. Secondary, non-critical industries are marketized in China for their progressive role in stitching together and socializing production, but this is not the driving force of the economy. Instead, it's there to facilitate the transition to higher levels of development in socialism:
Capitalism is not the presence of private property alone, nor is socialism the absence of private property. They are both determined by the principal aspects of the economy and the class in control of the state. Without analyzing this, it can be confusing to directly compare individual elements and thus we run into disarray.
That's a cool table, where's it from?
Thanks! It's from On the Three Stages in the Development of Socialism by Cheng Enfu, head of the World Association for Political Economy and high up in the Chinese Academy of Social Sciences.