China’s Winding Road Toward Capitalism

There is perhaps no bigger controversy among partisans of the Left than the nature of China and its economy. Is it socialist? Capitalist? State capitalist? A hybrid? That so much debate swirls around this issue is its own proof that the question doesn’t have a definitive answer, at least not yet.

What can be agreed upon is that China has experienced decades of extraordinary economic growth. But the nature of that growth, and the base upon which it has been created, are also subject to intense debate, arguments that necessarily rest on how a debater classifies the Chinese economy. An additional debate is whether China’s growth is replicable or is the product of particular conditions that can’t be duplicated elsewhere. And what should be at the forefront of any debate is how China’s working people, in the cities and in the countryside, fare under a tightly controlled system that promises to bring about a “moderately prosperous society.”