China's Marxist vision of state control and redistribution never went away

 

What is a communist? One who has yearnings

For equal division of unequal earnings.

Idler, or bungler, or both, he is willing

To fork over his penny and pocket your shilling.

- Ebenezer Elliott (1781-1849)

 

… it’s back, says Rudd, and Xi’s Marxist vision means greater control over the private sector, an expanding role for state-owned enterprises and industrial policy, and the quest for “common prosperity” through redistribution — all of which is likely to shrink economic growth, he concludes. Rudd is the current Australian ambassador to the United States. …

Stevenson-Yang is … one of the few who isn’t puzzled by what’s happening in China, after living there for more than 20 years. The CCP “was always going to decouple. Once the party had acquired enough power, enough resources, enough money, it was always going to decouple,” she told CNBC.

The reforms that began in 1979, she says, “were always meant to be temporary, in order to bring in more resources.”

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