I am aware that they were able top pull 800mm people out of poverty, with capitalism.
This is definitely true: they took advantage of foreign capitalists to help them quickly develop their productive forces and catapult themselves from a nation of illiterate agrarian serfs to one of the most technologically advanced states with the world’s largest productive capacity. The crucial point is that the Communist party did this with eyes wide open, and never allowed the foreign or domestic capitalists wrest control of the state. This is evidenced by the state recently popping the real estate bubble and leaving capitalists to eat their losses.
“We must adhere, to the very end, the belief that housing is for living in, not for speculation,” China’s Housing and Urban-Rural Development Minister Ni Hong said at a press briefing in Beijing on Saturday. “The government guarantees basic housing needs […].”
This is definitely true: they took advantage of foreign capitalists to help them quickly develop their productive forces and catapult themselves from a nation of illiterate agrarian serfs to one of the most technologically advanced states with the world’s largest productive capacity. The crucial point is that the Communist party did this with eyes wide open, and never allowed the foreign or domestic capitalists wrest control of the state. This is evidenced by the state recently popping the real estate bubble and leaving capitalists to eat their losses.
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In contrast, in 2008 the US government saved the banks that had handed out known-bad mortgages, sacrificing the homeowners who’d been given those known-to-be-unpayable loans.