CHINA’S NATIONAL DAY
Why China🇨🇳 succeeded through globalisation and America🇺🇸 declined:
‘In America you can change the political parties but you can’t change the policy. In China, you cannot change the party but you can change the policies.
China is a vibrant market economy but it is not a capitalist economy. There’s no way a group of billionaires could control the politburo, as billionaires control US policymaking. So in China, you have a vibrant market economy, but capital does not rise above political authority.’
—Chinese venture capitalist Eric Li
The US created record wealth through the profits of its corporations, resulting from globalisation.
What did it do with that wealth? Enrich oligarchs and concentrate wealth in the top 20 households in the United States.
China also created record wealth through globalisation. What did it do with that wealth?
It lifted millions out of poverty, created world class infrastructure, improved the living standards of its citizens, and invested the profits into the industries of the future to make China the dominant superpower.
The US’ example is what happens when the authority of capital supersedes political authority. China’s example is what happens when political authority always remains above the authority of capital.
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On this day in 1949, out of the ashes of civil war, a war of annihilation by Japan, and domination by other foreign powers, communist revolutionary Mao Zedong officially declares the People’s Republic of China🇨🇳.
Life expectancy in 1949 was around 36, by 1972 it was around 61.
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