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consider the implications for a post scarcity future (slrpnk.net)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 1 points 7 months ago (1 children)

Yes, China and Russia had rapid advancements in reducing poverty by embracing capitalism market principles. That's partly the point.

Nobody is advocating for pure capitalism. No country practices it. It's theoretical and has no restrictions, or regulations.

[–] [email protected] 3 points 7 months ago

No, they didn't advance by adopting capitalism market principles. They advanced by adopting state capitalism, which is actually defined by lack of a market. They had a planned economy instead, and they advanced faster than the US because markets are inefficient. China has a planned economy with markets, but highly regulated and non based on competition like a traditional capitalist style market.