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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] 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.