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this post was submitted on 22 May 2026
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China are experimenting with what's know as "market socialism".
Socialism doesn't exclude trade. Any country needs to trade to survive. Market socialism is a loosening of the grip on capital by the state so that individual citizens can be entrepreneurial, inventive, and start businesses of their own.
The difference compared to capitalism is that with market socialism, businesses that do amazingly well and which become massive corporations like Tencent eventually get nationalized and folded into public ownership. Profits from those corporations get distributed throughout the nation rather than hoarded by the top 0.1%.