> On Nov 17, 2014, at 1:42 PM, Shane Mage <shmage at pipeline.com> wrote:
>
>
>> On Nov 17, 2014, at 1:15 PM, Marv Gandall wrote:
>>
>> China took another major step today to restoring full-fledged
>> capitalism, opening its Shanghai stock exchange to all foreign
>> investors and allowing its own citizens to buy overseas assets on
>> the Hong Kong bourse.
>
> What "restoration?" China has been capitalist for a long time, and
> since 1949 its form of capitalism has been monopoly state capitalism
> in Stalinist mode (ie., state capitalism calling itself socialism).
> And since the Deng reforms it has moved steadily into convergence with
> its "non-socialist" Western homologue, state monopoly capitalism.
>
> Shane Mage
Well, let's set that polemic aside and agree that it's been restoring the system of private ownership in finance and manufacturing which prevailed in China prior to 1949, albeit on a much larger and more advanced scale. it's now become a major economic power in its own right, exporting capital and acquiring foreign assets which were beyond its reach as a wholly dependent and exploited semi-colony of the imperialist powers prior to the Chinese Revolution.