I mean there will be a point when the Chinese middle class stops growing and the government will need to midwife a new economic model. A Communist Party is probably the only political organization currently in the world that can come up with an answer that isn't slashing the social safety net and giving big handouts to corporations to keep profits up, though.

[–] happyandhappy@hexbear.net 24 points 1 year ago (10 children)

im not an expert in political economy, but if you read the article he goes into a lot of specific reasons why china is still in a great position in regards to the future, although it will take responsible leadership that pushes back against mainstream neoclassical economics.

[–] zephyreks@lemmy.ca 0 points 1 year ago (9 children)

Neoliberalism has been a failure for the actual population. It's decoupled economic growth from improved quality of life. Meanwhile, social democracies in Europe are showing that other models are practical and viable.

[–] happyandhappy@hexbear.net 9 points 1 year ago* (last edited 1 year ago) (1 children)

neoliberalism is a function of capitalism's contradiction of requiring constant exponential growth. in an infinite timeline neoliberalism will sadly completely consume any semblance of "social democracy", and you can already see even the classic european social democracies are beginning to eat away at and privatize their welfare states.

other people are also pointing out unequal exchange, which is a critical concept to factor into the equation when trying to understand where the wealth of the european social democracies come from.

https://www.youtube.com/watch?v=rjLmYCfKU7o this video is a really good short primer on the topic!

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