November 2 - November 2, 2010 Capitalism Extensive reliance...

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November 2, 2010 Capitalism Extensive reliance on market exchange and valuation as determinants of resource allocation This definition is apolitical, so we can define China as capitalist, along with US. Chinese status quo has very cheap labor, and they don’t want to do anything to undermine this. Ideological embrace of an institutional support for self-reliance (vulnerability to market forces) This is a more political statement, connects explicitly to individualism These definitions are not opposite, but this cannot necessarily include China like the first definition. Chinese political regime is not at all democratic, and not moving towards democracy in the foreseeable future. Eventually, people may gain more power and expect more out of the government, when this happens, there is a possibility for social revolution. Markets are naturally free, and in Britain this bled over into the social and political freedoms that they experienced later. Chinese Communist party controls the markets, markets don’t
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November 2 - November 2, 2010 Capitalism Extensive reliance...

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