this post was submitted on 09 Sep 2023
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Socialism worked in Russia: it dragged hundreds of millions of people out of subsistence farming and turned the USSR into an economic powerhouse. Of course, the collapse of the USSR showed the failings of an aggressively socialist state, but the funny thing is that China already has the solution: a market-based economy with strong state control. Putin doesn't dare piss off the oligarchs though, so we're stuck with this crony bullshit.
China's also showing the problem of that. The state control is too susceptible to corruption. That's how they have a whole industry if fake construction, fake goods etc... And why they're on the brink of a massive Construction bond related crash.