Tuesday, October 19, 2010

Backtrackin' with Deng Xiaoping

A quick refresh on the precepts of Chinese State Capitalism for anyone really taken aback by China's interest rate move today:

Economic planning is not tantamount to socialism, because economic planning is also practiced in capitalist countries

The market economy is not tantamount to capitalism, because a socialist country can also have a market economy.

Both economic planning and the market economy are economic means.

The essence of socialism is to emancipate and develop the productive forces, destroy exploitation, eliminate polarization, and attain common prosperity in the end.

Deng Xiaoping, 1987

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