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kleinbl00  ·  3417 days ago  ·  link  ·    ·  parent  ·  post: China's Stock Market Crash, Explained

    Yes they did. But how have they accomplished all that they have in the interceding years? Some of it through real, sustained economic development, but a lot of it through graft, corruption, environmental destruction. They've thrown money at every problem, and greased every wheel that needed greasing along the way.

My point exactly: The command economy has advanced the market economy through command reforms. With the market economy in turmoil, the market will expect the command economy to step in. Does Xi need to resurrect a cult of personality? No... because central control of China remains strong.

China remains a place where you can go from "accused" to "dead" in a week. They're a draconian place, and always have been. My argument is that China has a lot more leeway for austerity and aggressive controls and corrections than any market economy does... and that the entrenched democracy the Western world demands is a recent luxury in China.