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RE: Ironically, Communist China May Be First To Move Government to Blockchain with Intelligent, Multifunctional Identities
Well, Thomas, no, it's not. The state controls every industry, and whether you want to think of capitalism in those terms or not, it doesn't mean selling things for a profit. Capitalism is set apart from every other type of business model by one factor, the sole control of the business by private ownership. In a state sponsored model, a new term needs to be applied. Are they growing businesses? Yes. Is it capitalism, no, it simply does not fit the definition and rather than bend this important word to fit the new usage, we need a new word.
china has a huge private sector. but anyway we may need a different definition :) Keep it up!
From what I know from friends that have spent years there recently, there is no true private sector in China. The marriage between industry and state is nearly seamless.
http://www.businessinsider.com/how-china-went-from-communist-to-capitalist-2015-10?IR=T/#following-the-ideals-of-karl-marx-and-vladimir-lenin-mao-tse-tung-created-and-became-the-chairman-of-the-peoples-republic-of-china-and-the-chinese-communist-party-in-1949-1
dictionary: Capitalism: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
I agree, big changes are afoot, but to label this capitalism is dangerous. We have too many decrying a failure of capitalism in the West, when protectionist policies have created a Frankestein system no longer subject to market forces, IE, the "too big to fail" policies in our banking and government partnerships.
but whatever - it is just a matter of definition...