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gandalf_der_12te ,

Oh thank China for this headline, finally, I have been waiting for it for years.

HobbitFoot ,

Now that it has been discovered that stocks don’t always go up, China now is going to bring its financial sector under full government control.

davel ,
@davel@lemmy.ml avatar

The CPC is a Marxist polity, so it’s no surprise to them: en.wikipedia.org/wiki/Business_cycle

Periodic crises in capitalism formed the basis of the theory of Karl Marx

HobbitFoot ,

For a communist country, they’ve sure been doing a lot of state capitalism for the past generation.

Alsephina , (edited )

More like market socialism, i.e. a market economy broadly directed by the state for the benefit of regular people, including when that goes against capitalists’ interests.

Kinda similar to how the USSR functioned in its first 20 years under Lenin’s NEP.

Also, you should look up what those terms mean first. China isn’t “communist” (yet?); it’s not a stateless, classless, moneyless society. It’s socialist; the transitional stage between capitalism and communism where the state serves workers’ interests and not that of capitalists.

davel ,
@davel@lemmy.ml avatar

The Chinese state has been allowing some limited amount of capitalism, which it is slowly whittling away, and this article shows an example of that whittling. But that isn’t state capitalism.

State capitalism seems to have a variety of contradictory meanings. The Chinese state itself doesn’t run under the capitalist mode of production, because it has fiat monetary sovereignty. It has no need to extract surplus value from workers to make a profit, because it has the ability to create money out of thin air and to destroy money through taxation. This also means that it isn’t subject to the boom & bust business cycle, at least not directly: it’s affected by the (again limited and dwindling) indigenous private capitalist business cycle and by the business cycles of other capitalist countries.

intelshill OP , (edited )

Overlegislation of the financial sector will lead to financial collapse. An upper crust of obscenely wealthy bankers is essential for the proper function of the financial system and thus the economy.

Edit: /s fuck y’all are ruthless

sharkfucker420 ,
@sharkfucker420@lemmy.ml avatar

💀

RemoveEgoDivineFreedom ,

🤡

xep ,

You forgot the /s, here, take this one.

TheAnonymouseJoker ,
@TheAnonymouseJoker@lemmy.ml avatar

LMAO burger

GlitchyDigiBun ,
@GlitchyDigiBun@lemmy.dbzer0.com avatar

Underlegislation leads to a bloated, extortionate upper crust that weilds disproportionate power over those who rely on said financial system. There is a balance, and the problem you outline is the lesser of the two extremes.

Alsephina ,

Everyone’s sarcasm detector is turned off today it seems

Krackalot ,

There are American citizens that legitimately believe you unlock a multimillion dollar bank account if you write a note at 45° in red marker on your bills. We need the /s because someone is always stupid enough to actually believe everything it seems.

Omega_Haxors ,

You gotta be careful people on your instance will say that kind of thing unironically

mlg ,
@mlg@lemmy.world avatar

Don’t forget the infinite growing debt glitch

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