FYI, China although communist in name, actually functions mostly on capitalist economy, but party authority always comes first.
In a capitalist economy the market comes first, the market dominates politics. In China it is the exact opposite, and that’s why China can build entire cities in the time it takes a capitalist country to build a single bridge or highway. They don’t wait for private investors to provide funding or wait for private contractors to bid for the project. They just decide they’re building a city and then they do it.
Capitalism is a useless word. Markets and property ownership (communal property is property) exist naturally. Oligarchism and Corporatism (supremacy of those classes) are narrowly defined words. US philosophy is industrial policy to maximize oligarchist/corportist supremacy and profits. Chinese industrial policy maximizes abundance, and overall policy restricts oligarchist excess. It directs massive job creating investment, but doesn’t interfere with market wages, as labour supremacist opposition parties in the west advocate for.
In a capitalist economy the market comes first, the market dominates politics. In China it is the exact opposite, and that’s why China can build entire cities in the time it takes a capitalist country to build a single bridge or highway. They don’t wait for private investors to provide funding or wait for private contractors to bid for the project. They just decide they’re building a city and then they do it.
In other words, politics are in command.
From my understanding, they do have contractors bid for projects. Though, fair and transparent or not is another issue.
Capitalism is a useless word. Markets and property ownership (communal property is property) exist naturally. Oligarchism and Corporatism (supremacy of those classes) are narrowly defined words. US philosophy is industrial policy to maximize oligarchist/corportist supremacy and profits. Chinese industrial policy maximizes abundance, and overall policy restricts oligarchist excess. It directs massive job creating investment, but doesn’t interfere with market wages, as labour supremacist opposition parties in the west advocate for.