this post was submitted on 03 Jan 2024
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GenZedong
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Unfortunatly, they sort of do. Neo-liberalism or state capitalism seems to be a required stage in the devolopment of an ecomony towards socialism and the Chinese model seems to be the best compromise existing today between socialism and state capitalism as it manages to provide 90% housing, modern standards of living, wide spread education, high speed rail & subways etc to billions of people while still retaining Marxist ideological reasoning.
The Chinese understanding of this means basically 'speedrunning' through capitalism while keeping the products of it on a tight leash, so far that seems to be working. Income gaps are widening in China though, but people still retain a much lower cost of living in comparable economies such as California. I dont think billionares should exist either but I dont think its the biggest issue facing China either.
Yes I understand the development of state capitalistism to build up production forces on the road to socialism. It's still not an answer qs to why billionaires should exist.
Part of building up production of forces is building up a surplus of profit that can be transferred to wealth, that means allowing private entities under state control. Allowing private entities means that said entities can now decide to pay people at the top enough they become billionares.
Its not the existance of them, every single devoloped country on earth has billionares, its how you manage them that matters; China executes and imprisons the ones that misbehave.