No it's not. Russian and Chinese state capitalism turned two preindustrial countries into global superpowers in a matter of decades, and lifted unprecedented numbers of people out of poverty. And they weren't even communist! Communism has been tried in places like Catalonia and economically, it succeeded. Militarily, not so much, but only because all the capitalists turned against them. Capitalism is the bottom of the barrel when it comes to lifting people out of poverty.

[–] hitmyspot@aussie.zone 1 points 6 months ago (1 children)

Yes, China and Russia had rapid advancements in reducing poverty by embracing capitalism market principles. That's partly the point.

Nobody is advocating for pure capitalism. No country practices it. It's theoretical and has no restrictions, or regulations.

[–] exocrinous@startrek.website 3 points 6 months ago

No, they didn't advance by adopting capitalism market principles. They advanced by adopting state capitalism, which is actually defined by lack of a market. They had a planned economy instead, and they advanced faster than the US because markets are inefficient. China has a planned economy with markets, but highly regulated and non based on competition like a traditional capitalist style market.