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Why do some people defend the billionaires and capitalism? (lemmy.world)

submitted 1 month ago by return2ozma@lemmy.world to c/asklemmy@lemmy.ml

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[–] Cowbee@lemmy.ml 6 points 1 month ago

They weren't "free"-market reforms. A good, 21 minute read is the article Socialism Developed China, Not Capitalism. The PRC brought back markets because they tried to achieve Communism through fiat, without letting markets adequately coalesce into monopolist syndicates ripe for socialization. The Dengist Reforms brought stability to growth and prevented recession, but the bulk of the economy is publicly owned and centrally planned.