In an age of finance capitalism, what significance to attach to the fact that China’s financial system is state-owned and controlled? The key hallmark of modern capitalist society is private ownership of the financial industry. If private shareholders were to acquire a majority stake in China’s biggest state-owned banks, it would be a powerful indicator to me that capitalism had been fully restored in China.
For those who subscribe to the theory of state capitalism, it makes little difference whether the banks and major corporations are state- or privately-owned. They are all “capitalist" by definition in the absence of proletarian democracy and workers’ control of the means of production. The latter features have been more conventionally seen within Marxism as characteristic of a socialist society, not one which may be transitioning to or away from it under a regime which has declared it as a goal. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#29678): https://groups.io/g/marxmail/message/29678 Mute This Topic: https://groups.io/mt/105142448/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
