Probably removed the " profit motive " eh Jake ?....
It was Premier Deng Xiaping who realised (probably looking at Hong Kong) that abolishing the profit motive had been disastrous. For all the endless socialist economic drives and endless ideological arguments after 50 years of Communism his people were impoverished and miles behind the capitalist west in their living standards. Deng encouraged the big western companies to build their factories in China to take advantage of wage levels that were a fraction of western levels...and so the Chinese economic miracle happened. The ultimate irony was that China's level of public spending as a proportion of GDP was for many years been about half of western countries.. Until recent decades if you got sick in China you died.. You only got educated if you were the offspring of party official. You didn't travel.. Tens of Millions died.
China's economic success in recent decades has been built on its legacy of low wages and costs from the distastrous Communist/socialist era..
Ironically its one party state system has been the ideal political structure for the corporate multi nationals.. They always found genuine democracy got in the way of their desire for no limits profit motive.
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