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The Dig: China Boom w/ Ho-fung Hung

Jacobin Radio

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Is China a Market Economy or a Capitalist Economy?

When you have a vast market economy, there are always merchants who want to accumulate money for the sake of accumulate money. When they become too big, it will invoke resentment and class conflicts in China. The state has to rely on the merchants to finance their war so that the merchants can be dominant politically. In medieval Europe, this Catholic Church sanctioned and actually in the medieval times, very discriminatory against merchants and bankers,. So it is very normal and what happened in Europe is as I said that this kind of a chronic war situation created a normal situation.

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