Lenin’s New Economic Policy and Deng Xiaoping’s Reform and Opening Up – Contradictions of Communist Theory and the Embrace of State-Led Markets

Poster of Deng Xiaoping in Lizhi Park (by そらみみ via Wikimedia Commons) When the Bolshevik wing of the Russian Social-Democratic Workers’ Party led by Vladimir Lenin overthrew the Russian government and established the world's first Communist dictatorship in 1917, the new regime's aim was to abolish capitalism. “Socialism means the abolition of classes,” declared Lenin… Continue reading Lenin’s New Economic Policy and Deng Xiaoping’s Reform and Opening Up – Contradictions of Communist Theory and the Embrace of State-Led Markets

China’s Economy, Unfair Trade, And The Role Of Government

    On January 16th, 2010, Chinese President Hu Jintao made a visit to the Shanghai headquarters of UnionPay. A plaque commemorating the event urges the company to “step up the effort to internationalize and strive to build UnionPay into a major global brand for bankcards”. UnionPay has only 0.5% market share globally, but it dominates… Continue reading China’s Economy, Unfair Trade, And The Role Of Government