Why was communist China so successful?
The to this question is complex, but in the main, threefold: first, China’s industry in large part depends on successfully keeping wages low. In recent years, with liberalization of enterprises funded on private capital by entrepreneurs, there has been an explosion of companies producing parts, subassemblies, and complete small items or clothing. Most draw on impoverished rural workers, especially young ones, and pay slave wages, no benefits, no overtime, charge for canteen food, and so forth. The second aspect fueling China’s success is that there are greedy importers like WalMart (I call it WongMart) that have enriched themselves at the expense of the working American middle class. WalMart is the largest single importer of Chinese goods into this country. These folks have their equivalent in other countries. Thirdly, the U.S. government is in hock to the Chinese government as the largest holder of Treasury bonds to fuel our debt for our constant wars and continual military buildup ar
