crony capitalism with Chinese characteristics

FT columnist Martin Wolf warns us of the danger of China’s return to strongman rule, even though the framework “strange though it may sound (and indeed is) — communist capitalism”.

Mr Xi has discarded the attempt by Deng Xiaoping to institutionalise checks on the power of China’s leaders — itself a reaction to the wild excesses of the era of Mao Zedong. What is re-emerging is strongman rule — a concentration of power in the hands of one man. It now looks a bit like “Putinism with Chinese characteristics”.

Martin Wolf, “Xi’s power grab means China is vulnerable to the whims of one man“, Financial Times, 28 February 2018 (gated paywall).


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