How Socialism Achieved “Perfect Competition: China in medias res
by Nik M.
Orthodox economics treats the state as a source of “distortions” that interfere with market efficiency. China inverts this logic. By controlling credit, entry, and investment, the state disciplines markets—preventing monopoly, sustaining competition, and keeping productive capacity fully utilized. What economics textbooks imagine as a natural equilibrium can only appear and work for the people when it is directed by state power.
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