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China’s rejection of Big Tech monopoly capitalism will allow it to see off America in the end

4 21 6
09.08.2021

Over the past few weeks, the corporate media in the West have endlessly bemoaned China's ruthless regulatory clampdown on its own “Big Tech.” Mostly coming from the publications linked to big business interests, such as The Wall Street Journal, The Financial Times and Bloomberg, one might be led to believe that the control of unbridled capitalism by a socialist state is the worst thing in the world. The associated narrative is fixated on doom and gloom, on why this is bad for investors and for China's economy, and so on. Billionaires who fall foul of such actions are presented as victims.

If the take isn't on commercial interests, it's otherwise focused on the cliche of the “Communist Party's authority” and the power of [incumbent president] “Xi Jinping” – which doesn't help explain anything about why China is taking this action, or what it intends.

In particular, one article from Bloomberg, claimingChina’s Hubris Is a Threat to Its Economic Future” which bemoaned “Beijing’s habit of stamping on private enterprise,” is a classic example. It makes the worn ideological argument that only by “opening up markets more” and by introducing “more capitalism” will China progress, and if it's doing anything else it must be going backwards.

In reality, China's decision-making is not explained by “hubris” or simply by “the party's power.” Rather, China is rejecting “monopoly capitalism” in the most specific sense of the term, as it increasingly believes this is a hindrance to the country's growth and stability. And that its intervention is, in fact, fairer to the principles of the “free market” and of “competition” than the laissez-faire policies enacted by its western counterparts, not least when it comes to Big Tech.

The Western view of Xi's........

© RT.com


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