Over the past several decades, China has grown exponentially to become the economic powerhouse that it is today and has given its leader such immense power on the global stage. Of course, China had once been on a very strict path toward communism, where class inequalities would be abolished and everybody would have public ownership of property. Everyone will receive what they need from these publicly owned institutions. But trying to skip a step in what Marx calls the stages of historical development can lead a nation to crash and burn. So in the past decades, the Chinese government has been doubling back and boosting their economic power by allowing some form of capitalism to accumulate enough wealth. All of this, of course, is headed toward their goal of achieving communism. And that’s the gist of what Chinese socialism is. But will it hold up? Recently, China has hit a bump on the road and their economic growth has slowed down. Will they be able to achieve their long-term goal of communism? Or will they go through the same financial crisis that the West had back in 2008? Only time will tell.
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