Macro N Cheese

What do you know about modern China? Is it capitalist? Socialist? What do those terms mean in today’s global economies? According to Steve’s guest Vincent Huang, China considers itself “a socialist market economy with Chinese characteristics.” In this episode, Vincent tells Steve how this socialist market economy plays out in Chinese society, and how it compares to the world we know in the US – and just about everywhere else. There’s a stark difference in the power wielded by corporations, for example. In China... The state is the representative, it's the agent that mediates the conflicts between the corporations and the working class. So that actually is quite important because for China's socialist market economy, the goal is to elevate the well-being of people. And the means could be marketization, could be liberalization, could be market-oriented reforms, but it doesn't have to be. American listeners may be surprised by the people’s faith in government. When comparing public versus private, whether in sc