What Chinese Capitalists Owe to Mao Zedong(jacobin.com)

3 pointsby lfischerhace 4 años1 comments

What Chinese Capitalists Owe to Mao Zedong

https://jacobin.com/2022/07/china-mao-zedong-capitalism-history-party-state-market-economy

1 comments

refurbhace 4 años

” We can think about the distinction between the market and capitalism using the analogy of a farmer’s market and a grocery store. In the traditional farmer’s market, people are trading things with one another for money and using money to buy things. But in a gigantic grocery corporation like Safeway or Giant, all the profit is accumulated and reinvested by the store. Profit is the central goal of these monopolistic operations, which run on a very different logic from a market. So that is the basic distinction between the market and capitalism.”

That’s a distinction without a difference.

The farmer is accumulating profit for the same purposes as Safeway - to use it to either invest or consume.