Tag: Socialism (Theory and Philosophy)

Why What We Thought About the Global Economy Is No Longer True

Media Library

When the world’s business and political leaders gathered in 2018 at the annual economic forum in Davos, the mood was jubilant. Growth in every major country was on an upswing. The global economy, declared Christine Lagarde, then the managing director of the International Monetary Fund, “is in a very sweet spot.” Five years later, the outlook has decidedly soured. “Nearly all the economic forces that powered progress and prosperity over the last three decades are fading,” the World Bank warned in a recent analysis. “The result could be a lost…

Why China’s Censors Are Deleting Videos About Poverty

Media Library

A heartbreaking video of a retiree that showed what groceries she could buy with 100 yuan, or $14.50 — roughly her monthly pension and sole source of income — went viral on the Chinese internet. The video was deleted. A singer vented the widespread frustration among young, educated Chinese about their dire finances and gloomy job prospects, like gig work. “I wash my face every day, but my pocket is cleaner than my face,” he sings. “I went to college to help rejuvenate China, not to deliver meals.” His song…

China’s Xi Pressures Tycoons With ‘Common Prosperity’ Talk

Chin@Strategy

Four decades ago, Deng Xiaoping declared that China would “let some people get rich first” in its race for growth. Now, Xi Jinping has put China’s tycoons on notice that it is time for them to share more wealth with the rest of the country. Mr. Xi says the Communist Party will pursue “common prosperity,” pressing businesses and entrepreneurs to help narrow the stubborn wealth gap that could hold back the country’s rise and erode public confidence in the leadership. Supporters say China’s next phase of growth demands the shift.…