Late Stage Capitalism

Post-WW2 the US became the Empire and that’s where the wealth came from. It was the only industrial superpower in the west, and basically colonised Europe, the Americas, a good portion of Asia etc.

China isn’t becoming the superpower it is by having manufacturing. It’s part of it, but the amount of public investment there is insane and incomparable. They build hundreds of kilometres of metro every year, hundreds of kilometres of rail etc. they invest in nascent industries. And it’s pretty silly to say they “privatised” anything. The CPC completely controls all capital markets in China. Even if one part of an industry or another is “private”, it still answers to the CPC first and foremost. Like China has better access and cheaper healthcare than the US nowadays.

And Deng’s reforms were necessary, but that doesn’t mean he didn’t make any mistakes… Cuba has one of the best healthcare systems in the world and it never privatised their system.