#capitalism

At the heart of China’s economic take-off during the last four decades is a fragile equilibrium between economic reforms and one-party rule. The communist party has demonstrated pragmatism and adaptability – but just at a time when China seeks to fully enter the knowledge economy and participate in global markets, it has put the brake on further reforms.

150 years after the publication of his most important book, Capital, Karl Marx’s works are still worth reading – but we shouldn’t jump to the conclusion that today’s economic realities are proving Marx right once and for all.