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If it’s a 100% capitalist state then why is it ensuring that its people can afford housing at the expense of the capitalists? CNBC this week: China's housing minister says real estate developers must go bankrupt if necessary
Unlike Obama, who bailed out the private banks at the expense of people with home mortgages. Michael Hudson, 2023: Why the Bank Crisis isn’t Over
The Federal Reserve is just the cartel of the US private banks, whereas banking in China is predominantly state owned. The Chinese state both runs these banks and has fiat monetary sovereignty, so it’s not answerable to the capitalists like the US is.
Why The Government Has Infinite Money
Capitalist countries still have social programs mate. Unless you think Canada is a communist country because we have free healthcare? I suppose I could call it a mixed economy if it makes you feel better
On a side note, owning a home is culturally very different in China than in the western world. They have a massive housing bubble ongoing and its pretty wild. Look up China Ghost towns. Some insightful shit.
The imperial core countries affords those—notably deteriorating—social programs through the exploitation of the periphery countries, programs which the core does not allow the periphery to have. The global north working class paid for those concessions with our blood & sweat, though no one seems to remember, thanks to two red scares and a cold war. The purpose of FDR’s New Deal was to save capitalism from socialist threats, and the capitalists have spent the last fifty years chipping away at their New Deal concessions. Europe had its own, even stronger socialist movements, and their capitalists similarly ceded ground temporarily.
China escaped from the imperial core’s predation in the last century, and is still in the process of recovering from it.
United Nations, 2019: Helping 800 Million People Escape Poverty Was Greatest Such Effort in History, Says Secretary-General, on Seventieth Anniversary of China’s Founding
Despite over sixty years of imperial core-enforced sanctions, Americans Can Now Expect to Live Three Years Less than Cubans.
I am familiar with them. Those were planned communities that were photographed after construction but before being populated. Perhaps there were some duds, I couldn’t say: researching every bit of US propaganda gish gallop isn’t my day job.
This Is What The World's Loneliest Metro Station Looks Like Today
China intentionally popped its housing bubble recently, and that’s why some capitalist real estate developers are going bankrupt, and China isn’t trying to save them because they’re capitalists.