Tuesday, March 20, 2007

Socialism with Chinese characteristics

A WSJ piece on Chinese Property Rights (the second part, after Citigroup's ABN Opening).

China's new law guaranteeing private owners the same rights as public and collective entities might sound like a capitulation to capitalist ideology. Not so, says National People's Congress Vice Chairman Wang Zhaoguo. Equal property rights are required to "uphold and improve the basic economic system of socialism." Whatever the words, Adam Smith would approve. ... And if 1.3 billion Chinese want to call it "socialism," why argue?
Welcome to the world of "Socialism with Chinese characteristics".