Capitalist markets with revolutionary characteristics

 Branko Milanovic had an interesting blog post last week comparing China’s “long NEP” to the early Soviet NEP under Lenin, both ostensibly proletarian dictatorships administering state capitalist economies. It’s a bit of stretch considering the duration and scale of each "transitional" retreat to capitalist markets and the revolutionary character of the early Soviet regime versus the bureacratic character of Xi’s. But also worth a read.

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