Xi’s global leadership demonstrated by willingness to stand up to billionaires


Oct. 17, 2022. Opinion by CarrZee:

President Xi of China may be reluctant to swing back toward capitalism. That’s because he’s focused on protecting against war with the USA while seeking to ensure society doesn’t become downtrodden by the rich.

Call it communism. Or call it enlightened capitalism.

What’s fascinating is Xi’s willingness to stand up to billionaires or corporations that threaten to become more powerful in China than the governing Communist Party.

FT Oct. 22, p1

The mega rich also threaten — on a global basis — the natural world, as well as social harmony. That is, they put at risk the real world, as opposed to the manufactured world of often-badly-constructed markets.

The world’s markets can be made better, if leaders learn to collaborate with each other rather than demonize.

Kevin Rudd, the former Prime Minister of Australia, previous to this month opined that Xi may pivot back toward “free” markets after shifting away from them in response to moves by the current and previous U.S administrations.

Mr Rudd now raises a different prospect, reversing somewhat from his previous one: he flags a more intriguing idea at the end of this podcast from the Economist, which is worth a listen.

Rudd indicates that the world might move toward a globalish system that keeps capitalism, and billionaires, under tighter regulation, however unlikely that may seem.

Such a move would halt, or at least slow, damage to nature, social cohesion and the climate and what’s a widening gap between rich and poor in many places.

Doing so in a way that encourages the world to follow would probably require giving more real political power, autonomy and privacy to the Chinese people.


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