CHRONIC. In In theory, this vision of the economy, as it is developed by contemporary China, could be applied to OECD countries.
By Patrick Artus
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LChinese President Xi Jinping has put “common prosperity” back on the agenda, which is a vision of the economy developed in the 1950s under Maoism. At the time, it was a question of justifying the collectivization of land, with the idea that the appropriation of the means of production by the Communist Party would allow a fair redistribution of wealth.
The modern version of “common prosperity” is very different. Of course, economic principles can be implemented in practice in a brutal, disrespectful way. But we want to limit ourselves here to the principles, to the theoretical aspects. In fact, this contemporary version of “common prosperity” makes sense, for China, but also clearly for OECD countries. What…
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