ABSTRACT
This chapter focuses on China, which has just become the second biggest economy in the world. The Chinese dragon is the rising economic super-power, soon to overtake the United States. True, of all the East Asian miracles like Japan, Taiwan, South Korea, Singapore, and Hong Kong, China is the only one that calls itself socialist and Marxist. In the Great Recession, the US bailed out the banks, socializing the risks and privatizing the profits. The Chinese banks never had to be bailed out. They are owned by the state and are socialist in Marx's sense. The other most important sectors of the economy are also nationalized. In 2010 Chinese Prime Minister Wen Jiabao said, "The socialist system's advantages enable us to make decisions efficiently, organize effectively and concentrate resources to accomplish large undertakings". Tom Friedman, a great fan of capitalism, believes that China is "cleaning our clock" in the clean energy industries like wind and solar of the Green Revolution.
