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The Invoice Is Coming Due for China’s ‘Capitalist’ Experiment

China’s shift from encouraging exterior funding and inside market competitors towards treating capitalism as a menace has an apparent historic precedent. From 1921–1928, the Soviet Union instituted a coverage of financial liberalization, which allowed for the privatization of agriculture, retail commerce, and lightweight business. This partial and momentary return to a managed and restricted capitalism, often known as the New Financial Coverage (NEP), saved the Soviet financial system from collapse and enabled Russia to modernize.

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