It is too simplistic to say that economies
around the world converged as capitalistic after the collapse of the Soviet
command-and-control economy. Even the notion that China’s communist party has
embraced capitalism does not do justice to the ways in which China’s capitalist
system is unique. This became particularly apparent in early July 2015, when
the bubble burst in the Chinese stock market.
The full essay is at “Property
Rights in China.”
