Socialism with Chinese characteristics
Isn't that a rather rough capitalism, i.e. with neither the social aspects nor the legal certainty of civilised capitalistic countries?
Facebook boss Mark Zuckerberg, Amazon chief Jeff Bezos and Apple kingpin Tim Cook recently welcomed China's top internet regulator to the United States. Photographs posted on a People's Republic state-owned news website showed the tech titans heartily laughing and smiling with Lu Wei. Zuckerberg apparently greeted Wei in …
In a sense, yes. Go back and look at Mao and the various leaderships. They lived in the lap of luxury whilst the citizens struggled. I think North Korea has this flavor of Socialism.. err.. Democracy since it's in their name. Pure capitalism in many ways. Competition has been ruled out and monopolies are the order of the day. The rich and powerful hang onto the power while maximizing their profit. And there's no "shareholder value" to be shelled out.
I'm sure that quote from Zuck was rather muffled at the time. Honestly, these guys are desperate to get their claws into China. The developed economies are beginning to become jaded with some aspects of social media (Facebook vacations, anyone?), so, like the tobacco companies before them, they've discovered that the developing countries is where the profits of the future are at.
I also think Zuck was misquoted: I'm sure he said he wanted his employees "to train their lowly-paid Chinese replacements"