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Fans of capitalism like to say it is democratic or that it supports democracy. Some have stretched language so far as to literally equate capitalism with democracy, using the terms interchangeably. No matter how many times that is repeated, it is simply not true and never was.
During the Cold War, a heated debate arose over the role of economic planning. Did the “planned” economy of the USSR or the “free market” economy of the US allocate resources more productively?
Chinese e-commerce platforms Shein, Temu and TikTok Shop are quickly changing their business strategies to avoid bans from the US market but there’s no guarantee the shifts will succeed in what could be the next front in America’s campaign to decouple from China.
This article was firt published by ProPublica, a Pulitzer Prize-winning investigative newsroom. It is republished with permission.
