flawed yes but not defunct. Every system created by humans is flawed. The usual process with pretty much everything in life is to try to improve things iteratively over time.
China is well aware that the market reforms in the 80ies and 90ies created inequalities and billionaires. But it also created massive amounts of wealth and made china the second biggest economy in the world. Right now one of their stated goals is to reduce that inequality moving forward. I personally am quite confident that they will succeed given their track record of achieving their 5 year plan goals.
flawed yes but not defunct. Every system created by humans is flawed. The usual process with pretty much everything in life is to try to improve things iteratively over time. China is well aware that the market reforms in the 80ies and 90ies created inequalities and billionaires. But it also created massive amounts of wealth and made china the second biggest economy in the world. Right now one of their stated goals is to reduce that inequality moving forward. I personally am quite confident that they will succeed given their track record of achieving their 5 year plan goals.