In explaining his shift away from Maoist economics, Deng Xiao Ping, chairman of the Chinese Communist Party, described his market-oriented changes as “socialism with Chinese characteristics.” Today, American businesses, as well as the media and academic establishments that serve them, increasingly embrace what can best be described as “Chinese capitalism with American characteristics.”
A convergence between the world’s two superpowers is taking place. In the United States, as property and power further consolidate, the “diffusion of power,” so critical to democracy, erodes and autocracy develops naturally. Only players at the highest level possess the heft and the motivation to influence policy. This powerful front consists of a new alliance between large corporate powers, Wall Street, and the progressive clerisy in government and media.
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