China’s ruling party has used “economic reforms” as a mechanism for revising resource allocation for the interest of its exclusive elite groups on the road of “market economics plus totalitarian rule”. This approach caused extremely unequal distribution of income and wealth, exploitation of ecological systems and environment, and collapse of the moral order. With potential banking crisis emerging and corruption wreaking havoc, robbers roaming the streets, the rich getting richer and the poor getting poorer, unemployment stalking both the towns and countryside and organized crime rapidly extending its power, China turns out to be on the verge of crisis, as the world’s largest live volcano.
China’s Changing of the Guard: A Volcanic Stability
Issue Date January 2003
Page Numbers 66-72