The Null Device

China embraces private property

China amends its constitution to protect private property, formally abandoning socialism in favour of an authoritarian form of free-market capitalism. So far, there has been no announcement of any name change for the increasingly inaccurately-named Communist Party, which will continue to maintain an iron grip on the nation's political life and public discourse.

But it is stalemated on even these modest political reforms, leaving modern China an increasingly prosperous private economy ruled by a dictatorship. In this it resembles General Pinochet's Chile, South Korea under military rule - or Taiwan before it moved to democracy in the 1980s.

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