Word: capitalists
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...seismic changes Deng set in motion were daring, thrusting one-fifth of mankind in a Great Leap Outward from the crushing, dogmatic isolation of Maoism into a quasi-capitalist economic miracle. The China that comes after Deng will grow inexorably from the complex of roots he planted firmly in the nation's soil. Yet his work is unfinished, and the next China will have to come to terms with the fundamental contradiction in his hybrid creation. Even as the country embarked on a headlong pursuit of free-market economics, Deng insisted it be done under the iron fist...
China, Deng told President Jimmy Carter in 1979, would need a long period of peace to realize its full modernization. To accomplish that, he added, China would also need Western money and know-how. Flinging open the doors, he led China on a capitalist drive from which there is no turning back...
...Shanghai is caught up in entrepreneurial energy. In the mid-'80s, while southern provinces like Guangdong and Hainan turned Deng's experiment in "special zones" into a capitalist boom, Shanghai's decrepit state industries stagnated, its infrastructure disintegrated, and its people sulked. The economic revolution wasn't reaching far beyond a few chosen cities. Recalls Li Bo, a Shanghai economist who runs a consulting firm for German companies: "The most popular expression in 1991 was 'Gao bu hao le'--everything's hopeless...
Everything changed in 1992. Deng emerged from retirement to exhort his successors and lagging Chinese cities to "dive into the sea" of capitalist commerce. Shanghai dived in, reviving all its old spunk and luster. The metropolis is furiously rebuilding, attracting foreign investment, remaking itself into an Asian hub of finance, trade and culture. Officials say they will quadruple the city's industrial and agricultural output by the year...
Most Americans who never learn the basic elements of economic theory offered by Professor Martin Feldstein and his Ec 10 staff can thrive in our capitalist economy. These fundamentals--while helpful for a general understanding of the motivations of certain consumer and firm behaviors and peeking into the bigger picture of inflation, unemployment and growth--are not necessary in order to succeed in America's economy because the basic basics might as well be incorporated into the applesauce...