Capitalist Socialism
The long held conviction that capitalism and democracy go hand in hand has been made evidently untrue in recent years. Not just under the despotism of the capitalist who has entire authority over his workers; but on a macroeconomic level. In the past 40 years the country that has incomparably grown the most, increasing their nominal GDP by 35x, has utilised an authoritarian state along with a capitalist market economy. This is a sharp departure from the traditional Western belief that democracy is essential to the functioning of capitalism. Never in the history of humanity have we seen such tremendous creation of wealth, except under this authoritarian capitalism. It is now clearer than ever that under authoritarian control, capital can expand at a rate once unthinkable. With this economic miracle so obvious, as Slavoj Zizek says “it is quite possible that our future will be modelled upon a Chinese ‘capitalist socialism’ – definitely not the socialism we were dreaming about”. China's rise poses a fundamental challenge to the US hegemony. Will the west try to uphold the ideal of ‘democratic capitalism’ or follow in China's footsteps, adopting an authoritarian model?
2 Colour Screenprint
Chinese Yuan & US Dollar
Epoxy Resin
