The Fatal Flaw of Analysis of the Chinese Economy and Its Obsession With Formal State Ownership

There are several kinds of arguments that we need to look beyond formal ownership to understand capitalism more broadly. There is a somewhat complicated Marxist argument which holds that while we talk about capitalism as a system with a ruling class, that's not all capitalism is. And then there's my argument, which is that people are absolutely obsessed with looking at capitalism from the perspective of capital. But what happens if you look at so-called state capitalism and the nature of state ownership? Everything suddenly becomes a lot clearer.