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157 | Adam Tooze: How Covid Reshaped Capitalism, the Cold War, and Politics

The Realignment

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Ccp's Legitimacy Amongst the Chinese Population?

I think theyare pursuing a fairly serted strategy of risk management. They regard the olegarchs and the platform businesses that make them as rich as they are as a threat to the stability and legitimacy of the regime. And unlike us, in some ways, they're able to do something about it, and something fairly driconian and quite quick. It's a combination of brutal shakedown kind of tactics and intimidation. But on the other hand, really rather serious regulators. This is part of a pattern that we've seen. You know, they shrank their shadow banking sector in a much more radical way than we ever did. Because you're giving a very unsophisticated

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