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Dictator Book Club: Xi Jinping

Astral Codex Ten Podcast

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Xi's Centralization Campaign Has Succeeded

China has a combination of state-owned companies left over from its serious communism days and newer private companies. Private firms consistently outperform SOEs on a number of measures including profit margins, cash flows, and return on assets. The results flatter my biases as a quasi-libertarian. State-owned enterprises are also poor generators of new jobs. Partly this is because the private companies are actually trying to make money,. But the public companies are doing some combination of money-making, employing people for the sake of keeping unemployment low, and carrying out potentially unprofitable government priorities.

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