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Qiushi: The Financial Crisis Proves the Success of Marxism

Wang Weiguang, Executive Vice President of the China Academy of Social Sciences, published on Qiushi that the financial crisis validates socialism and Marxism. “Looking back to the 1980s and 90s, socialism was at an unprecedented low, and anti-socialist and anti-Communist Party views were widespread. Neo-liberalism then emerged and was promoted by Western capitalists all over the place. Now, 20 years later, this international financial crisis, on the one hand, gave an unprecedented blow to capitalism and led to the bankruptcy of neo-liberalism, challenging the capitalist ideology. On the other hand, socialism with Chinese characteristics succeeded in open-door reform and survived the financial risk; socialism rebounded from the bottom. This has provided a most favorable environment to develop socialism and Marxism and to strengthen the ideological work of the Party.”

Source: Qiushi, November 1, 2010