Qiushi, a monthly Journal of the CCP, published a commentary emphasizing that the Western financial crisis is a result of capitalism’s ultimate demise. A number of state-run media such as Xinhua and People’s Daily also published the article.
The article said, “What the financial crisis has brought to the Western world is not only an economic problem, but also a political, social, and directional problem in national development. The financial crises shows that the economic, political, and social development model that the West is so proud of and tries to sell to other countries has lost its shine.”
The article concluded, “More and more intellectuals have pointed out that the capitalist system is moving further away from balance. It has brought about a structural crisis that will result in economic, political, social, and cultural turmoil. The current system can no longer continue. The current financial crisis has caused the ‘Washington Consensus’ to lose its leading position, and has exposed the inherent instability of the capitalist system. The American style of capitalism has fallen from the altar. The capital accumulation model of capitalism’s pursuit of maximum interest has run into a stalemate. The five “escape routes” of neo-liberalism, globalization, issuing debt, fiscal deficits, and military expansion have not only been unsuccessful; they have made things worse. Capitalism has reached its limit. The Western political model and its ideological hegemony have come to an end. The rise of China and other emerging countries is not only a new economic and political force; it also brings international competition of ideology and models. It is an undeniable fact that the Western system faces more and more pressure for change.
Source: Qiushi, September 1, 2011
http://www.qstheory.cn/zxdk/2011/201117/201108/t20110830_106441.htm