“HIDDEN RICHES FOR CHINESE LEADER’S FAMILY” (October 26, 2012)

Thus The New York Times today. “It is unclear how much Wen Jiabao, the prime minister of China, who has staked a position as a populist, knows about the $2.7 billion in assets his family has amassed,” elaborates the newspaper. No wonder this issue of the newspaper was banned in China. The main problem with the article is elsewhere, though. It focuses on a single leader. No matter how important a prime minister may be, there are many others. And it is unclear how much they know about the billions their families have amassed. The exact figure will not be known for a while, if ever, but it is certainly in trillions rather than billions of dollars. The primitive accumulation of capital is in full swing in China. Once again, it will be thirty to forty families that will come on top. The only question is what will happen with capitalism in the meanwhile. Feudalism might well be a much surer bet for the lucky few.