Tuesday, January 1, 2013

China's New Aristocracy

Bloomberg News has published a lengthy piece describing how the children and grandchildren of Mao's Comrades have risen as a new nobility--the so-called princelings. A shorter summary with some commentary is available at Asia News. Basically, after Mao died, his cohorts decided to turn China around, expanding contact with the West. However, they were also looking out for their own. Their children were allowed to study abroad, and given influential and lucrative positions in government and industry. Decades later, their children, and now their grandchildren, are among the uber-wealthy.

While there are certainly exceptions--people that built their own financial empires--the story here is one of nepotism and greed.

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