Stephen Kotkin

And Jiang Zemin sees that the private sector is becoming dominant in the country and that the party's monopoly on power is under threat.

And Jiang Zemin decides he's going to do something called the three represents.

He's going to bring the millionaire capitalists into the party.

He's going to make them party members.

So instead of the party being against capitalists, the capitalists are going to join the party.

And this is going to somehow increase the party's leverage and control and transform the psychology and behavior of the capital.

Of course, it fails.

Instead, the party members...

are in cahoots with the millionaires, and they begin to form their own businesses by expropriating other people's property, and the party begins to go dissolute in an anti-Marxist fashion in terms of private property wealth accumulation.

So Xi Jinping comes along, predictably.

He looks at Jiang Zemin's solution,

co-opt the millionaires into the party, sees that it failed.

Not only did it fail to transform the behavior of the private sector people, it infected the behavior of the party people.

So he's going to, instead of bringing the capitalists into the party, he's going to force the party back into the capitalism.

So he's going to push the party into the private sector more strongly than it was before.

Board directors, party officials.

CEO, party official.

Private sector people who don't cooperate, destroy them, make examples of them, including in the tech sector, so that people get the message that the party is the boss here.

So you have a kind of natural progression where you open up the system economically,

In order to drive jobs, prosperity, wealth, because you've destroyed.