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KFC6855/环球潮鞋: The Secrets of Replica Sneaker Selling

KFC6855/环球潮鞋: The Secrets of Replica Sneaker Selling
Following a post from u/donjonne about a HUGE Weibo story on how to actually start your own 1:1 repsneaker empire, I figured as a native Mandarin speaker I gave it a shot and translated the entire article, since I myself am pretty damn intrigued what the guy's speaking.Do note this article is written in March 2017, lots of stuff may have been outdated, and I translated word-for-word with some pruned paragraphs that seems like the fella repeating himself. I absolutely hate the weird flowery prose Mandarin always carry when I work on translations, so apologies if the in-jokes or general writing gets a bit dry.
This is my personal tl;dr without the author's boastful claims, so if you're short on time, here's the quick rundown.

How do replica sneakers get sold?

Taobao: Long history with the reputation for being the single biggest online BST hub, with Tmall and Xianyu Second-hands integrated. Lots of fake reviews and seller reputation ratings. The rep game there got outta hand, CEO of Alibaba stepped in and cleaned house, thus everyone moved to...
WeChat: Lots more convoluted, no proper tracking and confirmation like a real shopping app and build quality can vary greatly between sneaker models from the same seller. But through word-of-mouth, standout resellers get recommended more organically, of course you need connections to start with.
Agents: Your best friend if you're overseas, usually ran by freelancers merely collecting orders, reporting back to resellers and have them directly ship your kicks to your doorstep. Agents can be a single person, or a huge operation i.e. Wegobuy and Ytaopal.

How's the quality tho?

Depends. Some will try to bait-and-switch, some will bond genuine friendships for simply being a return customer. Factories often cut corners to save some dough and end up with a worse rep, so like the purpose of this sub, dig into forums and guide yourself to trustworthy sellers. Author also goes on a tangent and revealed the numbers and figures of selling reps, along with the sheer gold rush he's in now. Read below for more info.

Anything of note?

We're getting ripped off. Real hard, if you're a Mainlander chances are you're being sold 1/3 of the prices we see here. Part of the reason is that the multi-level reselling jacks up the price a lot, so unless you're buying in bulk for the purpose of selling them, good luck finding GET-passable OW AJ1's for less than $70. If you get caught selling, it's fines upwards of ¥50,000 and your license revoked, but nothing too serious beyond that. Author promised more novel shoes get made in the future, like Uggs and non-hypebeast dress shoes or sumthin.

With that outta the way, here's the translation for the whole article, hope you'll learn something for it and if there's any mistakes, feel free to point it out in DMs or just in the comments.
EDIT 17/05/2020: punctuation mistakes and missing formatting, also thanks for the kind words repfam
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GOD'S HAND: The Secrets of Replica Sneaker Selling


Having been in the rep game for around 4 to 5 years, it all started out of sheer curiosity. I spent ¥1099 for Air Force 1's some celebrity wore, only to had my buddy show up on me with a fake pair of the same sneaker only costs ¥300.
Not everyone is some rich parents' spoiled brat where a pair of shoes costing a couple grand is considered pocket change, yet everyone has that sense of envy, the need to follow the hype to really stand out from the crowd, so do I honestly. But then again you'd only wear that pair of grails for only a good couple months and it'll be out of the wave, why not I find myself a more wallet-friendly way to do so?
Ever since dipping my toe into the replica community, I'm making connections, meeting new friends and getting scammed in every step I make, keeping contacts of my favorite sellers (looking back yeah they're not the best and cheapest isn't it huh). I'm deep in the rabbit hole now, buying so many pairs I'm starting to be able to tell batches at a glance, and where to hunt down that very best batch at the cheapest price. At this point it's natural that I'm thinking of selling these reps and becoming a middleman with the best of the batches under one roof (which is what's following below).
Anyone who has dealt with middlemen know that actually tracking down the direct factory outlets are nigh impossible, and the multiple stages of middlemen-ception where bigger but more discreet resellers selling to more minor, smaller middlemen can only make one dream of the sheer profit you can make for being on the very top of the pyramid, that idea has only been a mere blip in my mind. There was once in a bar my fam hollered at me with "Yo you remember that John Doe went to Putian for two years? Dude gave up college and has been filthy stinkin' rich by now!" I was like bah it'll never work out for me, but with the summer break I'd worth giving it a shot and have John Doe on the line. And boy howdy, ain't he wildin' right now with his business.
Some say every Nike you see there's 1/3 chance it's straight outta Putian, some say Nike's LC works by handling a pair of dumb shoes to an uninformed factory worker and have him say "fuck kinda shoes are these, looks cool I guess so it's legit?" The only way is to really tear down the whole sneaker and see the markings in UV, and once we're on the point where we can fake inside tags and its barcodes, ask yourself can call out fakes on feet?
A promotion for \"discount\" NB's on Weibo
Ever seen promos like these?
It's what I saw on Weibo today, and you've seen one like it yourself did you? They all look good on the images and you'd be right that they're photos of the real deal, just that of course the shoes you actually get were reps, and for each pair profits are never above ¥100; I sell ya an NB for ¥165, I'd only make ¥50.

REPLICA SNEAKERS: HOW DO THEY GET SOLD?

TAOBAO
Taobao has always been the single biggest hub for BST. Run by the faceless middlemen, sold by the page visits, and reviewed by the bots. And stores with inflated trust scores were used as a front, once costing hundreds of yuan to buy now go for the tens of thousands. As Taobao is taking action to curb counterfeits to make way for legitimate resellers, these fronts are getting more expensive by the day, since then people took it to WeChat later on.
Ask anyone who ran a Taobao store, and they'd tell you "you'll never make a cent unless you're selling fakes". A pair of (fake) shoes take some ¥100 to make, and can be sold as a legit like the thousands of yuan you see on their listings, you'd get away with dozens of fakes sold this way, where you can properly guage and adjust said price to match your profit margins. Once the rep game got popular and the snowball kept rolling, the problem got too big for Ma Yun to not ignore it and he went full banhammer on every rep seller. With every media outlet roasting Taobao's ass, everyone wises up to the knowledge that almost every sneaker you see could be fakes. The stigma lived on, and no one would touch any store where its place of origin writes "Putian".
When life gives you lemons, you make a whole damn lemonade stand and just circumvent the whole damn thing by appearing that you're not from Putian. Problem solved. As you check your shipping details, it always seems to travel from Shangai, Shenzen, Quanzhou or even goddamn Xiamen of all places, even overseas.

Proxy services are very popular due to China's stringent laws
When sneakers are labeled as being shipped from Hong Kong, of course the sellers gonna say "it's from Hong Kong" but in fact it's shipping from Shenzhen, and the seller's excuse is that the sneakers are going through HK's borders from Shenzen then to the buyer's location. Even if you bought fakes in Tmall however, it won't be as bad as the ones sold as legit retails in Taobao. There's just too many of these rip-offs anyway! Had a reseller came to me to buy 10 pairs of sneakers, I make ¥10 each pair, but he sold it as retails and went on to make ¥500 each. Of course I'd panicked a jacked a prices a bit so I could have my own slice of extra profit to ¥20 each pair, said the factories jacked the prices themselves as an excuse.
Hoe's mad I guess

WECHAT
While profit margins are no higher than Taobao, they still range around a dozen yuan on bulk. For all the actual friends I have in WeChat, I'd never believe them not having owned a replica sneaker in their whole life, blah blah blah "factory direct", "wholesale prices" my ass, who really can head to the factories and buy direct these days? Rep resellers buying bulk from those factories are truly the "direct from factory" purchases. Resellers then selling the reps to middlemen and agents, that's another step. Said middlemen then resell these reps to quote-on-quote "middlemen". (NB: may have been the very resellers we see on the sub) And it goes on and on and then, to you, the customer.The so-called A-grade reps you see on WC, let's say we buy it from the factory at ¥200 (for example, the real deal won't be this cheap) and sell to the end-user for ¥400~¥500, it does in fact look decent. Heck, retails may get "called out" in forums and reps may sneak under the radar. Chat and forum opinions aren't good indicatiors for a rep's actual quality. Thus you may wonder why buy retails at this point? No one would really hit the New Balance outlets at their local Wanda mall and ask the teeny-bop promoter lady if their kicks are legit anyway, so wouldn't this been the dream job you've wanted, right?
SMALL-TIME AGENTS
These sort of agents are mostly handling orders from overseas to cater the westerners, mainly Russian, SE-Asian, North/South American countries etc., and will never be some solo project as they always come in groups of a few dozen staff members. These agent groups can also hire decently well-spoken college students to help converse customers in English and pay them good pocket change, which is eerily similar to how Forex scams work before, but this time they're doing legit businesses for a change. Sort of.
FREELANCE AGENTS
The most common agent you may come across can be your close friends, they get instant payouts for attracting their local classmates to collect orders for reps, and this wannabe hustler reports them back to the resellers to ship to school dorms directly.

REPLICA BUILD AND QUALITY

Replicas reach far, far and wide. You could see your neighborhood cleaner aunt wearing 990v4s, motorbike taxi riders wearing Duck Camo AM90's, your kind old uncle next door exercising in Flyknit Racers and so on. NB, Nike, Converse, Ascis, Kappa; any brand you wanted they got it. ¥100 to ¥500 is what the factories charge, but after it hits resellers with a ¥200 hike, the illusion what seems to be a shoe that'll last breaks down as it wears out after a few wears. Bad stitching? Poorly-tumbled faux-leather? Off-moulded shape? I'd believe you but you sure you can tell if the EVA is fake by just looking on it? Is the gluing pattern underneath it visible even? A good deal of local boutiques sell ¥120 replicas at official retail prices like ¥599, a good ¥400 profit.
Putian factories are split into "heavy" and "light" industries. The heavy industries builds the sneaker as a whole from scratch, while the light industries were like CKD vehicles, where parts are purchased and assembled together instead. and quality of each part of the sneaker depends among factories. Lots of them try to cut corners to save every extra cent, which explains the decreasing quality of recent sneakers you see now. Larger factories has always been delivering consistently decent sneakers, as customers who contacted them are much picker and won't slash prices along with quality out of the blue. The stitching (and Nike Air units/Boost soles even!) is close enough to pass off as retails. Some of the more badass factories can make a batch of 100 brand new replicas for you, just hand in a donor retail pair and they'll get to work.The old dogs in Putian has been around for ages, runs most of the resellers you know and love. They buy reps from the factory direct at ¥140, sell to resellers at ¥160 and have the resellers push ¥180, at these prices the shoes are just not enough to satisfy demand. I've gave it an estimate if the factory got his order to 30 dozen pairs of reps, with each pair a ¥20 profit, we're looking at ¥7,000 a day or ¥20,000 a month in gross profit.
Of course, the Sales and Commerce Assoc. will still take a heavy hand on counterfeit sneakers till today, basically a few sellers every month get caught in the counterfeit business. The offenders walk into the office, sit down, had "the talk" yet again and pay a good ¥30k~¥50k fine and had their licenses taken away, for just awhile. Factories themselves get raided very seldom, maybe a every 6 months only a single factory gets caught per year. Putian has become the leading worldwide repsneaker operation for the entire world, and outputs around 50% the actual worldwide sneaker market, an estimated ¥20bn yearly. The Nikes and Adidases you wear now has an "OEM" for that. You may have bought a brand sneaker [in China], but it may very well be a fake regardless, to be fair the quality itself is indistinguishable anyway.

REPSNEAKER GRADES

1) The Standard Putian's cheapest offering, pretty much trash tier and a certain Taobao sells them the most often :^)
2) The GET Batch A huge improvement from the Standards, and the so-called 1:1 batch from the mouths of others. It's really not, some of the materials itself is not as fine or accurate as the real deal. Tmall often sells these batches, but often get sold as retails.
3) The 1:1 The absolute tip of the high-end replicas. Take it to HuPu.com and only the eagle-eyed few would call you out. Not everyone can get their hands on them, regardless of price. [eg: similar situation to UABat's Union AJ1's]
4) The Retail Nuff said, just retails. (But really, reps cost just 1/5 of the retail price, why bother lol?)
A snapshot of KFC6855's wares

HOW TO TELL FAKES

[The author essentially details how to LC NB998's, so this is best skipped as it adds nothing to the article other than repeating the author's point over and over.]

THE REPSNEAKER FUTURE

If you ever think replica sneakers will only remain within the hypebeast sporty trainer radar, oh you'd be surprised. The replica factories are on full steam, churning out Dr. Martens, UGGS, Tod's and a lot more to come. If you're interested, my WeChat: KFC6855 has them on sale right now, guaranteed to keep ya comfy this winter.

With all that said, I hope you learnt something from this, and now that you know if you really wanted a retail pair to sleep well at night, just don't get 'em in online stores. There's no glitz and glamor selling counterfeit sneakers, it's just business after all.
If you know, you know.

submitted by TeddyTheEspurr to Repsneakers [link] [comments]

How The Government Can Get 400,000 cr. to fight the Covid Slowdown

It’s obvious now that the lockdown will hurt India’s economy. And just as other countries are doing, we’ll need big stimulus to start pushing it back into gear. There’s a number of things that this process will involve:
Old businesses can take time to come back to life. Because workers would have migrated, supply chains disrupted etc. They will need help to survive through a time when their factories or offices are shut, and to have paid intermediate salaries or rent.
New businesses will have to be encouraged. Just as some businesses will need help, some of those will die. And those businesses will have to be replaced by others who are new and just getting in. Think of the barber shop that’s shut because it couldn’t pay rent for two months, but then people in the area will still need haircuts.
Giving people and small businesses money directly into their accounts will probably become a necessity, to encourage people to spend or to pay for some of the damage caused due to the lockdown.
The government will have to kickstart spending in a very large way – from better healthcare, to more infrastructure (to provide job) or simply to allow for the economy to rise again.
This costs a ton of money. A rough estimate would be, say, Rs. 400,000 cr. The government doesn’t have this kind of money right now, and raising it by selling assets or issuing debt is enormously difficult. Because the debt it has is already quite large, though not as much compared to the western governments nowadays. However, it doesn’t need to take more debt. There’s money the government rightfully owns which sits idle in a very specific place.
Here’s how it can get Rs. 400,000 cr. now.
This kind of money doesn’t grow on trees, so what nonsense is this, Deepak? (I can hear you think) But bear with me, because I’ve thought this through. The money may not grow on trees, but there’s one big mega uncle who prints it, and generates a large amount of profit. It’s called the RBI. We have written earlier that the RBI has way too much money sitting in its balance sheet that it shouldn’t have. These are called “reserves” (very different from forex reserves). Read: The RBI is hoarding too much capital. Essentially, these are very large numbers of retained earnings, that has gone up even more now with this crisis. The extra earnings can be given back to the government, which can then spend it. Now, RBI makes a lot of money from multiple sources:
It has nearly 10 lakh crore worth of government bonds, which, at 6.5% will give it roughly 65,000 cr. in interest per year.
It also has, now, 35 lakh crores of Forex assets, (lets not call them “reserves” yet) , up over 6 lakh crores in the year. Yes, the RBI has bought a truckload of dollars this year.
The forex reserves earned them over 74,000 cr. last year, and we expect this year to be a little more – probably 90,000 cr. all things considered.
That is an income of 155,000 cr. already.
Apart from this there is a big other benefit. Now the RBI owns all these dollars – it bought them when the rupee was lower (on average, probably Rs. 55 or so). When the dollar depreciates, to balance the accounts, the difference is placed in a Currency and Gold Revaluation Account (CGRA).
The CGRA already had over Rs. 6 lakh crores last year.
This year, considering the RBI has 450 billion dollars in foreign assets, that will add Rs. 4-5 per dollar as revaluation profit – around Rs. 200,000 cr. more in the CGRA.
Due to accounting changes, and due to sales of dollars (around $30 billion in the full year) we should see around Rs. 60,000 cr. as a realized capital gain this year with the RBI.
For details, here’s a good Ananth Narayan article, but note that I simply do not agree that such a profit is not a real profit – it’s as real as any rupee printed.
The RBI doesn’t spend much: 7,000 cr. on employees, 5000 cr. on printing currency and this time, probably 10,000 cr. on payment of interest.
What are you saying Deepak? All these big numbers….
Okay, ignore the nitty gritties. Simply put, RBI has a potential profit, this year, of around Rs. 200,000 cr. This is money it can remit straight to the government this year.
Doesn’t it do that always?
Well, no. The RBI is not very happy to be paying the government anything, to be honest. They keep building random “buffers” to avoid having to pay the government. See what all they have:
Contingency fund: 200,000 cr.
Why? We have no idea. The RBI never participates in any contingency whatsoever; all bank rescues are funded by the government or the PSUs or such. The RBI doesn’t even like to buy anything that isn’t government bonds, so they never take any balance sheet risk. There is no need for a contingency reserve at the RBI. And that too, 200,000 cr. – that’s more than 30% of India’s fiscal deficit! Come on.
You might keep a little bit here, but to hoard such a large number here is unnecessary.
Currency revaluation account: Now, over 800,000 cr.
This is basically reflecting the fact that RBI bought dollars at Rs. 55 or gold at Rs. 1600 per gram and now the dollar is at 75, and gold is at 3800.
This is huge. They keep adding to this fund every year, needlessly – a change in accounting procedure may help remove it.
Asset Development Fund: Rs. 23,000 cr.
Again, why? All major things owned by the RBI are now, by decree, transferred to the government. Examples: SBI, NABARD, NHB. Why should the RBI keep a reserve for this, especially when they have collectively spend less than 5000 cr. in the last five years from such a fund? What’s the point?
Other stuff: Rs. 200,000 cr.
This contains items like unrealized gains on Government bonds and foreign bonds
Again, this should be a profit but is not recorded as one just so that they can avoid having to pay the government. (One simple way to record it is to sell all the bonds and buy them back instantly, converting all the unrealized gains to realised profit)
In total, the RBI has a Rs. 13.5 lakh crores of extra profit (retained earnings of sorts) on its balance sheet. Every year, it generates a large profit and just keeps a good portion in each of these sub clauses, and avoids paying the government. In a partial correction, last year, they discovered that the excess on the balance sheet was too large, and paid out Rs. 1.76 lakh crores as dividend, but it still leaves a huge amount of room for more.
You said Rs. 400,000 cr….
Yes, I’m coming to that. The RBI’s balance sheet is Rs. 47 lakh crores. The “equity” stuff on the balance sheet, which includes the “extra” stuff we talked about – is more than 13 lakh crores. That’s like 27% of their balance sheet. According to the recent Bimal Jalan committee report, the RBI should have a total buffer of about 21% – around 9.8 lakh crores. Given that they have more than 13.5 lakh crores – roughly 400,000 cr. can be given back to the government as dividend.
But what will they sell to give dividends?
Oh they don’t have to sell anything. The RBI has an account for the government. (It’s the govt’s banker). So you transfer from one account (the retained earnings) to another. That’s all. Well, what happens when the government spends the money? It goes to a bank account with some bank. So that banks account with the RBI will swell up and the government’s will reduce. The RBI balance sheet doesn’t change – only the constituents do.
Wait. Why all this now?
Let’s get serious. This is a massive economic blow for the country. We will easily lose over 4% of GDP just to the lack of activity for a month. This has to be made up by massive government spending. That spending has to be financed. Already, the highest expenditure of the govt is interest payments. (Over 5 lakh crores in interest. The next highest entry, defence spending, is 40% lower!) The government may still need to borrow but why should it borrow when the RBI, which is owned by the government, has all the bloat sitting inside it? That’s like saying I have a lot of fixed deposits but let me go borrow money instead to pay for my urgent medical bills, even though I’m reeling under interest payments. The country needs help. We need to relax the ridiculously huge buffers maintained by the RBI in order for the government to spend. The RBI could pay a lot more – but this year, a 400,000 cr. payment looks very achievable without stepping on some toes. I’m not even asking for the government to eat into RBI’s already created massive reserves. Just that they take what profit would have been generated in this one year, instead of allowing RBI to bloat what is already much larger retained profits than required. Remember, most central banks have much lower retained equity as a percentage of their balance sheet. RBI is at 23% currently. Brazil is at 1%, Russia at 13%, South Africa at 1% and the closest perhaps is Germany at 13%. India’s RBI has simply way too much in terms of retained earnings and buffers. In the times of a crisis, you have to use buffers. This is a crisis. This is what a buffer was meant for. I know that a vast crowd will cry tears about how this undermines the independence of the RBI or some such random spiel, but this is not a time to listen to them. It’s time for us to place money in the hands of those that will shoulder the burden, and to not let it lie in forever-unused buffers like within the RBI. Note: What about inflation, you might ask. There will be no inflation by this; none of the above will cause balance sheet expansion of the RBI. And btw, the whole world is inflating and doing so heavily. And they’re all going to support their own countries with specific packages. In that context, there is very little likelihood of any inflation – in fact we’ll have to fight deflation in a slowdown.
https://www.capitalmind.in/2020/04/how-the-government-can-get-400000-cr-to-fight-the-covid-slowdown/
submitted by tor17no to IndiaInvestments [link] [comments]

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What Is Capitalism?

Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
The purest form of capitalism is free market or laissez-faire capitalism. Here, private individuals are unrestrained. They may determine where to invest, what to produce or sell, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls.
Today, most countries practice a mixed capitalist system that includes some degree of government regulation of business and ownership of select industries.
Volume 75% 2:05

Capitalism

Understanding Capitalism

Functionally speaking, capitalism is one process by which the problems of economic production and resource distribution might be resolved. Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized and voluntary decisions.

KEY TAKEAWAYS

  • Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector.
  • Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.
  • Capitalism developed historically out of previous systems of feudalism and mercantilism in Europe, and dramatically expanded industrialization and the large-scale availability of mass-market consumer goods.
  • Pure capitalism can be contrasted with pure socialism (where all means of production are collective or state-owned) and mixed economies (which lie on a continuum between pure capitalism and pure socialism).
  • The real-world practice of capitalism typically involves some degree of so-called “crony capitalism” due to demands from business for favorable government intervention and governments’ incentive to intervene in the economy.

Capitalism and Private Property

Private property rights are fundamental to capitalism. Most modern concepts of private property stem from John Locke's theory of homesteading, in which human beings claim ownership through mixing their labor with unclaimed resources. Once owned, the only legitimate means of transferring property are through voluntary exchange, gifts, inheritance, or re-homesteading of abandoned property.
Private property promotes efficiency by giving the owner of resources an incentive to maximize the value of their property. So, the more valuable the resource is, the more trading power it provides the owner. In a capitalist system, the person who owns the property is entitled to any value associated with that property.
For individuals or businesses to deploy their capital goods confidently, a system must exist that protects their legal right to own or transfer private property. A capitalist society will rely on the use of contracts, fair dealing, and tort law to facilitate and enforce these private property rights.
When a property is not privately owned but shared by the public, a problem known as the tragedy of the commons can emerge. With a common pool resource, which all people can use, and none can limit access to, all individuals have an incentive to extract as much use value as they can and no incentive to conserve or reinvest in the resource. Privatizing the resource is one possible solution to this problem, along with various voluntary or involuntary collective action approaches.

Capitalism, Profits, and Losses

Profits are closely associated with the concept of private property. By definition, an individual only enters into a voluntary exchange of private property when they believe the exchange benefits them in some psychic or material way. In such trades, each party gains extra subjective value, or profit, from the transaction.
Voluntary trade is the mechanism that drives activity in a capitalist system. The owners of resources compete with one another over consumers, who in turn, compete with other consumers over goods and services. All of this activity is built into the price system, which balances supply and demand to coordinate the distribution of resources.
A capitalist earns the highest profit by using capital goods most efficiently while producing the highest-value good or service. In this system, information about what is highest-valued is transmitted through those prices at which another individual voluntarily purchases the capitalist's good or service. Profits are an indication that less valuable inputs have been transformed into more valuable outputs. By contrast, the capitalist suffers losses when capital resources are not used efficiently and instead create less valuable outputs.

Free Enterprise or Capitalism?

Capitalism and free enterprise are often seen as synonymous. In truth, they are closely related yet distinct terms with overlapping features. It is possible to have a capitalist economy without complete free enterprise, and possible to have a free market without capitalism.
Any economy is capitalist as long as private individuals control the factors of production. However, a capitalist system can still be regulated by government laws, and the profits of capitalist endeavors can still be taxed heavily.
"Free enterprise" can roughly be understood to mean economic exchanges free of coercive government influence. Although unlikely, it is possible to conceive of a system where individuals choose to hold all property rights in common. Private property rights still exist in a free enterprise system, although the private property may be voluntarily treated as communal without a government mandate.
Many Native American tribes existed with elements of these arrangements, and within a broader capitalist economic family, clubs, co-ops, and joint-stock business firms like partnerships or corporations are all examples of common property institutions.
If accumulation, ownership, and profiting from capital is the central principle of capitalism, then freedom from state coercion is the central principle of free enterprise.

Feudalism the Root of Capitalism

Capitalism grew out of European feudalism. Up until the 12th century, less than 5% of the population of Europe lived in towns. Skilled workers lived in the city but received their keep from feudal lords rather than a real wage, and most workers were serfs for landed nobles. However, by the late Middle Ages rising urbanism, with cities as centers of industry and trade, become more and more economically important.
The advent of true wages offered by the trades encouraged more people to move into towns where they could get money rather than subsistence in exchange for labor. Families’ extra sons and daughters who needed to be put to work, could find new sources of income in the trade towns. Child labor was as much a part of the town's economic development as serfdom was part of the rural life.

Mercantilism Replaces Feudalism

Mercantilism gradually replaced the feudal economic system in Western Europe and became the primary economic system of commerce during the 16th to 18th centuries. Mercantilism started as trade between towns, but it was not necessarily competitive trade. Initially, each town had vastly different products and services that were slowly homogenized by demand over time.
After the homogenization of goods, trade was carried out in broader and broader circles: town to town, county to county, province to province, and, finally, nation to nation. When too many nations were offering similar goods for trade, the trade took on a competitive edge that was sharpened by strong feelings of nationalism in a continent that was constantly embroiled in wars.
Colonialism flourished alongside mercantilism, but the nations seeding the world with settlements were not trying to increase trade. Most colonies were set up with an economic system that smacked of feudalism, with their raw goods going back to the motherland and, in the case of the British colonies in North America, being forced to repurchase the finished product with a pseudo-currency that prevented them from trading with other nations.
It was Adam Smith who noticed that mercantilism was not a force of development and change, but a regressive system that was creating trade imbalances between nations and keeping them from advancing. His ideas for a free market opened the world to capitalism.

Growth of Industrial Capitalism

Smith's ideas were well-timed, as the Industrial Revolution was starting to cause tremors that would soon shake the Western world. The (often literal) gold mine of colonialism had brought new wealth and new demand for the products of domestic industries, which drove the expansion and mechanization of production. As technology leaped ahead and factories no longer had to be built near waterways or windmills to function, industrialists began building in the cities where there were now thousands of people to supply ready labor.
Industrial tycoons were the first people to amass their wealth in their lifetimes, often outstripping both the landed nobles and many of the money lending/banking families. For the first time in history, common people could have hopes of becoming wealthy. The new money crowd built more factories that required more labor, while also producing more goods for people to purchase.
During this period, the term "capitalism"—originating from the Latin word "capitalis," which means "head of cattle"—was first used by French socialist Louis Blanc in 1850, to signify a system of exclusive ownership of industrial means of production by private individuals rather than shared ownership.
Contrary to popular belief, Karl Marx did not coin the word "capitalism," although he certainly contributed to the rise of its use.

Industrial Capitalism's Effects

Industrial capitalism tended to benefit more levels of society rather than just the aristocratic class. Wages increased, helped greatly by the formation of unions. The standard of living also increased with the glut of affordable products being mass-produced. This growth led to the formation of a middle class and began to lift more and more people from the lower classes to swell its ranks.
The economic freedoms of capitalism matured alongside democratic political freedoms, liberal individualism, and the theory of natural rights. This unified maturity is not to say, however, that all capitalist systems are politically free or encourage individual liberty. Economist Milton Friedman, an advocate of capitalism and individual liberty, wrote in Capitalism and Freedom (1962) that "capitalism is a necessary condition for political freedom. It is not a sufficient condition."
A dramatic expansion of the financial sector accompanied the rise of industrial capitalism. Banks had previously served as warehouses for valuables, clearinghouses for long-distance trade, or lenders to nobles and governments. Now they came to serve the needs of everyday commerce and the intermediation of credit for large, long-term investment projects. By the 20th century, as stock exchanges became increasingly public and investment vehicles opened up to more individuals, some economists identified a variation on the system: financial capitalism.

Capitalism and Economic Growth

By creating incentives for entrepreneurs to reallocate away resources from unprofitable channels and into areas where consumers value them more highly, capitalism has proven a highly effective vehicle for economic growth.
Before the rise of capitalism in the 18th and 19th centuries, rapid economic growth occurred primarily through conquest and extraction of resources from conquered peoples. In general, this was a localized, zero-sum process. Research suggests average global per-capita income was unchanged between the rise of agricultural societies through approximately 1750 when the roots of the first Industrial Revolution took hold.
In subsequent centuries, capitalist production processes have greatly enhanced productive capacity. More and better goods became cheaply accessible to wide populations, raising standards of living in previously unthinkable ways. As a result, most political theorists and nearly all economists argue that capitalism is the most efficient and productive system of exchange.

Capitalism vs. Socialism

In terms of political economy, capitalism is often pitted against socialism. The fundamental difference between capitalism and socialism is the ownership and control of the means of production. In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and manages the vital means of production. However, other differences also exist in the form of equity, efficiency, and employment.

Equity

The capitalist economy is unconcerned about equitable arrangements. The argument is that inequality is the driving force that encourages innovation, which then pushes economic development. The primary concern of the socialist model is the redistribution of wealth and resources from the rich to the poor, out of fairness, and to ensure equality in opportunity and equality of outcome. Equality is valued above high achievement, and the collective good is viewed above the opportunity for individuals to advance.

Efficiency

The capitalist argument is that the profit incentive drives corporations to develop innovative new products that are desired by the consumer and have demand in the marketplace. It is argued that the state ownership of the means of production leads to inefficiency because, without the motivation to earn more money, management, workers, and developers are less likely to put forth the extra effort to push new ideas or products.

Employment

In a capitalist economy, the state does not directly employ the workforce. This lack of government-run employment can lead to unemployment during economic recessions and depressions. In a socialist economy, the state is the primary employer. During times of economic hardship, the socialist state can order hiring, so there is full employment. Also, there tends to be a stronger "safety net" in socialist systems for workers who are injured or permanently disabled. Those who can no longer work have fewer options available to help them in capitalist societies.

Mixed System vs. Pure Capitalism

When the government owns some but not all of the means of production, but government interests may legally circumvent, replace, limit, or otherwise regulate private economic interests, that is said to be a mixed economy or mixed economic system. A mixed economy respects property rights, but places limits on them.
Property owners are restricted with regards to how they exchange with one another. These restrictions come in many forms, such as minimum wage laws, tariffs, quotas, windfall taxes, license restrictions, prohibited products or contracts, direct public expropriation, anti-trust legislation, legal tender laws, subsidies, and eminent domain. Governments in mixed economies also fully or partly own and operate certain industries, especially those considered public goods, often enforcing legally binding monopolies in those industries to prohibit competition by private entities.
In contrast, pure capitalism, also known as laissez-faire capitalism or anarcho-capitalism, (such as professed by Murray N. Rothbard) all industries are left up to private ownership and operation, including public goods, and no central government authority provides regulation or supervision of economic activity in general.
The standard spectrum of economic systems places laissez-faire capitalism at one extreme and a complete planned economy—such as communism—at the other. Everything in the middle could be said to be a mixed economy. The mixed economy has elements of both central planning and unplanned private business.
By this definition, nearly every country in the world has a mixed economy, but contemporary mixed economies range in their levels of government intervention. The U.S. and the U.K. have a relatively pure type of capitalism with a minimum of federal regulation in financial and labor markets—sometimes known as Anglo-Saxon capitalism—while Canada and the Nordic countries have created a balance between socialism and capitalism.
Many European nations practice welfare capitalism, a system that is concerned with the social welfare of the worker, and includes such policies as state pensions, universal healthcare, collective bargaining, and industrial safety codes.

Crony Capitalism

Crony capitalism refers to a capitalist society that is based on the close relationships between business people and the state. Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism that is shown to it by the government in the form of tax breaks, government grants, and other incentives.
In practice, this is the dominant form of capitalism worldwide due to the powerful incentives both faced by governments to extract resources by taxing, regulating, and fostering rent-seeking activity, and those faced by capitalist businesses to increase profits by obtaining subsidies, limiting competition, and erecting barriers to entry. In effect, these forces represent a kind of supply and demand for government intervention in the economy, which arises from the economic system itself.
Crony capitalism is widely blamed for a range of social and economic woes. Both socialists and capitalists blame each other for the rise of crony capitalism. Socialists believe that crony capitalism is the inevitable result of pure capitalism. On the other hand, capitalists believe that crony capitalism arises from the need of socialist governments to control the economy.
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Weekly Roundup | Random Chat | Notifications

News roundup for the previous week.
In International news
  1. Chinese in Australia have setup their own safety networks due to lack of police response
  2. China Is Our Last Diplomatic Hope for North Korea
  3. Mass deportation of Chinese from #Fiji in latest offshore crackdown by Beijing: Fijian and Chinese law enforcement agencies arrest 77 in joint operation similar to others carried out in Indonesia and Cambodia
  4. Launch of China- #Malaysia rail link signals stronger ties: China is funding the 620km-long rail link stretching from Tumpat town, near Malaysia's border with Thailand, to Kuantan Port, before cutting through the mountainous central region to Port Klang, Malaysia's busiest port
  5. #Canadians Have Worse Impression Of U.S. Government Than China: Abacus Poll 49% said they had a "very negative" impression of the U.S. 22% for China. Co-author said it was "remarkable" Canadians having more favourable views of China and Russia than of the "passionate defender of individual freedoms"
  6. China hands Trump a win on North Korea crisis
  7. Taiwan calls time on Mongolia and Tibet affairs commission
  8. South Korean's Leader Bluntly Warns U.S. Against Striking North (Apparently not important enough to make it on Google News Headlines)
  9. Fighting for Chinatown
  10. China won’t allow regime change in N. Korea – fmr US diplomat
  11. Ukraine seeks greater presence in China's agro products market
  12. China tells ‘imperfect’ US to mind its own business over religious freedom criticism
  13. Asian Americans Are Targeted For Hate Crimes More Than We Think
  14. The Shanghai Cooperation Organization (#SCO) completed a joint anti-terrorist drill in Russia's Yaroslavl region located northeast of Moscow, Russia's Federal Security Service (FSB) said
  15. Man Gets Sentenced To Life For Killing USC Student From China
  16. Beijing signs deals with Nepal
  17. Chinese universities rise in world university academic rankings
  18. China's New Base in Djibouti to Aid Economic Expansion in #Africa. Currently, China mainly imports minerals and oil from Africa, but its long-term plan is to build factories on the continent and move some of its manufacturing there to take advantage of the cheaper labor and geographic position
  19. Hard-pedaling Soft Power, China Helps Launch $13B Belt and Road Rail Project in #Malaysia: "The ECRL is indeed yet another 'game changer' and a 'mindset changer' for Malaysia as it will significantly cut travel time to and from the east coast of the peninsula," Malaysian Prime Minister said
  20. 'Economic war with China is everything' Steve Bannon got removed (lol)
  21. Chinese Yang Jiayu wins women's 20km race walk at London World Championships
  22. Asian woman says she quit Google due to racial discrimination
  23. Chinese-Americans concerned about new Texas immigration law
  24. Chinese and #African media houses vow to deepen cooperation in information sharing, best practice and training to improve the dissemination of information
  25. #Pakistan, China sign documents to enhance cooperation in the fields of education and infrastructure development
  26. Former Shanghai teacher now a tribal chief in Nigeria
  27. ‘Duterte wants joint exploration with China’ Foreign Affairs Secretary Alan Peter Cayetano said
In Domestic news
  1. Two arrested in 22-year murder case, one suspect award-winning writer, member of Chinese Writers Association [Chinese]
  2. HK Democracy activist Howard Lam, (aka Staples-Tortured Chub), arrested for misleading police over kidnap claim
  3. Sinopec goes big on geothermal
  4. China Launches ‘Special Crackdown’ on Pyramid Schemes
  5. Police may look into mental health of Hong Kong democracy activist Howard Lam after kidnap claim suspecting mental issues and the stapling was an act of self-harm
  6. 1,290 meters! The main construction of the world's longest 3-tower cable-stayed railway bridge has completed in China
  7. Hong Kong activist Joshua Wong jailed over Occupy protests
  8. China is investigating its major social media sites, including Baidu, WeChat and Weibo, for potentially breaching cybersecurity laws
  9. China’s Major Social Platforms to Cooperate With Authorities in #Cybersecurity: Tieba communication platform, the WeChat messenger and Weibo made separate statements earlier in the day declaring their readiness to actively cooperate with the CAC
  10. China Launches World's Largest Floating #Solar Power Plant: over 160,000 solar panels spreading over 86 hectares of water surface, can provide energy for some 15,000 houses annually
In SciTech news
  1. #Nanochemistry meets macrostructures: Chinese scientists report the synthesis of a macroscopic aerogel from carbonitride nanomaterials which is an excellent catalyst for the water-splitting reaction under visible-light irradiation
  2. Light, strong alloy may alter design of aircraft: The nano ceramic aluminum alloy was developed at Shanghai Jiao Tong University. The new material has already been used in the Tiangong-1 and Tiangong-2 space labs, quantum satellites and meteorological satellites
  3. Converting greenhouse gas to value-added syngas takes a big step forward
  4. China to build first #Mars simulation base: Situated at the Qaidam basin in western Qinghai, Haixi was chosen for its Mars-like landform, landscape and climate
  5. Seeking Greater Global Power, China Looks to Robots and Microchips
  6. Earliest-Known Winged #Mammal Relatives Discovered In China: When you think about the Jurassic Period, you probably think of massive dinosaurs. But now scientists say there were also gliders, akin to today's flying squirrels . Maiopatagium furculiferum and Vilevolodon diplomylos
  7. Chinese satellite sends 'hack-proof' message: The #Micius satellite beamed messages to two mountain-top receiving stations 645 km (400 miles) and 1,200 km away. Complicated optics on the Chinese satellite protect messages with entangled photons
  8. New Privacy Mode Added to DJI Drones, US Army Released Memo to Grant Exception to DJI Ban Pending this New Privacy Mode
  9. Scientists have cloned genetically modified piglets that may prove a safe source of organs for transplants into humans. The piglets, born in a lab in Yunnan, do not carry the active infectious viral gene which has impeded the process of pig-to-human transplantation for more than a decade
  10. China to establish intercontinental ‘hack-proof’ #quantum links with Australia, Europe: Further experiments this year will evolve ground stations in Germany and Italy, Pan added, bringing the project closer to the planned Asian-European secure communication network
  11. Woman Becomes First Person to Be Cryopreserved in China
  12. Novel Thruster Design Could Enable Deeper Travel Into Space
  13. China launches brain-imaging factory
  14. Chinese scientists reveal how itch turns into scratch. In a study published in the U.S. journal Science, researchers reported the discovery of a central neural circuit that moves itch signal from the spinal cord to a part of the brainstem called the parabrachial nucleus (PBN).
  15. China pips US to start world’s first meltdown-proof nuclear reactor
  16. China has unveiled the world's first 'unhackable computer network'
  17. 1,069 dancing robots break Guinness World Record in China (VIDEO)
  18. Despite strains, China and the US are top partners in science
  19. Woman saved by pioneering 3D printed spine in China: had to have six consecutive cervical vertebrae replaced because they had been affected by the rare cancer
  20. Chinese Internet majors compete to dominate #ASEAN tech ecosystem: Baidu, Alibaba, Tencent and JD.com – collectively termed BATJ – are leading a wave of investment into Southeast Asia’s venture ecosystem and technology sector
  21. Who Are China's Biggest Fabless Chipmakers?
In Economic news
  1. Spotlight: Bashing China cannot solve U.S. economic problems, experts say
  2. China July FX reserves unexpectedly hit 9-month high on boost from weak dollar: China's forex reserves, the world's largest, rose $24 billion in July to $3.081 trillion
  3. China's Economic Outlook in Six Charts
  4. Fiat Chrysler could be bought by a Chinese automaker If a deal comes to fruition, it would be a big boon for Chinese car companies looking to improve
  5. Industrial “edge cities” have helped China grow
  6. Deng Xiaoping - the world's greatest economist
  7. US formally launches probe of China trade ties
  8. China emerging as Germany's main economic rival
  9. New investment rules to curb China's foreign acquisition binge
  10. How China’s can-do generation will power economic growth
  11. Young Taiwanese choose China jobs over politics
In Military news
  1. What is China’s PLA doing in #Laos? Beijing's 'Train of Peace' mission to provide medical care to Lao armed forces was nominally a goodwill mission but underscored the country's strategic importance to China's plans for Southeast Asia
  2. Russia, China challenging US military dominance: Mattis
  3. China's making major progress with its aircraft carrier tech (Type 002 to have flat top with catapult, Type 003 to be nuclear powered supercarriers)
  4. Think Tank Says Beijing Continuing #SouthChinaSea Construction. Photos of Tree Island demonstrate sizeable expansion of the island’s above-water mass between August 5, 2015, and August 5, 2017. The size of the island increased by roughly 24 acres between during the time period, AMTI said
  5. #Taiwan says Chinese aircraft fly around island in weekend of drills
  6. #Space Standoff: Uncertainty in Militarized Space. If Russian policy towards the American space program is described as unfriendly, then U.S. policy towards China can be described as nothing short of hostile
  7. Construction of China's 2nd #AircraftCarrier for PLAN Progressing Faster than Expected: propulsion system tests are currently underway. The first and third boilers are already on, and the steam turbines will soon follow. Dockside testing could start within the next month
  8. China has announced plans to bolster its maritime #nuclear capabilities with the creation of a major new joint venture project, could provide the catalyst for the development of floating reactors. The new company will also seek to promote the development of nuclear-powered vessels
  9. The #Pentagon’s top general Joe Dunford, chairman of the Joint Chiefs of Staff, said he discussed with his Chinese counterparts ways to coordinate with China’s military to avoid dangerous miscalculations should war break out with North Korea
Other Notables
  1. Adopted to the US, an American teen’s journey in search of her roots
  2. The busiest employee in a warehouse? Meet China-made warehouse robot!
  3. New research blamed increased competition with China for soaring death rates among white, middle aged Americans (lol)?
  4. On the other side of the table: Nepalese commenters on youtube - to Nepal, India is the big bully, loves China, calls for China's protection
  5. Why Nirvana in Fire is the Best Cdrama
  6. July 2017 Study Refutes Earlier Theories of "Increased US White Male Despair / Deaths Due to Loss of Jobs to China" ("Opioids and obesity, not 'despair deaths,' raising mortality rates for white Americans)
  7. China starts work on world's second-largest hydropower station
  8. Vincent Chin was a Chinese American Man beaten to death in 1982 with a baseball bat by two laid off auto-workers who blamed him for losing their jobs because Japanese cars started becoming popular. The men received initial sentences of 3 years probation and no jail time.
  9. Chinese Guy & American Girlfriend React to Racist Fox News Chinatown Segment
  10. Preserving Nanjing's architectural treasures
  11. The King's Woman 秦时丽人明月心 Airs this week
  12. Hollywood chases after Wu Jing as Wolf Warriors 2, a film with $30M budget crosses $700M mark and still rising.
  13. #Taichi is big in China and its influence is spreading globally: China's mega-rich and powerful believe the merits of the gentle exercise boosts not only personal well-being but company profits and transforms corporate cultures
  14. Why My School Teaches Students to Survive on Next to Nothing
  15. Eddie Huang Serves A White Supremacist & Trump Supporter The Facts While They Eat Chinese Food
  16. #Banda Islands: How Chinese traders – and war over an aphrodisiac – led to a multicultural Indonesia. The world’s major powers considered the Banda Islands the key spoil of a spice war hundreds of years ago and it is this bloody past that made the country what it is today
  17. How the ‘Safest Place on Earth’ Can Be More Welcoming to Others
  18. Modern Chinese Architecture: Landscape Design of Suzhou Vanke Great Lake Park
  19. No.66 Lanman Hutong Renovation
  20. RAW: China holds massive day-night live-fire artillery drill
  21. When Hong Kong workmen dug up 2,000-year-old tomb and were all set to demolish it until public’s enthusiasm saved the day
  22. Long awaited Tribes & Empires: Storm of Prophecy confirmed to air on September 25, 2017.
  23. Heads up, our brothers in arms RT channel has amazing series of documentaries on Chinese culture and the new silk road, very beautifully shot.
  24. Any recent documentaries about modern china history that aren't from the western perspective with English subs or audio?
  25. Forgotten ally? China's unsung role in World War II
  26. 81-Year-Old Chinese Husband Serenades Wife In a Coma For Their 54th Anniversary
  27. How Chop Suey Saved San Francisco's Chinatown [Chinese Food: An All-American Cuisine, Pt. 1]
  28. The Untold Story Of America's Southern Chinese [Chinese Food: An All-American Cuisine, Pt. 2]
  29. 5000 thousands years of beauty.
  30. #WolfWarrior2 Crosses $600M In China; No. 6 All-Time Gross In A Single Market
  31. Throwback to when movies used to start with this...
  32. Alright, I know some of us support Trump, but this better not be you (3rd generation Chinese American Neo-Nazi supporter)
  33. Why the Western definition of human rights is an absurd fraud
  34. #WWE Network to Launch in China: Vince McMahon's pro wrestling organization signed a deal with PPTV to offer a subscription video-on-demand service including all live pay-per-view events
  35. Documentary explores the history of astronomy in China
  36. 'Economic war with China is everything': Trump’s chief strategist in candid interview
  37. The Chinese massacre of 1871 in Los Angeles, California. An estimated 17 to 20 Chinese immigrants were tortured and then hanged by the mob, making the event the largest mass lynching in American history.
  38. Chinese Social Political Stability Rests in "Dual Faceted Identity System" (A Model Societal System Analysis based on Recent Rise of White Nationalism in US)
  39. Lu Xiaojun (77) - 170kg/175kg/177kg Snatch Slow Motion
  40. The Surprisingly Important Role China Played in WWI
  41. Chinese Farmer Builds Epic Multi-Story Platform For 'Pig Diving'
  42. Ai Weiwei takes a small break from mocking Chinese government to criticise western society - "Human Flow" documentary film about refugees
  43. Review: Capitalism With Chinese Characteristics
  44. Hollywood hero with Chinese characteristics
  45. BBC calls what Chinese are doing 'exploitation' while the exact same thing done in the west is ignored.
  46. Ancient poetry content in Chinese text books to sharply increase
  47. The Love Affair of Mussolini’s Daughter Edda & Zhang Xueliang, Heroic China Warlord
  48. 57-year-old man grabs gold medals in body building competition
  49. Cambridge University Press pulls articles in China at Beijing’s request
  50. China's Wolf Warriors 2 joins top 100 grossing films worldwide: non-Hollywood film to break into the top 100 all-time grossing movies worldwide. Knocked 1994's "Forrest Gump" from the No 100 spot
  51. 《追捕》 Manhunt (directed by John Woo) International Trailer
  52. Why Nirvana in Fire is the Best Chinese Drama - Part 2/2
  53. Trying to learn more about traditional chinese culture, what can you guys tell me about the color Qing?
  54. Robot introduced to hospital to autofill prescriptions in E. China
  55. Something worth a grin
  56. Story of China’s ancient military might found carved in cliff
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