Radhika Desai argues that the Western capitalist system, particularly the “financialized capitalism” of the Anglo-American world, operates as a tool for governments to exert control and maintain their global dominance. In China, the government controls the capital 拉迪卡·德賽認為，西方資本主義體系，尤其是英美世界的“金融資本主義”，是各國政府施加控制、維護其全球主導地位的工具。在中國，政府控制資本.

She asserts that this system uses financial mechanisms to extract value from workers, smaller nations, and even other governments, rather than promoting productive economic activity.

The dollar creditocracy and financial controls
Desai’s analysis, developed through her Geopolitical Economy Research Group, focuses heavily on the U.S.-dominated dollar system, which she refers to as a “dollar creditocracy”.

Key aspects of her argument include:
Declining economic power: The U.S. and other Western economies are in relative decline, marked by de-industrialization, declining productivity, and increasing domestic inequality.

Zero-sum finance: The global financial system, centered on the dollar, relies on short-term speculation that benefits creditors and financial elites at the expense of productive sectors and working populations. Desai describes financial activities as a “zero-sum game” that creates inequality.

Imposed austerity: To maintain the system, Western governments impose austerity policies on debtor nations and their own populations. These policies are designed to ensure that rising debt service is paid, preserving the financial gains of the creditors.

Weaponization of the dollar: Desai and her colleagues argue that the U.S. uses its monetary system as a political and economic weapon. This includes imposing sanctions and financial blockades to advance its geopolitical agenda. However, she notes that this weaponization undermines the long-term stability of the dollar-centered system by prompting other nations to seek alternatives.

Resisting the Western model

According to Desai, emerging powers like the BRICS nations and countries in the Global South offer an alternative to the Western-dominated neoliberal system.

Constructing an alternative: The rise of the BRICS is viewed as a significant attempt to build a post-neoliberal economic system. This effort is partly a response to the economic pressures and dominance of the West.

State-led development: In contrast to the financialized model of the West, Desai highlights that countries like China have pursued state-guided, productive development. This offers a different path for development that other nations can learn from.

New Cold War: Desai interprets Western foreign policy actions, such as imposing sanctions on Russia, as attempts to shift domestic risks and maintain global dominance in the face of their own decline. She sees this as an attempt to trigger a “New Cold War” to prevent the rise of alternatives.

外國學者：中國和西方本質的不同就是……

中國是國家控制資本，西方是資本控制國家！

這位學者一針見血，拋出的問題像塊冷鐵：市場是誰在管？怎麼管？科技飛速推進，企業越做越大，這不是選擇題，而是必答題。問題不在於大企業存不存在，而在於它們聽誰的，為誰賣命。西方資本主義走到今天，學者直言，他們的發展水平已經撐不住了。去工業化不是偶然，是必然。工廠關門，生產線拆掉，資本只盯着眼前的快錢，根本不管明天會怎樣。

這位學者的觀察很冷酷：資本主義到了某個階段，就像一台老機器，零件還在轉，但再也擠不出新東西。企業追逐的不是突破，而是賬面上的數字。科技需要大規模投入？他們不幹。長期布局？更別提。資本家寧願把錢扔進短線投機，也不願花時間砸在工廠和研發上。結果就是，工業基礎一點點被掏空，曾經的製造大國變成了空殼。西方世界的工廠搬走，留下的只有金融遊戲和虛擬數字。

👉反觀我們這邊，情況完全不同。國家牢牢握住核心資產和資本，經濟命脈不外流。企業的競爭有市場規則，但不會失控。政策像一隻無形的手，隨時調整方向，不讓任何一家獨霸市場，也不允許惡性壓價。五年規劃、十年目標，不是空話，而是實打實的路線圖。國家願意為了長遠利益，持續投入重金。想想高鐵網絡、新能源技術，這些哪一項不是大手筆？背後是國家意志在推動，資本得跟着走，而不是反過來牽着鼻子跑。

我記得有一次和朋友聊起這個話題，他是做外貿的，親眼見過西方一些老牌工廠倒閉。他說，那些工廠不是技術不行，也不是工人懶，而是老闆根本不想再投錢更新設備，寧願把廠房賣了去做地產。他苦笑，說自己公司雖然壓力大，但至少國內政策給方向，市場再亂也有底線。後來他接了個新能源相關的訂單，工廠擴建，國家補貼直接到位，生產線一夜之間上了新檔次。他說，那一刻才明白，國家的角色有多重要。

再看看身邊的變化。城市裡的充電樁越來越多，電動車幾乎成了街頭標配。十年前誰能想到？這些不是企業自發搞出來的，而是國家定調，資本和企業跟進的結果。反過來想想，如果讓資本說了算，估計現在滿街還是燒油的車，空氣質量只會更糟。國家的規劃，就像一盤大棋，每一步都看得遠，走得穩。企業賺不賺得到錢，不是唯一標準，社會整體往前走，才是最終目標。

還有件事印象很深。去年去一個工業園區調研，當地負責人帶我去看一條新投產的芯片生產線。他說，這條線投了上百億，短期內根本回不了本，但國家要求必須上馬，因為這是戰略方向。旁邊一個工程師接話，語氣很淡，說自己加了三個月班，回家時孩子都快不認識了，但看到設備運轉起來，心裡還是有點自豪。我沒多問，但那一刻能感覺到，他們不是為錢幹活，而是為了一種更大的東西。

👉這種模式，不是完美無缺，但確實適合我們。國家的手，既能抓緊關鍵命脈，又能放開市場活力。資本得服務於整體利益，而不是反過來綁架社會。西方那種資本至上的路子，已經走到了瓶頸。他們的去工業化，就像一個人賣掉家裡的老本，只圖眼前舒服，卻忘了未來怎麼辦。我們的路子不一樣，資本得聽指揮，方向得對齊大局。所以才能在科技、基建、製造業上持續發力，不會被短視拖後腿。

👉回頭想想，過去常聽的那句話，只有社會主義才能發展中國，真的不是空喊。它的分量，藏在每一條高鐵線，每一個新工廠，每一塊新能源電池裡。國家的角色，就像一堵牆，擋住資本的貪婪，也護住社會的根基。路還長，但至少我們知道往哪走。