Reading up a bit on the history of China, it looks like the Communists won the war for power in the nation and those who were supported by the West fled to Taiwan.
A better comparison would be if the Confederates fled to an island and retained their independence after losing the American civil war.
You need to keep in mind, the capitalists lost. You can live in la-la land thinking they "should have" won, but that's simply not what happened.
but it also undermines those businesses who actually try to produce decent products.
Seriously. There are people who's entire job is to make sure that businesses that try to raise standards are never successful.
People are punished for not going along with a 'new normal' where everything sucks and we need to buy replacements for everything every 2 years.
Once upon a time, it wasn't normal to have sponsored ads in the middle of youtube videos. But one by one, any moderately successful channel gets contacted by someone saying they can make more money if they sacrifice the quality and integrity of their videos by putting ads in the middle. They are rewarded for collectively lowering everyone else's standards.
This has been going on for generations. It's a science at this point.
Seriously. Bring them over to the US! We have plenty of room in states like Wyoming, which has enough space to fit 11 Israels but currently has only 1/16th of the population! And that's just one state.
you should go to China and ask average Chinese people about how they feel about their “cheap groceries”.
Have you done this? What did they say?
wealth inequality is a huge problem, and attribute it to inflation is naive. the rich has power in a capitalistic society, they will win no matter we are in an inflationary or deflationary economy. to think deflation will be good for the working people is very naive.
You haven't disproved my point about inflation being a tool for the ruling class to recoup the gains of the working class, which it is. You've just said "they will win no matter what and deflation is not good for working people" without explaining why.
Can you elaborate on why deflation is bad? Do you think inflation isn't a result of workers having more money to spend and businesses raising prices to maximize profit?
Nah. I'm not trying to fit in, which you seem to have conveniently ignored.
I could be wrong, but the evidence points to inflation being a result of the working class having more spending power. It means that no matter what gains the working class makes, the ruling class will take them back with interest.
If you think this is incorrect, feel free to say why.
If domestic producers want domestic buyers, they should lower their prices to be competitive and take less profit as a result. But they won't do that if they can have the government step in to artificially raise the prices of competitors' products.
If they can't do this while paying employees respectable wages, then it shouldn't be up to the government to step in and bail them out.
We're literally letting the government force us to have worse deals so people richer than us can be even richer at our expense.
The working class has been conditioned to think it's "bad" and inflation is "inevitable" because inflation is how the ruling class recoups any gains the working class has made, with interest.
Personally, I think it goes a bit deeper than this. Insecure people always want to feel they "know" everything, so they will often overreach and make claims about something they don't understand just to look smart and fit in. For example, always using the word "consumer" instead of "customer." They want to sound smart, like they went to school and learned about consumers, but they don't realize how they're acting without thinking. It's all a show to avoid admitting they don't really know what they're talking about.
Inflation is the same. Since it's almost guaranteed to happen and it benefits the ruling class, the average worker has been conditioned to see it as beneficial. They are praised for going along with the narrative that inflation is necessary and it makes them "feel smart" even if they are incorrect.
Saying "communism doesn't work" is another example.
Well, if that's how you want to see it then the idea of "rightful owner" doesn't matter much.
It's really just who you like more at that point.