

Westerners Think He Made China Capitalist. They're Wrong | Mick Dunford & Radhika Desai
Geopolitical Economy Hour by Radhika Desai
Sep 6, 2026
01:00:14
Episode notes
Zhu Rongji, China's reform-era premier, has died, and the Financial Times wasted no time eulogizing him as a liberal hero, hoping Xi Jinping might take a leaf out of his book. Mick Dunford, professor emeritus at the University of Sussex and a longtime resident of Beijing, joins me to dismantle that myth, walking through the real human costs of Zhu's reforms, from mass layoffs to soaring inequality, and arguing they were not capitalist triumphs but turbulent steps within a still-socialist system, whose excesses were later corrected by Hu Jintao, Wen Jiabao, and Xi himself. The "liberal hero" the West is mourning is largely their own invention.
Keywords
geopolitical economy
capitalism
China
liberalism