Breaking the illusion of political and economic reality

In a recent essay, Immanuel Wallerstein, senior research scholar with Yale University, describes how common Americans think about China. The sociologist and world-systems analyst says Americans may have had similar opinions about China 30 years ago, but today their views differ. They are no longer sure whether China is a developing country or a world power, or whether it is a socialist country or a capitalist country.

This difference of opinion over China is not restricted to Americans. People in many other countries share their uncertainty. So is China a socialist country or a capitalist country.

This answer depends on how socialism and market economy are defined. Scholars who perceive socialism as a "dynamic" concept proclaim that socialism, at least ideologically, is a social form with continuous changes and developments, and hence China is a socialist country. In other words, socialism with Chinese characteristics is indeed a socialist model of society.