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If the Cold War were simply a war of force, where there was an obvious winner and loser, the question of whether China won the war would be more complicated. Since it was, however, a war of ideas, the answer is quite simply no.
First, it is important to look at the time frame. While China is now a major economic force, at the end of the Cold War, it was still a developing nation, where a large portion of the population lived in poverty.
Next, it is important to look at the economic factors and tactics which took China from that developing nation to the economic powerhouse it is today. First, it is important to set the context. Land and labor are two key factors in economic growth. Whatever circumstances hold or have held China back, two things the nation certainly has are land and labor.
How have the Chinese taken advantage of their abundant land and large population, however? The economy and society of modern China is very heavily concentrated in the East, more specifically along the coast. In fact, Beijing is the only major city not located on the coast. While there are obvious economic and geopolitical advantages to developing the coastline as opposed to the interior of China, the vast difference in wealth, population and development speaks a lot to the level at which China's economy should truly be placed. Additionally, there are several large rivers which run through China, and in addition to the interior, the borders are almost totally undeveloped. Politically, militarily, and economically, this puts China at a huge disadvantage to a country like the United States, which has several major inland cities.
Finally, what has the government done since the end of the Cold War to lead to this massive development on the coast? For starters, there is the Hong Kong issue. Hong Kong, a capitalist and democratic city, was annexed to a still largely Communist China. Did the Chinese convert the political and economic atmosphere of Hong Kong to conform to the Chinese model? No. In fact, recognizing Hong Kong's success, China allowed it to remain pretty much as it had been.
Not only that, but in the major coastal cities (and Beijing), the government established Special Economic Zones. In these zones, key businesses were denationalized, foreigners were allowed access to the market, and capitalism was generally allowed. These SEZs are found in Shanghai, Tianjin, Beijing, and every other major city in China. Obviously, these zones have contributed to the dominance of these cities in the Chinese economy, and to the growth of the Chinese economy as a whole.
The fact that the major drivers behind China's economic growth have been capitalist-friendly SEZs clearly indicates that the free market has benefited China. Moreover, the fact that the Chinese government allowed the Hong Kong market to remain relatively open, and in fact opened markets in several key cities indicates that the Chinese authorities recognize the value of relatively free markets.
Since the Cold War was primarily a war of ideas, Chinese recognition of the primacy of the free market is an obvious indication that the war was won by the West.
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