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Capitalism
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China has a capitalist economy and a quasi-fascist political set-up. The residual Marxist in me suggests that no socialist state has ever really got off the ground, before it degenerated into a repressive system - Russia, China, Vietnam, the lot. That suggests that (Marxist) socialism is ultimately impossible - on implementation, its 'Perfect Blueprint' immediately hits real-world problems, not least of which is the objections of the workers and peasants whom it is supposed to champion (has any 'socialist' state ever had a worker or peasant in charge ?) Remember Kronstadt.
But it seems that the young children of the current 'Left' are blissfully unaware of all that; and since they will never achieve 'socialism' in Australia, they will never have to learn. If I live to 150, I would expect to see many of them, Gen Y, but middle- and old-aged, in their sensible clothing, walking their spaniels and attending rallies and sit-ins and waving placards (boy, that must feel good) , ever hopeful of a people's uprising, having learnt nothing in sixty years.
Come to think of it, when was the first time a leader rose up from the ranks of workers and peasants, or even as someone who was born AFTER the Revolution ? Gorbachev, born 1931, Ukraine, taking power in 1985, nearly seventy years after the Russian Revolution. Every Soviet leader before him was raised before the Revolution, had a lifelong career in the Party and took over already a decrepit relic: Kosygin, Brezhnev, Yobchenko, then Andropov. In China, where they do things more dynastically, this rule is varied only as some 'young prince' takes power, children of former leaders, like Xi Zin Ping. And in North Korea, where the Kim royal family has ruled over the people since 1945.
Joe