THE PATH OF CAPITALISM.(ISSUES & INSIGHTS)(EDITORIALS)

Chinese President Jiang Zemin appears to have one foot caught in the dustbin of history. The Washington Post reports that the dictator who once spoke of capitalists as exploiters now welcomes them into his Communist Party.

Jiang's reversal is no ideological conversion, but a bow to Realpolitik. As the Post reports, Jiang is simply accepting a fait accompli: "The party estimates that 113,000 members already run businesses, most started after they joined the party."

Jiang is also aware of a recent Communist Party report that admits two looming problems: the Chinese people's lack of confidence in their government and widespread economic sclerosis.

The report, according to the Post, "spoke of "tense' relations between the party and the people" and "the collapse of state-owned industry, a social safety net incapable of dealing with millions of unemployed, strained relations with China's ethnic minorities, a restive peasantry and an unjust legal system."

Jiang insists his Communist Party will essentially remain a collection of "workers, farmers, intellectuals, servicemen and cadres," but says it "is also necessary to accept those outstanding elements from other sectors of the society."

This is Jiang's ...