Huaxi Village: The Failed Communist Experiment

One of China's tallest buildings, the $470 million Longxi International Hotel, touted by Chinese officials as a symbol of China's economic growth, stands at 328 metres (1,082-feet) high in Huaxi, Jiangsu province, on Sept. 25, 2011. AFP via Getty Images

For anyone who dreams of and pursues “absolute equality and common prosperity for all,” Huaxi Village in China came close to being that utopian dream; the only problem is, after enjoying world renown as “the richest village in China” for decades, Huaxi is now facing bankruptcy.

In late February, a short video of hundreds of people lining up in rain in front of a building in Huaxi Village was circulating on the internet. It looked like a run on banks by worried villagers seeking to withdraw their savings.