Fukyama: No end of communist rule in China "anytime soon"

Francis Fukyama - of  "end of history" fame - does not think the end of the communist party dictatorship is in view "anytime soon". However, he almost contradicts himself by stating that "If the country's current property bubble bursts and tens of millions of people are thrown out of work, the government's legitimacy, which rests on its management of the economy, would be seriously undermined". 

Fukyama is wrong in believing that the bursting of the bubble will take place in some distant future. There are good reasons to believe that it will happen much sooner. Apart from that Fukyama´s article in the Wall Street Journal is well worth reading:

The bottom line is that China will not catch the Middle Eastern contagion anytime soon. But it could easily face problems down the road. China has not experienced a major recession or economic setback since it set out on its course of economic reform in 1978. If the country's current property bubble bursts and tens of millions of people are thrown out of work, the government's legitimacy, which rests on its management of the economy, would be seriously undermined.
Moreover, Mr. Huntington's scenario of rising but unfulfilled expectations among the middle class may still play out. Though there is a labor shortage among low-skill workers in China today, there is a glut of the college educated. Every year into the future, China will graduate more than seven million people from its universities, up from fewer than a million in 1998, and many of them are struggling to find work suitable to their self-perceived status. Several million unemployed college graduates are far more dangerous to a modernizing regime than hundreds of millions of poor peasants.
There is also what the Chinese themselves call the "bad emperor" problem. China's historical achievement over the centuries has been the creation of high-quality centralized bureaucratic government. When authoritarian rulers are competent and reasonably responsible, things can go very well. Indeed, such decision-making is often more efficient than in a democracy. But there is no guarantee that the system will always produce good rulers, and in the absence of the rule of law and electoral checks on executive power, there is no way to get rid of a bad emperor. The last bad emperor, commonly (if quietly) acknowledged as such, was Mao. We can't know what future tyrant, or corrupt kleptocrat, may be waiting in the wings in China's future.
The truth is that, much as we might theorize about the causes of social revolution, human societies are far too complex, and change too rapidly, for any simple theory to provide a reliable guide. Any number of observers dismissed the power of the "Arab street" to bring about political change, based on their deep knowledge of the Middle East, and they were right every year—up until 2011.
The hardest thing for any political observer to predict is the moral element. All social revolutions are driven by intense anger over injured dignity, an anger that is sometimes crystallized by a single incident or image that mobilizes previously disorganized individuals and binds them into a community. We can quote statistics on education or job growth, or dig into our knowledge of a society's history and culture, and yet completely miss the way that social consciousness is swiftly evolving through a myriad of text messages, shared videos or simple conversations.
The central moral imponderable with regard to China is the middle class, which up to now has seemed content to trade political freedom for rising incomes and stability. But at some point this trade-off is likely to fail; the regime will find itself unable to deliver the goods, or the insult to the dignity of the Chinese people will become too great to tolerate. We shouldn't pretend that we can predict when this tipping point will occur, but its eventual arrival, as Samuel Huntington might have suggested, is bound up with the very logic of modernization itself.