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Paradoxes of prosperity in China's new capitalism
Paradoxa der Prosperität in Chinas neuem Kapitalismus
[journal article]
Abstract "This article gives a broad characterization of China's political economy, as well as specific aspects of its socio-economic instabilities. With a focus on China's export-oriented industry sectors, concepts from comparative and international political economy are applied to show how the Chinese econ... view more
"This article gives a broad characterization of China's political economy, as well as specific aspects of its socio-economic instabilities. With a focus on China's export-oriented industry sectors, concepts from comparative and international political economy are applied to show how the Chinese economy can be understood as a variegated form of state-permeated capitalism that at the same time is deeply integrated into world economic processes. The article goes on to portray the socio-economic dynamics, as well as the instabilities of China's new capitalism, that are at the root of the state leadership's attempts to turn away from a one-sided model of export and investment-driven growth. Thereby, a number of obstacles are revealed for the 'rebalancing' of the economy: a continued dependence on exports, a lack of domestic consumer demand which impedes a significant 'social' upgrading, the ongoing low-wage model for which there is no end in sight, the limits of the state's steering capacity and the weaknesses of its fragmented, competition-driven structure." (author's abstract)... view less
Keywords
world economy; prosperity; capitalism; Asia; consumption; role image; historical development; socioeconomic development; Far East; export; model; stability; globalization; China; developing country
Classification
National Economy
Sociology of Economics
Method
theory application; descriptive study; empirical; quantitative empirical
Document language
English
Publication Year
2013
Page/Pages
p. 17-44
Journal
Journal of Current Chinese Affairs, 42 (2013) 4
Issue topic
Rebalancing China's political economy
ISSN
1868-4874
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works