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Paradoxes of prosperity in China's new capitalism

Paradoxa der Prosperität in Chinas neuem Kapitalismus
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Brink, Tobias ten

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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 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)
Keywords China; capitalism; prosperity; consumption; historical development; export; stability; socioeconomic development; model; globalization; world economy; role image; Far East; developing country; Asia
Classification Sociology of Economics; National Economy
Method descriptive study; empirical; quantitative empirical; theory application
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