DOCSLIB.ORG

Rise of China and the Demise of the Capitalist World-Economy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rise of China and the Demise of the Capitalist World-Economy Li 00a pre ii 20/8/08 11:13:53 First published 2008 by Pluto Press 345 Archway Road, London N6 5AA www.plutobooks.com Copyright © Minqi Li 2008 The right of Minqi Li to be identifi ed as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. The Rise of China and the British Library Cataloguing in Publication Data Demise of the Capitalist A catalogue record for this book is available from the British Library ISBN 978 0 7453 2773 0 Hardback World-Economy ISBN 978 0 7453 2772 3 Paperback MINQI LI This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental standards of the country of origin. The paper may contain up to 70% post consumer waste. 10 9 8 7 6 5 4 3 2 1 Designed and produced for Pluto Press by Chase Publishing Services Ltd, Fortescue, Sidmouth, EX10 9QG, England Typeset from disk by Stanford DTP Services, Northampton PLUTO PRESS Printed and bound in the European Union by www.plutobooks.com CPI Antony Rowe, Chippenham and Eastbourne Li 00a pre iv 20/8/08 11:13:54 Li 00a pre iii 20/8/08 11:13:53 Contents List of Tables List of Tables vi 2.1 Economic growth rates of China and selected regions List of Figures vii of the world, 1950–76 29 Preface: My 1989 ix 2.2 Life expectancy at birth in China and selected countries, 1960–2000 34 1. An Introduction to China and the Capitalist 2.3 Adult illiteracy rate in China and selected countries, World-Economy 1 1970–2000 35 2. Accumulation, Basic Needs, and Class Struggle: 2.4 Primary school enrollment in China and selected The Rise of Modern China 24 countries, 1970–2000 36 3. China and the Neoliberal Global Economy 67 2.5 Secondary school enrollment in China and selected 4. Can the Capitalist World-Economy Survive the Rise countries, 1970–2000 36 of China? 93 3.1 Distribution of value added in the global commodity 5. Profi t and Accumulation: Systemic Cycles and chain of a talking globe model for children’s education 71 Secular Trends 113 3.2 Share of the world’s total current account surpluses 6. The End of the Endless Accumulation 139 or defi cits 1995–2006 79 7. Between the Realm of Necessity and the Realm 4.1 The structure of social classes and occupations in the US 101 of Freedom: Historical Possibilities for the 4.2 The structure of social classes and occupations in Latin Twenty-First Century 174 American countries (1990/1992) 103 4.3 The evolution of the structure of China’s social strata, Bibliography 193 1978–99 105 Index 202 4.4 Class structures in the core and the semi-periphery 107 4.5 Manufacturing workers’ wage rates in selected countries 108 5.1 Ecological footprint of the world’s major regions, 2003 131 6.1 Estimates of electricity generation cost from alternative energy sources 155 6.2 Energy cost schedule 156 6.3 World’s metallic mineral resources 164 vi Li 00b pre v 20/8/08 11:13:49 Li 00b pre vi 20/8/08 11:13:49 viii The Rise of China and the Demise of the Capitalist World-Economy 5.5 Share of world GDP, 1975–2006 124 List of Figures 5.6 Long-term movement of the output:capital ratio, UK 1855–2006/US 1850–2006 127 5.7 Long-term movement of the profi t share, UK 1855–2006/US 1890–2006 128 6.1 World primary energy consumption: historical and 2.1 Share of world GDP, 1820–2000 25 projected, 1965–2050 160 2.2 Index of per capita GDP, 1820–2000 25 6.2 Energy effi ciency, 1975–2004 161 2.3 China’s crude death rate, 1936–80 41 6.3 World economic growth: historical and projected, 2.4 China’s natural disasters, 1950–80 43 1965–2050 163 3.1 World economic growth, 1951–2006 74 6.4 World’s grain production, 1950–2006 (actual)/ 3.2 Corporate profi tability, US 1950–2006/ 1984–2100 (trend) 167 China 1980–2005 75 6.5 China’s grain production, 1950–2006 (actual)/ 3.3 Property income as share of GDP, Europe and Japan 1996–2100 (trend) 169 1960–2006 76 6.6 World primary energy consumption, carbon dioxide 3.4 Contribution to world economic growth (PPP), equivalent stabilizing at 450 ppm 171 1976/78–2006 77 6.7 World economic growth, carbon dioxide equivalent 3.5 Contribution to world economic growth (current US$), stabilizing at 450 ppm 172 1966/75–2006 78 3.6 US foreign debt and the world’s foreign exchange reserves, 1980–2006 80 3.7 Real oil price and world economic growth, 1950–2006 82 3.8 Long-term variations of US stock prices, 1871–2006 83 3.9 Macroeconomic structure of the US economy, 1960–2006 84 3.10 US real wage and real median family income indices, 1964–2006/1977–2005 85 3.11 US fi nancial balances: Private, government, and foreign sectors, 1960–2006 86 3.12 Macroeconomic structure of the Chinese economy, 1980–2006 88 3.13 China: Labor income and household consumption, 1980–2005 89 4.1 Index of per capita GDP, 1975–2006 98 4.2 World energy consumption (historical and hypothetical projection), 1970–2035 112 5.1 Long-term movement of nominal interest rates: UK 1756–2006/US 1857–2006 117 5.2 Long-term movement of the profi t rate, UK 1855–2006 118 5.3 Long-term movement of the profi t rate, US 1890–2006 120 5.4 Economic growth and real interest rates, US 1960–2006 122 vii Li 00b pre vii 20/8/08 11:13:49 Li 00b pre viii 20/8/08 11:13:50 x The Rise of China and the Demise of the Capitalist World-Economy into the capitalist world-economy and did not actively participate in Preface: My 1989 the system-wide division of labor until very recently. China therefore has functioned as a strategic reserve for the capitalist world-economy, and the mobilization of this large strategic reserve in fact signals the impending terminal crisis of the existing world-system. How did I arrive at my current intellectual position? I belong to This book is unlike many of the books on China today. It is not the “1989 generation.” But unlike the rest of the 1989 generation, I one that will discuss how China’s dramatic economic growth and made the unusual intellectual and political trajectory from the Right growing geopolitical infl uence will constitute an economic, military, to the Left, and from being a neoliberal “democrat” to a revolutionary and cultural threat to the West. Nor is it one that will discuss how Marxist. I was a student at the Economic Management Department China will rise to become the world’s next hegemony, what strategy of Beijing University during the period 1987–90. This department China should adopt for this purpose, or what economic and political has now become the Guanghua Economic Management School, a model China should follow to be a “responsible” player in world leading Chinese neoliberal think tank advocating full-scale market politics. However, this book will discuss the underlying world- liberalization and privatization. At Beijing University, we were taught historical processes, which have led to the current world-historical standard neoclassical microeconomics and macroeconomics, and context upon which both the perception of China as a threat to the what later I learned was termed “Chicago School” economics—that west and the perception of China as a benign rising world power is, the theory that only a free market economy with clarifi ed private have attempted to refl ect. property rights and “small government” can solve all economic and It is this author’s view that the existing world-system, capitalism, social problems rationally and effi ciently. will come to an end in the not-too-distant future (possibly within We were convinced that the socialist economy was unjust, many readers’ lifetime) and will be replaced by some other system oppressive, and ineffi cient. It rewarded a layer of privileged, lazy or systems. This book is more about the “demise of the capitalist workers in the state sector and “punished” (or at least undercom- world-economy” than about the “rise of China.” It discusses the rise pensated) capable and smart people such as entrepreneurs and of China to the extent that it arises from the same historical processes intellectuals, who we considered to be the cream of society. Thus, that have contributed to the demise of the existing world-system. for China to have any chance to catch up with the West, to be “rich The rise of China is an integral part of these historical processes, and and powerful,” it had to follow the free market capitalist model. represents a great acceleration of these processes. State-owned enterprises were by nature ineffi cient and should all Capitalism (or the capitalist world-economy) is a social system be privatized. State-sector workers should be forced to participate in based on the production for profi t and the endless accumulation market competition and those who were incapable, too lazy, or too of capital. The operation and the expansion of the existing world- stupid, should just be abandoned. system thus depend on a set of historical conditions that help to The 1980s was a decade of political and intellectual excitement secure low environmental cost, low wage cost, and low taxation in China.
Load more

Recommended publications
  • World Association for Political Economy
    World Association for Political Economy WAPE [2006] No.2 WAPE Organization Structure and Member List Chairman Cheng Enfu, administrative deputy director of Academy of Marxism, Chinese Academy of Social Sciences; professor and director at Economic Research Center of Shanghai School, Shanghai University of Finance and Economics Vice Chairmen 1 David Kotz, professor of economics at the University of Massachusetts Amherst and Research Associate at the Political Economy Research Institute 2 Hiroshi Ohnishi, professor of economics at Graduate School of Kyoto University and a vice-dean of Shanghai Center of Kyoto University Council Members 1 David Kotz, professor of economics at the University of Massachusetts Amherst and Research Associate at the Political Economy Research Institute 2 Wadi’h Halabi, serves on the Economics Commission of the Communist Party USA, and also teaches political economy at the Center for Marxist Education in Cambridge, Massachusetts 1 3 Mehrene Larudee, assistant professor at DePaul University International Studies Program 4 Hiroshi Ohnishi, professor of economics at Graduate School of Kyoto University and a vice-dean of Shanghai Center of Kyoto University 5 Susumu Takenaga, professor of economics at Daitobunka University 6 Arefyev Nikolay, member of the Federal Assembly of the Russian Federation and the State Duma 7 Bessonov Boris, professor of economics at Moscow University of Economics and Business 8 Eike Kopf, German expert of the Central Compilation and Translation Bureau of China 9 Ting Tek-Lee, Vice-president of Frankfurt Branch, Bank of China 10 Ng Hong Chiok, teaches at Cologne University, Germany and Tongji University, Shanghai 11 Simon Mohun, professor of political economy in the School of Business and Management at Queen Mary, University of London 12 Bruce Cronin, professor and director of postgraduate programmes, University of Greenwich Business School 13 Terrence J.
    [Show full text]
  • SOCIALISM: the 20TH CENTURY SOCIALISM: the 20TH a September 2011 Festschrift Conference in WORKING
    RESEARCH INSTITUTE POLITICAL ECONOMY SOCIALISM: THE 20TH CENTURY AND THE 21ST CENTURY Minqi Li October 2012 Gordon Hall 418 North Pleasant Street This paper was presented as part of Amherst, MA 01002 a September 2011 Festschrift Conference in Phone: 413.545.6355 Fax: 413.577.0261 honor of Thomas Weisskopf. [email protected] www.peri.umass.edu WORKINGPAPER SERIES Number 292 PREFACE This working paper is one of a collection of papers, most of which were prepared for and presented at a fest- schrift conference to honor the life’s work of Professor Thomas Weisskopf of the University of Michigan, Ann Arbor. The conference took place on September 30 - October 1, 2011 at the Political Economy Re- search Institute, University of Massachusetts, Amherst. The full collection of papers will be published by El- gar Edward Publishing in February 2013 as a festschrift volume titled, Capitalism on Trial: Explorations in the Tradition of Thomas E. Weisskopf. The volume’s editors are Jeannette Wicks-Lim and Robert Pollin of PERI. Since the early 1970s, Tom Weisskopf has been challenging the foundations of mainstream economics and, still more fundamentally, the nature and logic of capitalism. That is, Weisskopf began putting capitalism on trial over 40 years ago. He rapidly established himself as a major contributor within the newly emerging field of radical economics and has remained a giant in the field ever since. The hallmarks of his work are his powerful commitments to both egalitarianism as a moral imperative and rigorous research standards as a means. We chose the themes and contributors for this working paper series, and the upcoming festschrift, to reflect the main areas of work on which Tom Weisskopf has focused, with the aim of extending research in these areas in productive new directions.
    [Show full text]
  • 4 Political Economy of China from Socialism to Capitalism, and to Eco-Socialism?
    4 Political economy of China From socialism to capitalism, and to eco-Socialism? Minqi Li According to the current definition given by Wikipedia: “An emerging market is a country that has some characteristics of a developed market, but does not meet standards to be a developed market” (Wikipedia 2016). According to French economist Julien Vercueil, an “emerging economy” should be defined by the following characteristics: intermediate income (with per capita income measured by purchasing power parity ranging from 10 to 75 percent of the European union average); rapid economic growth that has allowed the country to narrow the income gap with the “advanced economies” over the last decade; and commitment to neoliberal economic restructuring (the country has undertaken “profound” institutional transformations which contributed to integrate it more deeply into the global capitalist economy) (Vercueil 2012, 232). In 2010, the term “emerging economies” was applied to more than 50 countries, representing more than 60 percent of the world population and about 45 percent of the world economic output (Vercueil 2012, 10). China is the largest “emerging market” or “emerging economy” by population and economic size. From the world system perspective, most “emerging economies” are best understood as “semi-peripheral” countries within the capitalist world system. The countries in the capitalist world system are divided into three structural positions: core, semi-periphery, and periphery. Historically, the wealth of the capitalist world system was concentrated in the core but the great majority of world population lived in the periphery. As China “emerges” or advances from the periphery into the semi-periphery, the distribution of world wealth and geopolitical power has been fundamentally transformed.
    [Show full text]
  • The Rise of the Working Class and the Future of the Chinese Revolution Minqi Li¼, Monthly Review, Volume 63, Issue 2 (June)
    The Rise of the Working Class and the Future of the Chinese Revolution Minqi Li¼, Monthly Review, Volume 63, Issue 2 (June) In July 2009, workers at the state-owned Tonghua Steel Company in Jilin, China organized a massive anti-privatization protest. Then, in the summer of 2010, a wave of strikes swept through China’s coastal provinces. These events may prove to be a historic turning point. After decades of defeat, retreat, and silence, the Chinese working class is now re- emerging as a new social and political force. How will the rise of the Chinese working class shape the future of China and the world? Will the Chinese capitalist class manage to accommodate the working-class challenge while maintaining the capitalist system? Or will the rise of the Chinese working class lead to a new Chinese socialist revolution that could, in turn, pave the way for a global socialist revolution? The answers to these questions will, to a large extent, determine the course of world history in the twenty-first century. The Defeat of the Working Class and the Triumph of Chinese Capitalism The Chinese Revolution of 1949 was based on the broad mobilization of the overwhelming majority of the Chinese population against exploitation by the domestic feudal landlords, capitalists, and foreign imperialists. With all of its historical limitations, China in the Maoist period deserved to be characterized as “socialist” in the sense that the internal class relations within China were far more favorable for the proletarianized and non-proletarianized working classes than those that typically prevail in a capitalist state, especially in the context of the periphery and semi- periphery.1 Despite historic Maoist achievements, China remained a part of the capitalist world system and was compelled to operate under the basic laws of motion of the system.
    [Show full text]
  • A Commune in Sichuan?
    A Commune in Sichuan? Reflections on Endicott’s Red Earth by Husunzi (with the help of many others) Abridged English & Chinese versions of this essay will appear in China Left Review #3, (June 2010) Stephen Endicott’s Red Earth: Revolution in a Sichuan Village (New York: New Amsterdam Books, 1991) is one of a few enjoyable village studies that provide a carefully documented, detailed account of the system of agrarian “people’s communes” that dramatically transformed rural and urban China from the late 1950s to the early 1980s. As such, it provides important insights to students of modern Chinese history, researchers on “development” in general, and even to social activists concerned with how to create a better post-capitalist world. To those who recognize the unsustainability and injustice of capitalism but think no better alternative is possible, that “communism is a good idea in theory but will never work in practice,” pointing to China as an example of its failure, Red Earth demonstrates that, while the PRC was never communist (and never claimed to be), some of the communistic arrangements it experimented with did work despite unfavorable circumstances, and it was not any inherent impracticality that led to their abandonment. Many reviews of this classic study have been published, one of which can be accessed for free online,1 so below I focus on those parts of the book related to the commune period, using these as a springboard for a broader reflection on China’s experience with agrarian socialism and the lessons this offers to anti-capitalists of all stripes today.
    [Show full text]
  • Swimming Against the Tide: Tracing and Locating Chinese Leftism Online
    SWIMMING AGAINST THE TIDE: TRACING AND LOCATING CHINESE LEFTISM ONLINE Andy Yinan Hu B.A., Simon Fraser University, 2004 THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS In the School of Communication O Andy Yinan Hu 2006 SIMON FRASER UNIVERSITY Summer 2006 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. APPROVAL NAME: Yinan Andy Hu DEGREE: TITLE: SWIMMING AGAINST THE TIDE: TRACING AND LOCATING CHINESE LEFTISM ONLINE EXAMINING COMMITTEE: CHAIR: Prof. Alison Beale Prof. Yuezhi Zhao Senior Supervisor Associate Professor, School of Communication Prof. Pat Howard Supervisor Associate Professor, School of Communication Prof. TimothyCheek Examiner Professor, Centre for Chinese Research, UBC Date: SIMON FRASER UNIWR~~brary DECLARATION OF PARTIAL COPYRIGHT LICENCE The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection, and, without changing the content, to translate the thesislproject or extended essays, if technically possible, to any medium or format for the purpose of preservation of the digital work.
    [Show full text]
  • Marx's Democratic Critique of Capitalism and Its Implications for a Viable Socialism
    Loyola University Chicago Loyola eCommons Philosophy: Faculty Publications and Other Works Faculty Publications 2014 Marx's Democratic Critique of Capitalism and Its Implications for a Viable Socialism C. David Schweickart Loyola University Chicago, [email protected] Follow this and additional works at: https://ecommons.luc.edu/philosophy_facpubs Part of the Philosophy Commons Author Manuscript This is a pre-publication author manuscript of the final, published article. Recommended Citation Schweickart, C. David. Marx's Democratic Critique of Capitalism and Its Implications for a Viable Socialism. Owl of Minerva, 46, 1: 67-77, 2014. Retrieved from Loyola eCommons, Philosophy: Faculty Publications and Other Works, http://dx.doi.org/10.5840/owl20156813 This Article is brought to you for free and open access by the Faculty Publications at Loyola eCommons. It has been accepted for inclusion in Philosophy: Faculty Publications and Other Works by an authorized administrator of Loyola eCommons. For more information, please contact [email protected]. This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License. © Hegel Society of America, 2014. Marx's Democratic Critique of Capitalism, and Its Implications for China's Developmental Strategy Presentation to the Fifth Forum of Humanities and Social Sciences of China Renmin University, Beijing June 18, 2005 Introduction As we all know, Marx's powerful and compelling critique of capitalism provided no explicit model for a viable alternative to capitalism, no "recipes for cookshops of the future," in his disdainful phrase.1 Marx shouldn’t be faulted for this omission. He was a "scientific" socialist. Although there were sufficient data available to him to ground his critique of capitalism, there was little upon which to draw regarding alternative economic institutions.
    [Show full text]
  • Capitalism with Zero Profit Rate?: Limits to Growth and the Law of the Tendency for the Rate of Profit to Fall
    DEPARTMENT OF ECONOMICS WORKING PAPER SERIES Capitalism with Zero Profit Rate?: Limits to Growth and the Law of the Tendency for the Rate of Profit to Fall Minqi Li Working Paper No: 2007-05 University of Utah Department of Economics 1645 East Central Campus Dr., Rm. 308 Salt Lake City, UT 84112-9300 Tel: (801) 581-7481 Fax: (801) 585-5649 http://www.econ.utah.edu Capitalism with Zero Profit Rate?: Limits to Growth and the Law of the Tendency for the Rate of Profit to Fall Minqi Li University of Utah, Department of Economics [email protected] 1 1. Introduction Capitalism is a socio-economic system that rests upon the endless pursuit of profit and capital accumulation. Its normal operations lead to as well as require the infinite growth of material production and consumption that are in turn based on the limitless exploitation of human labor and natural resources. However, after centuries of relentless capitalist accumulation, resources depletion and environmental crisis have reached the advanced stage. The current global capitalist system depends on the abundant supply of non-renewable fossil fuels that provide for 80 percent of the world’s energy supply. But now there is convincing evidence that the global production of oil and gas will soon reach the peak and start to decline thereafter. Further, to prevent or alleviate global warming with its potentially catastrophic consequences, it is necessary to phase out nearly all fossil fuels before the end of this century. Mainstream environmental studies and environmental reformist movements have put their hope on renewable energies and improvement in energy efficiency.1 However, this perspective has been subject to growing criticisms.
    [Show full text]
  • Political Economy of China: from Socialism to Capitalism, and to Eco-Socialism? Minqi Li¾, 2017
    Political Economy of China: From Socialism to Capitalism, and to Eco-Socialism? Minqi Li¾, 2017 According to the current definition given by Wikipedia, “An emerging market is a country that has some characteristics of a developed market, but does not meet standards to be a developed market” (Wikipedia 2016). According to French economist Julien Vercueil, an “emerging economy” should be defined by the following characteristics: intermediate income (with per capita income measured by purchasing power parity ranging from 10 to 75 percent of the European union average); rapid economic growth that has allowed the country to narrow the income gap with the “advanced economies” over the last decade; and commitment to neoliberal economic restructuring (the country has undertaken “profound” institutional transformations which contributed to integrate it more deeply into the global capitalist economy) (Vercueil 2012: 232). In 2010, the term “emerging economies” was applied to more than 50 countries, representing more than 60 percent of the world population and about 45 percent of the world economic output (Vercueil 2012: 10). China is the largest “emerging market” or “emerging economy” by population and economic size. From the world system perspective, most “emerging economies” are best understood as “semi-peripheral” countries within the capitalist world system. The countries in the capitalist world system are divided into three structural positions: core, semi- periphery, and periphery. Historically, the wealth of the capitalist world system was concentrated in the core but the great majority of world population lived in the periphery. As China “emerges” or advances from the periphery into the semi- periphery, the distribution of world wealth and geopolitical power has been fundamentally transformed.
    [Show full text]
  • Li Minqi, China and the Death of Capitalism
    Journal of Contemporary Asia Vol. 40, No. 1, February 2010, pp. 144–154 REVIEW ARTICLE The End of the World as We Know It? Li Minqi, China and the Death of Capitalism SHAUN BRESLIN Department of Politics and International Studies, University of Warwick, Coventry, UK The Rise of China and the Demise of the Capitalist World Economy Li Minqi (New York: Monthly Review Press, 2008) Li Minqi, a professor in the Department of Economics at the University of Utah, has produced a new interpretation of China (The Rise of China and the Demise of the Capitalist World Economy) that deserves critical attention. In this review article, I acknowledge Li’s contributions and take up the implicit challenge of debating Marxism and China’s potential future(s) with him. To say that Li Minqi has had an interesting life is something of an understatement. The former liberal student activist, once jailed for his political views and activities in China, ultimately found his way to the University of Utah. But this is not a man who has found in the USA a liberal-democratic capitalist utopia – on the contrary, Li’s intellectual travels have convinced him of the superiority of his self-identified Marxist-Leninist-Maoist position and the impending collapse of the global capitalist system. His understanding (or should we say hope) that the world capitalist system will come to an end sometime soon because of the rise of China (and India) is at the heart of this book – a book that was written before the onset of the current global economic crisis.
    [Show full text]
  • Chinese Crackers
    1 CHINESE CRACKERS … if production were carried on according to the textbooks, crises would never occur. [The economists] prove that there would be no crises if the contradictions which they have erased in their imagination, did not exist in fact. … whenever a crisis occurred, all later economists declared that the most obvious cause of the particular crisis was the only possible cause of all crises. Karl Marx, Theories of Surplus­Value.1 Business is always thoroughly sound and the campaign in full swing, until suddenly the debacle takes place. Karl Marx, Capital.2 Wikileaks revealed that, as prime minister, Kevin Rudd accepted the use of force against the Peoples Republic of China at the same time as he spoke about the Australian economy’s riding high for thirty years on the back of China’s industrialisation and urbanisation. The possibility that there are cables casting doubt on this prophecy seems slight. The closest local bureaucrats come to recognising that the future of the Chinese economy might be imperiled by its successes has been to parrot US calls to revalue the Yuan/renminbi (RMB). For the Chinese, the dragons in the path are excess liquidity and inflation fueling property bubbles. The 2010 China Update from the Australian National University gave two of its 330 pages to that ‘liquidity tango’ but neglected inflation and real estate bubbles.3 Any prognosis for the Chinese economy needs to consider several clusters of problems: > a manufacturing sector launched on snapping together imported component; foreign‐ownership of manufacturing and services, and global cartels directing supply chains; > regional government insolvencies; a banking system carrying undisclosed loads of doubtful debt; a stock market corrupted by state policy, and primitive bond markets; > massaged statistics and lack of transparency; > excess capacity; unproductive infrastructure; and no nation‐wide market; > turbulent workers, peasants and nomadic unemployed.
    [Show full text]
  • Articles, Communications, Review Articles
    Science & Society Index 1. Articles, Communications, Review Articles Alphabetized by Author Volume 51 through Volume 84 1987 SSS2020 2 Abrahamian, Ervand. The 1963 Coup in Iran. (A)65:2(2001), 182 S215 Adi, Hakim. The Communist Movement in West Africa. (C)61:1(1997), 94 S99 Adi, Hakim. Forgotten Comrade? Desmond Buckle: An African Communist in Britain. (A)70:1(2006), 22 S45 Adler, Irving . Some Philosophical Implications of Modern Mathematics. (A)51:2(1987), 154 S169 Adler, Irving. Equity, Law and Bartleby. (C)51:4(1987 S88), 468 S474 Adler, Irving. Mathematics and Philosophy: A Comment. (C)61:2(1997), 255 S256 Ado, Anatoly. The Role of the French Revolution in the Transition from Feudalism to Capitalism. (C)54:3(1990), 361 S366 Agnoletto, Stefano. Periodic Crises in Capitalism: Pathological or Restorative? (A)77:4(2013), 459 S485 Alam, M. Shahid. Articulating Group Differences: A Variety of Autocentrisms. (C)67:2(2003), 205 S217 Albert, Michael, and Robin Hahnel. Participatory Planning. (A)56:1(1992), 39 S59 Albert, Michael, and Robin Hahnel. In Defense of Participatory Economics. (A)66:1(2002), 7 S21 Albert, Michael, and Robin Hahnel. Reply [to Comments by Kotz and O’Neill]. (C)66:1(2002), 26 S28 Albert, Michael, and Robin Hahnel. Comment [on Kotz]. (C)66:1(2002), 111 S113 Albert, Michael, and Robin Hahnel. Comment [on O’Neill]. (C)66:1(2002), 154 S156 Alcoff, José, and Linda Martín Alcoff. Autonomism in Theory and Practice. (A)79:2(2015), 221 S242 Alcoff, Linda Martín, and José Alcoff. Autonomism in Theory and Practice.
    [Show full text]