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Just how capitalist is China?

Author

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  • Tiago Nasser Appel

Abstract

In this paper, we review old and modern conceptions of “capitalism” and then we evaluate how “well” China fares on three touchstones of capitalism: competitive markets, generalization of wage-labour, and private ownership of the means of production. While we accept that China has come a long way under the first two criteria since the 1980s, we do not deem China yet to be a full-fledged capitalist economy for the State still wields great power through the allocation of massive state resources and control of large and highly profitable state enterprises, which dominate key sectors of the economy. JEL Classification: B14, E22, L32.

Suggested Citation

  • Tiago Nasser Appel, 2014. "Just how capitalist is China?," Brazilian Journal of Political Economy, Center of Political Economy, vol. 34(4), pages 656-669.
    • Handle: RePEc:ekm:repojs:v:34:y:2014:i:4:p:656-669:id:295
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/295/285
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    Cited by:

    1. Adam Quinones & Richard J. Hunter, Jr., 2017. "China-One Nation, Two Systems: A Management and Entreprenurial Perspective," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 7(4), pages 284-299, April.

    More about this item

    Keywords

    China; Capitalism; State-Enterprises; Social Control of Investment;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises

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