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Economic Cycles and Crises in New China

In: Business Cycles in BRICS

Author

Listed:
  • Tiejun Wen

    (Renmin University of China
    Southwest University
    Fujian Agriculture and Forestry University)

  • Kin Chi Lau

    (World Forum for Alternatives
    Global University for Sustainability
    Lingnan University)

  • Erebus Wong

    (Lingnan University)

  • Tsui Sit

    (Southwest University)

Abstract

China’s progress in the past 68 years is depicted as a completion of primitive capital accumulation and then procession into industrial expansion and adjustment. In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is not exceptional to most industrialized countries. China has experienced ten crises since the founding of the People’s Republic. In China’s 68-year history of industrialization, it can be observed that as a rule whenever the cost of crisis could be transferred to the rural sector, the capital-intensive urban industry sector could achieve a “soft landing,” and the existing institution could be maintained. When this did not happen, the crisis took a “hard landing” in the urban sector. Major fiscal reforms and even reforms on the economic system resulted. From an international geopolitical perspective, this chapter endeavors to contextualize China’s “particular” historical experience in the general process of capitalist development.

Suggested Citation

  • Tiejun Wen & Kin Chi Lau & Erebus Wong & Tsui Sit, 2019. "Economic Cycles and Crises in New China," Societies and Political Orders in Transition, in: Sergey Smirnov & Ataman Ozyildirim & Paulo Picchetti (ed.), Business Cycles in BRICS, pages 153-174, Springer.
    • Handle: RePEc:spr:socchp:978-3-319-90017-9_8
    DOI: 10.1007/978-3-319-90017-9_8
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