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Primitive Socialist Accumulation in China: An Alternative View on the Anomalies of Chinese “Capitalismâ€

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  • Sam-Kee Cheng

Abstract

China’s economic system has yet to be adequately explained by any models. China’s export-led industries were initially viewed as a source of cheap labor but its economy has now emerged as a serious competitor to advanced capitalism. However, after decades of market reform, China’s state sector, rather than disappearing or being marginalized, has become a leader in strategic sectors and the driver of its investment-led growth. Heterodox political scientists and economists have long argued that China is at best a variant within global capitalism. This paper discusses heterodox theories that position China as part of global capitalism or regard it as a variety of capitalism. It then examines the anomalies of Chinese “capitalism†and suggests that primitive socialist accumulation—operating in conflict with capitalist accumulation—offers a more appropriate theoretical framework for studying China’s development.

Suggested Citation

  • Sam-Kee Cheng, 2020. "Primitive Socialist Accumulation in China: An Alternative View on the Anomalies of Chinese “Capitalismâ€," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(4), pages 693-715, December.
    • Handle: RePEc:sae:reorpe:v:52:y:2020:i:4:p:693-715
    DOI: 10.1177/0486613419888298
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    References listed on IDEAS

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    More about this item

    Keywords

    Chinese capitalism; primitive socialist accumulation; Preobrashensky; state-owned enterprises; corporatism;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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