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.
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.
Original language | English |
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Title of host publication | Business cycles in BRICS |
Editors | Sergey SMIRNOV, Ataman OZYILDRIM, Paulo PICCHETTI |
Place of Publication | Cham |
Publisher | Springer |
Pages | 153-174 |
Number of pages | 22 |
ISBN (Electronic) | 9783319900179 |
ISBN (Print) | 9783319900162 |
DOIs | |
Publication status | Published - May 2019 |
Publication series
Name | Societies and Political Orders in Transition |
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Publisher | Springer |
ISSN (Print) | 2511-2201 |
ISSN (Electronic) | 2511-221X |
Keywords
- China
- Cyclical economic crises
- Cost transfer
- Sannong