Communists Constructing Capitalism: State, Market, and the Party in China's Financial Reform

This book examines the paradox of China's rapid economic growth without political transformation, exploring the role of the state-owned banking system in preserving political stability. It challenges state-market paradigms and reveals Eurocentric assumptions in liberal perspectives on Chinese authoritarian resilience.

Format: Paperback / softback
Length: 296 pages
Publication date: 28 June 2019
Publisher: Manchester University Press

In the context of the growing interconnectedness between authoritarian politics and capitalist economics, this book presents a fresh and insightful perspective on the central conundrum of contemporary Chinese development. By shedding light on how the Chinese Communist Party has managed to achieve rapid economic growth while maintaining political stability, it offers a novel understanding of this critical dilemma. Through extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China's state-owned banking system since 1989. It demonstrates how political control over capital has played a central role in the country's experience of capitalist development, challenging existing state-market paradigms of political economy and revealing the Eurocentric assumptions underlying liberal perspectives on Chinese authoritarian resilience.

The book explores the complex interplay between economic growth, political stability, and the role of the state in China's development. It examines how the Chinese Communist Party has managed to maintain control over the economy while allowing for limited market-oriented reforms. The authors argue that the state-owned banking system has played a crucial role in this balance, providing political stability and ensuring that economic growth benefits the party and its supporters.

However, the book also highlights the limitations of this approach. While the state-owned banking system has been effective in promoting economic growth, it has also created a system of crony capitalism and limited competition. This has led to concerns about the sustainability of China's economic growth and the potential for social unrest.

The book also examines the impact of globalization on China's development. While China has benefited from increased trade and investment, it has also faced challenges from Western countries seeking to limit its access to markets and technology. The authors argue that China's response to these challenges has been shaped by its political system, which prioritizes stability and control over economic development.

Overall, this book provides a valuable contribution to the study of Chinese politics and economics. It offers a nuanced and comprehensive analysis of the challenges and opportunities facing China in the 21st century. By challenging Eurocentric assumptions and providing a fresh perspective on China's development, it will be of interest to scholars and policymakers alike.

Weight: 378g
Dimension: 139 x 215 x 22 (mm)
ISBN-13: 9781526135346