front cover of Capitalizing China
Capitalizing China
Edited by Joseph P. H. Fan and Randall Morck
University of Chicago Press, 2012
China’s economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market.
 
To better understand China’s recent economic performance, this volume examines the distinctive system it has developed: “market socialism with Chinese characteristics.” While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China’s economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China’s financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules.
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Encountering China
Michael Sandel and Chinese Philosophy
Michael J. Sandel
Harvard University Press, 2018

In the West, Harvard philosopher Michael Sandel is a thinker of unusual prominence. In China, he’s a phenomenon, greeted by vast crowds. China Daily reports that he has acquired a popularity “usually reserved for Hollywood movie stars.” China Newsweek declared him the “most influential foreign figure” of the year. In Sandel the Chinese have found a guide through the ethical dilemmas created by the nation’s swift embrace of a market economy—a guide whose communitarian ideas resonate with aspects of China’s own rich and ancient philosophical traditions.

Chinese citizens often describe a sense that, in sprinting ahead, they have bounded past whatever barriers once held back the forces of corruption and moral disregard. The market economy has lifted millions from poverty but done little to define ultimate goals for individuals or the nation. Is the market all there is? In this context, Sandel’s charismatic, interactive lecturing style, which roots moral philosophy in real-world scenarios, has found an audience struggling with questions of their responsibility to one another.

Encountering China brings together leading experts in Confucian and Daoist thought to explore the connections and tensions revealed in this unlikely episode of Chinese engagement with the West. The result is a profound examination of diverse ideas about the self, justice, community, gender, and public good. With a foreword by Evan Osnos that considers Sandel’s fame and the state of moral dialogue in China, the book will itself be a major contribution to the debates that Sandel sparks in East and West alike.

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A Future for Socialism
John E. Roemer
Harvard University Press, 1994

Many people point to recent events—the collapse of the Soviet Union, the electoral defeat of the Sandinistas—as proof that capitalism has triumphed over socialism once and for all. In A Future for Socialism, a noted economist argues that socialism is not dead but merely in need of modernizing. John Roemer believes that the hallmark of socialism is egalitarianism—equality of opportunity for self-realization and welfare, for political influence, and for social status—and he reminds us that capitalist societies face increasingly difficult problems of poverty and social inequality. Reenergizing a debate that began with Oskar Lange and Friedrich Hayek in the late 1930s, he brings to important questions of political economy a new level of sophistication in line with contemporary theories of justice and equality.

Roemer sees the solution of the principal-agent problem as the key to developing a decentralized market-socialist economy. This would be capable of maintaining efficiency and technological innovation while supporting a substantively more equal distribution of income than is achieved in capitalist economies. Roemer defends his views against skeptics on the right, who believe that efficiency and innovation are incompatible with egalitarianism, and skeptics on the left, who believe that socialism is incompatible with markets.

Because of its interdisciplinary approach, A Future for Socialism will appeal to a general social science audience, including economists, political scientists, sociologists, and political philosophers. It is also accessible to the interested reader.

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Latin American Neostructuralism
The Contradictions of Post-Neoliberal Development
Fernando Ignacio Leiva
University of Minnesota Press, 2008

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The Limits of Market Organization
Richard R. Nelson
Russell Sage Foundation, 2005
The last quarter century has seen a broad, but qualified, belief in the efficacy of market organization slide into an unyielding dogma that the market, as unconstrained as possible, is the best way to govern virtually all economic activity. However, unrestricted markets can often lead to gross inequalities in access to important resources, the creation of monopolies, and other negative effects that require regulation or public subsidies to remedy. In The Limits of Market Organization, editor Richard Nelson and a group of economic experts take a more sophisticated look at the public/private debate, noting where markets are useful, where they can be effective only if augmented by non-market mechanisms, and where they are simply inappropriate. The Limits of Market Organization examines the appropriateness of markets in four areas where support for privatization varies widely: human services, public utilities, science and technology, and activities where market involvement is altogether inappropriate. Richard Murnane makes the case that a social interest in providing equal access to high quality education means that for school voucher plans to be effective, substantial government oversight is necessary. Federal involvement in a transcontinental railroad system was initially applauded, but recent financial troubles at Amtrak have prompted many to call for privatization of the rails. Yet contributor Elliot Sclar argues that public subsidies are the only way to maintain this vital part of the American transportation infrastructure. While market principles can promote competition and foster innovation, applying them in certain areas can actually stifle progress. Nelson argues that aggressive patenting has hindered scientific research by restricting access to tools and processes that could be used to generate new findings. He suggests that some kind of exception to patent law should be made for scientists who seek to build off of patented findings and then put their research results into the public domain. In other spheres, market organization is altogether unsuitable. Legal expert Richard Briffault looks at one such example—the democratic political process—and profiles the successes and failures of campaign finance reform in preventing parties from buying political influence. This important volume shows that market organization has its virtues, but also its drawbacks. Just as regulation can be over-applied, so too can market principles. The Limits of Market Organization encourages readers to think more discriminately about the march toward privatization, and to remember the importance of public institutions.
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Market Maoists
The Communist Origins of China’s Capitalist Ascent
Jason M. Kelly
Harvard University Press, 2021

Long before Deng Xiaoping’s market-based reforms, commercial relationships bound the Chinese Communist Party to international capitalism and left lasting marks on China’s trade and diplomacy.

China today seems caught in a contradiction: a capitalist state led by a Communist party. But as Market Maoists shows, this seeming paradox is nothing new. Since the 1930s, before the Chinese Communist Party came to power, Communist traders and diplomats have sought deals with capitalists in an effort to fuel political transformation and the restoration of Chinese power. For as long as there have been Communists in China, they have been reconciling revolutionary aspirations at home with market realities abroad.

Jason Kelly unearths this hidden history of global commerce, finding that even Mao Zedong saw no fundamental conflict between trading with capitalists and chasing revolution. China’s ties to capitalism transformed under Mao but were never broken. And it was not just goods and currencies that changed hands. Sustained contact with foreign capitalists shaped the Chinese nation under Communism and left deep impressions on foreign policy. Deals demanded mutual intelligibility and cooperation. As a result, international transactions facilitated the exchange of ideas, habits, and beliefs, leaving subtle but lasting effects on the values and attitudes of individuals and institutions.

Drawing from official and commercial archives around the world, including newly available internal Chinese Communist Party documents, Market Maoists recasts our understanding of China’s relationship with global capitalism, revealing how these early accommodations laid the groundwork for China’s embrace of capitalism in the 1980s and after.

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A Third Way
The Origins of China’s Current Economic Development Strategy
Lawrence C. Reardon
Harvard University Press, 2020

From 1949 to 1978, communist elites held clashing visions of China’s economic development. Mao Zedong advocated the “first way” of semi-autarchy characteristic of revolutionary Stalinism (1929–34), while Zhou Enlai adapted bureaucratic Stalinism (1934–53) to promote the “second way” of import substitution industrialization. A Third Way tells the story of Deng Xiaoping’s experimentation with export-led development inspired by Lenin’s New Economic Policy and the economic reforms of Eastern Europe and Asia.

Having uncovered an extraordinary collection of internal party and government documents, Lawrence Reardon meticulously traces the evolution of the coastal development strategy, starting with special economic zones in 1979 and evolving into the fourteen open coastal cities, the Hainan SEZ, and eventual accession to the global trade regime in 2001. Reardon details how Deng and Zhao Ziyang tackled large-scale smuggling operations, compromised with Chen Yun’s conservative views, and overcame Deng Liqun’s ideological opposition. Although Zhao Ziyang was airbrushed out of official Chinese history after June 4, 1989, Reardon argues that Zhao was the true architect of China’s opening strategy. A Third Way provides important new insights about the crucial period of the 1980s and how it paved the way for China’s transformation into a global economic superpower.

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Voices of Change in Cuba from the Non-State Sector
Carmelo Mesa-Lago
University of Pittsburgh Press, 2018
More than one million Cubans, representing thirty percent of the country’s labor force, currently make up the nonstate sector. These include self-employed workers and micro-entrepreneurs, sharecropping farmers, members of new cooperatives, and buyers and sellers of private dwellings. This development represents a crucial structural reform implemented by Raúl Castro since becoming Cuba’s leader in 2006, and may become the most dynamic economic force for the country’s future. Despite this phenomenon, little has been published about the demographic makeup of this group (age, gender, race, and education), as well as their economic conditions and aspirations.
            Based on eighty in-depth interviews recently conducted in Cuba, this book captures actual voices from this evolving economic sector. It details workers’ level of satisfaction with what they do and earn, profits (and how they are allocated between consumption and investment), plans to expand their activities, receiving foreign remittances and microcredit, competition, forms of advertising, and payment of taxes. Perhaps most revealing are the speakers’ views on the obstacles they face and their desires for change and improvement. As such, the book offers fascinating insights into today’s Cuban economy from the nonstate sector, while also reflecting on its potential for development and the obstacles it faces.
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