Value Production, Value Transfer and Accumulation: A Political Economics Analysis of Uneven Regional Development in China

Feng Zhixuan (), Li Bangxi (), Zhiming Long and Zhang Chen ()
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Feng Zhixuan: Collaborative Innovation Center for China Economy, School of Economics, Nankai University Nankai China
Li Bangxi: Institute of Economics, School of Social Sciences, Tsinghua University Tsinghua China
Zhang Chen: School of Economics, Renmin University of China Renmin China

China Finance and Economic Review, 2022, vol. 11, issue 1, 48-69

Abstract: This paper aims to understand China’s uneven regional development in recent years on the basis of on political economics theories. We summarizes two theories from the political economics on uneven regional development—framework of production and framework of exchange—and unifies them by theories of labor value and capital circulation. It means to show that uneven regional development will be explained with value production, value realization and capital accumulation, and their interactions as well. This framework can not only explain regional disparities in a static sense, but also presents dynamically developments of regional disparities—first rising and then falling. Empirical research finds China’s regional disparities result mainly from the value production gap. During the period of analysis, China went through a capital accumulation biased towards less developed regions, jointly shaped by market logic and government behavior. It made the effect of reducing regional disparities stronger than the “polarization effect” around 2007, producing a narrowing of disparities across regional development.

Keywords: value production; value transfer; capital accumulation; uneven regional development (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:cferev:v:11:y:2022:i:1:p:48-69:n:1

DOI: 10.1515/cfer-2022-0003

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