The Development Trap of Financial Capitalism: China’s Peasant Path Compared

Sit Tsui, Du Jie, Lan Yonghai, Dong Xiaodan, Erebus Wong and Wen Tiejun
Additional contact information
Sit Tsui: Sit Tsui is Associate Professor at the Institute of Rural Reconstruction of China, Southwest University. Email: sittsui@gmail.com; xuecui@swu.edu.cn
Du Jie: Du Jie is Lecturer at the Institute of Rural Reconstruction of China, Southwest University.
Lan Yonghai: Lan Yonghai is a PhD Candidate at the School of Agricultural Economics and Rural Development, Renmin University of China.
Dong Xiaodan: Dong Xiaodan is Lecturer at the School of Agricultural Economics and Rural Development, Renmin University of China.
Erebus Wong: Erebus Wong is Senior Researcher at Lingnan University.
Wen Tiejun: Wen Tiejun is Professor and Executive Dean of the Institute of Advanced Studies for Sustainability, Renmin University of China, and Executive Dean of the Institute of Rural Reconstruction of China, Southwest University.

Agrarian South: Journal of Political Economy, 2013, vol. 2, issue 3, 247-268

Abstract: On the basis of an understanding that the crises of core nations are being transferred to developing countries and thus globalized, this article highlights two issues, the ‘sovereignty externalities’ borne by developing countries and the ‘currency–strategy’ of the superpower in financial capitalism. These are the causes of the predicament with which developing countries are faced today. Furthermore, to illustrate how manufacturing countries bear the international institutional costs of global financialization, we further elaborate the ‘international competition smiling curve’. This article elaborates these theoretical issues with reference to China, South Africa and Venezuela.

Keywords: Sovereignty externalities; currency–strategy; ‘international competition smiling curve’; development trap (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:sae:agspub:v:2:y:2013:i:3:p:247-268

DOI: 10.1177/2277976013517322

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