Economic Cycles and Crises in New China

Tiejun Wen, Kin Chi Lau, Erebus Wong and Tsui Sit
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Tiejun Wen: Renmin University of China
Kin Chi Lau: World Forum for Alternatives
Erebus Wong: Lingnan University
Tsui Sit: Southwest University

A chapter in Business Cycles in BRICS, 2019, pp 153-174 from Springer

Abstract: 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.

Keywords: China; Cyclical economic crises; Cost transfer; Sannong (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:socchp:978-3-319-90017-9_8

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DOI: 10.1007/978-3-319-90017-9_8

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