CHINA’S GROWTH SLOWDOWN, THE GROTESQUE MUTATION OF CAPITALISM, AND RISK PARASITES

Donghyun Park

Chapter 59 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 269-274 from World Scientific Publishing Co. Pte. Ltd.

Abstract: India may aspire to be the next China and Narendra Modi may aspire to be the next Deng Xiaoping, but the capitalist revolution is far from complete in China itself. The sooner that China and developing countries that look to China as a role model of “state capitalism”, disabuse themselves from the ludicrous notion that “state capitalism” offers a viable third way, neither capitalism nor socialism, for economic progress, the better it will be for their economic future. Again, China grew so rapidly despite the government, not because of the government. The only part of state capitalism that fueled China’s phenomenal economic ascent was the capitalism, not the state. China itself would grow faster if it further reduced the role of the state in the economy, in particular by reducing the role of state-owned firms, which deprive the more productive and dynamic private sector of scarce capital and labor. Shifting machines and workers from the state-owned firms to the private sector will create more jobs and more wealth, and help China regain its economic momentum at a time when economic growth in 2015 slowed down to its slowest pace in a quarter-century…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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