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Emerging chinese capitalism and its theoretical and global significance

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Chapter Summary

This chapter argues that China hosts an emerging capitalist society. Studying the nature of this capitalism allows us to evaluate and reassess the definition and theories of capitalism - a pivotal notion in the contemporary explanation of economic growth and associated ideas such as freedom and democracy. The chapter makes the following arguments. First, capitalism consists of a set of social institutions that sustain the production, accumulation and reproduction of capital and these institutions include: calculating capitalists, free markets, wage labour, an expansive system, and a strong and supportive state. Second, China today strongly meets the requirements as a capitalist state. Capitalism in China, further, exhibits two relatively unique features: the state as capitalists and social relations embedding economic activities. Finally, the chapter considers theoretical implications of these institutional features for conceptualising and theorising capitalism, and for understanding global and domestic developments.

Keywords: Capitalism; China; democracy; economic growth; freedom; global developments; social institutions; social relations



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