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NUMERO 20 - 29/10/2014

 What is Capitalism with Chinese Characteristics? Perspective on State, Market, and Society

 This paper analyzes the institutional foundations and political reasons of China’s economic growth. In reviewing some classical Western sociological theories on modern capitalism, it provides a framework of State-market-society triple helix for analyzing the Chinese economy and society at a historical and macro level. We then briefly describe China's economic miracle and point out that Chinese economic performance is in fact reinforced and amplified by its whole social institutions of labor market segmenting and unique regime of capital accumulation. The so-called Chinese market economy is constructed by the State as an ensemble of capitalists, who plays a role of constant stabilizing and legitimizing the institutional arrangements. China gives a very Keynesian solution to the Schumpeterian problem of economic development. Meanwhile, the Chinese social structure is transformed by the process of market economy formation. Firms and the corresponding productive organizations, instead of families, communities, schools and other social groups, are becoming the main agents of reproduction mechanism of China. Therefore, market logic of merchandizing all social institutions has gained a dominant position in the contemporary Chinese society which embeds itself in a more and more dissocialized economy. One can only understand the nature of contemporary Chinese society by knowing better its economic dynamics. Chinese capitalism is characterized by an opportunist State, a market economy built on particularistic relationships, and a culturally self-sustained society with strong pragmatist tradition... (segue)

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