Cycles and Transformation

China’s State-Capitalism as Adaptive Strategy in the Arc of Capitalist Governance

Bibliographic Data

ID12433446
AuthorsLewis Michael Birley (corresponding author)
Year2023
Volume29
Issue2
Pages505-523
Publication date2023-08-22
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of World-Systems Research (JOURNAL)
Journal identifiersISSN: 1076-156X • E-ISSN: 1076-156X
PublisherUniversity Library System, University of Pittsburgh (PUBLISHER • US)
DOI10.5195/jwsr.2023.1172
OpenAlexW4386047863
LanguageEN
Citations received2
References cited41

This article offers a new analysis of China’s politico-economic system from a world-systems perspective. My basic argument is that the novelty of China’s system is not, as McNally (2020) argues, its hybrid fusion of neoliberal market dynamics with strong centralized political control. China’s real historical significance comes from the combination of a centralized, state controlled financial governance structure that is highly insulated from the control of outside actors situated within China’s large extended geo-space. I argue that China’s intense state control of economic reality, and especially its “internalization” of financial institutions within its state architecture, can be seen as an adaptive strategy that makes sense from the perspective of the long term development of governance within the capitalist system. I then conclude with observations around the possible consequences for established core powers of China’s structural separation and power in the financial realm

Argument (complex analysis · China · Corporate governance · Economic system · Economics · Political economy · Political science · Realm · State (computer science · Computer Science · Law · Political Economy and Marxism · World Systems and Global Transformations · Finance

Tools

Open DOIOpen Access