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№ 1/2018
1Transformation, Integration and Globalization Economic Research, TIGER at the Kozminski University in Warsaw
Socialism or capitalism? Tertium Datur
| Ekon. prognozuvannâ 2018; 1:7-36 | https://doi.org/10.15407/eip2018.01.007 |
ABSTRACT ▼
Two centuries ago, Asia delivered over 60 percent of world production; in the middle of the 20th century it was less than 20 percent. Currently, it is twice as large and this share is still increasing, above all but not only, because of China whose production is still growing at a rate twice as fast as the world average. China is trying to maintain high economic dynamics, inter alia, through investment external expansion. This aim is to be served, among others, by the infrastructure project, drawn up with enormous verve, known as the New Silk Road, which the Middle Kingdom addresses to 65 countries on three continents. While some hope for accelerating their own economic growth, others warn against the risk of becoming dependent on China. The article analyzes these challenges, pointing to the desired directions of irreversible evolution globalization by giving it a more inclusive character, which is also strongly emphasized by the Chinese authorities in their official enunciations.
Is China still building socialism or has it already built capitalism? Or maybe both? And maybe none of those two systems as, with the market reforms that deviate from the traditional socialism, it has created something different from the classical types of political and socio-economic regimes known from the 20th century? Some authors have proclaimed that there's been capitalism in China for some time, others claim that socialism has developed there, of course one with a Chinese characteristic. Shortages have been successfully eliminated, but the economic system is unbalanced, showing surpluses this time. So is it socialism, as the official Chinese authorities claim, or capitalism, as asserted by other economists? Tertium non datur? Not at all, as there are yet other possibilities of regime interpretations, and the most fascinating one is being offered by the present-day China, where a unique internal convergence has taken place during the last generation. Elements of socialism intermingle with elements of capitalism and vice versa, creating a new, different quality. Tertium datur.
Keywords: comparative economics; capitalism; socialism; postsocialist transformation; state; property rights; enterprise; shortage; shortageflation; Kornai; China
JEL: A13, B14, D50, E3, N14, P10,P20, P30, P50
| Article in Ukrainian (pp. 7 - 36) | Download | Downloads :1918 |
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72. Xinzhen, Lan (2017, November 22-25). Setting the Course. China Today.
73. Zhang, Hui (2017, November 18-21). The 19th CPC National Congress Draws Blueprint for National Development. China Today.
2. Bałtowski, Maciej (2017). Evolution of economics and the new pragmatism of Grzegorz W. Kolodko. TIGER Working Papers, 136, March. Retrieved from www.tiger.edu.pl/Baltowski_Evolution%20of%20economics%20and%20the%20new%20pragmatism%20of%20Grzegorz%20W.%20Kolodko_III%202017.pdf
3. Bałtowski, Maciej and Kwiatkowski Grzegorz (2018). Przedsiębiorstwa państwowe we współczesnej gospodarce. Warszawa: Wydawnictwo Naukowe PWN [in Polish].
4. Bell, Daniel A. (2015). The China Model: Political Meritocracy and the Limits of Democracy. New Jersey, Princeton: Princeton University Press. doi: doi.org/10.1515/9781400865505
5. Berger, Ron, Chong, Ju Cho and Herstein, Ram (2013). China's Social Market Economy: The Leverage of Economic Growth. International Journal of Asian Business and Information Management, 4: 1, 21-30. doi: doi.org/10.4018/jabim.2013010103
6. Berthold, Rolf (2017, November). About the 19th National Congress of the CPC. China Today, 30-31.
7. Block, Fred (1994). The Roles of the State in the Economy. In: Neil J. Smelser & Richard Swedberg (eds.). The Handbook of Economic Sociology. NJ, Princeton: Princeton University Press.
8. Bremmer, Ian (2010). The end of the free market. Who wins the war between states and corporations? New York: Portfolio.
9. Charlesworth, H.K. (2003). The Economics of Repressed Inflation. Routledge, Abigdon, Oxon.
10. Cheremukhin, Anton, Golosov, Mikhail, Guriev, Sergei and Tsyvinski, Aleh (2015, July). The Economy of People's Republic of China from 1953. NBER Working Paper, 21397.
11. China Daily (2017a). China's private sector regains strength on optimistic economic outlook. China Daily, August 2. Retrieved from www.chinadaily.com.cn/business/2017-08/02/content_30328022.htm
12. China Daily (2017b). Xi Jinping and His Era. China Daily, November 18-19, 5-8.
13. Csaba, László (2009). Crisis in Economics? Akadémiai Kiadó, Budapest.
14. Emerging Europe (2017, October 16). Poland to switch from emerging to developed market. Retrieved from emerging-europe.com/regions/poland/poland-switch-emerging-developed-market-september-2018/
15. Fisher, Irving (1973).I Discovered the Phillips Curve: 'A Statistical Relation between Unemployment and Price Changes'. Journal of Political Economy, 81: 2, 496-502. doi: doi.org/10.1086/260048
16. Fortune Global 500 (subsequent years). CNN Money. Retrieved from fortune.com/global500
17. Frydman, Roman, Kolodko, Grzegorz W. and Wellisz, Stanislaw (1991). Stabilization Policies in Poland: A Progress Report. In: Emil-Maria Claassen (ed.). Exchange Rate Policies in Developing and Post-Socialist Countries, p. 89-115. An International Centre for Economic Growth Publication. San Francisco: ICS Press.
18. Fukuyama, Francis (1989). The End of History. The National Interest, Summer. Retrieved from www.wesjones.com/eoh.htm
19. Galbraith, James K. (2014). The End of Normal: The Great Crisis and the Future of Growth. New York: Simon and Schuster.
20. Galbraith, James K. (2018). Backwater Economics and New Pragmatism: Institutions and Evolution in the Search for a Sustainable Economics. TIGER Working Paper Series, 138. Retrieved from www.tiger.edu.pl/TWP%20No.%20138%20--%20Galbraith.pdf
21. Gomulka, Stanislaw (1991). The Causes of Recession Following Stabilization. Comparative Economic Studies, 33: 2, 71-89. doi: doi.org/10.1057/ces.1991.14
22. Haberler, Gottfried (1977). Stagflation: An Analysis of Its Causes and Cures. American Enterprise Institute for Public Policy Research, 329. Washington, DC.
23. Halper, Stefan (2010). The Beijing Consensus: How China's Authoritarian Model Will Dominate the Twenty-First Century. New York: Basic Books.
24. Heilbroner, Robert and Milberg, William (1995). The Crisis of Vision in Modern Economic Thought. New York: Cambridge University Press.
25. Huang, Yukon (2017). Cracking the China Conundrum: Why Conventional Economic Wisdom Is Wrong. New York: Oxford University Press. doi: doi.org/10.1093/oso/9780190630034.001.0001
26. Jacques, Martin (2009). When China Rules the World: The End of the Western World and the Birth of a New Global Order. New York: Penguin Books.
27. Kissinger, Henry (2011). On China. New York: Penguin Press.
28. Kissinger, Henry (2014). World Order. New York: Penguin Press.
29. Kolodko, Grzegorz W. (1986). The Repressed Inflation and Inflationary Overhang under Socialism. Bureau of Economic and Business Research, University of Illinois Faculty Working Paper, 1228. Urbana-Champaign.
30. Kolodko, Grzegorz W. (2000a). From Shock to Therapy: The Political Economy of Postsocialist Transformation. New York: Oxford University Press. doi: doi.org/10.1093/acprof:oso/9780198297437.001.0001
31. Kolodko, Grzegorz W. (2000b). Post-Communist Transition: The Thorny Road. University of Rochester Press, Rochester, NY, USA, and Woodbridge, Suffolk, UK.
32. Kolodko, Grzegorz W. (2004). Institutions, Policies and Growth. Rivista di Politica Economica, May-June, 45-79. doi: doi.org/10.2139/ssrn.590848
33. Kolodko, Grzegorz W. (2011). Truth, Errors and Lies: Politics and Economics in a Volatile World. New York: Columbia University Press. doi: doi.org/10.7312/kolo15068
34. Kolodko, Grzegorz W. (2014a). Whither the World: Political Economy of the Future. New York: Palgrave Macmillan.
35. Kolodko, Grzegorz W. (2014b). The New Pragmatism, or Economics and Policy for the Future. Acta Oeconomica, 64: 2, 139-160. doi: doi.org/10.1556/AOecon.64.2014.2.1
36. Kolodko, Grzegorz W. (2017). Will China Save the World? Roubini EconoMonitor, May 24. Retrieved from www.economonitor.com/blog/2017/05/will-china-save-the-world/
37. Kolodko, Grzegorz W. and McMahon, Walter W. (1987). Stagflation and Shortageflation: A Comparative Approach. Kyklos, 40: 2, 176-197. doi: doi.org/10.1111/j.1467-6435.1987.tb02671.x
38. Kolodko, Grzegorz W. and Nuti, D. Mario (1997). The Polish Alternative. Old Myths, Hard Facts and New Strategies in the Successful Transformation of the Polish Economy. Research for Action, 33, The United Nations University World Institute for Development Economics Research, WIDER. Helsinki. Retrieved from www.tiger.edu.pl/kolodko/working/wider/WIDER_1997.pdf
39. Kornai, János (1971). Anti-Equilibrium. On Economic System Theory and the Task of Research. North Holland, Amsterdam.
40. Kornai, János (1980). Economics of Shortage. North Holland, Amsterdam.
41. Kornai, János (1985). Niedobór w gospodarce. Warszawa: Państwowe Wydawnictwo Ekonomiczne [in Polish].
42. Kornai, János (1986). The Soft Budget Constraints. Kyklos, 39: 1, 3-30. doi: doi.org/10.1111/j.1467-6435.1986.tb01252.x
43. Kornai, János (1990). The Road to a Free Economy. Shifting from a Socialist System. The Example of Hungary. London – New York: W. W. Norton and Company.
44. Kornai, János (1992). The Socialist System: The Political Economy of Communism. New Jersey: Princeton University Press. doi: doi.org/10.1093/0198287763.001.0001
45. Kornai János (2008). From Socialism to Capitalism. Budapest – New York: Central European University Press.
46. Kornai, János (2014). Dynamism, Rivalry, and the Surplus Economy. Two Essays on the Nature of Capitalism. Oxford – New York: Oxford University Press.
47. Kornai, János and Qian, Yingyi (2009). Market and Socialism: In the Light of the Experiences of China and Vietnam. Houndmills, Basingstoke, Hampshire – New York: Palgrave Macmillan.
48. Lardy, Nicholas R. (2014). Markets Over Mao: The Rise of Private Business in China. Peterson Institute of International Economies. Washington, DC.
49. Lin, Justin Yifu (2004). Lessons of China's Transition from a Planned to a Market Economy. Distinguished Lectures Series, 16. Leon Kozminski Academy of Entrepreneurship and Management. Warsaw. Retrieved from www.tiger.edu.pl/publikacje/dist/lin.pdf
50. Lin, Justin Yifu (2012). Demystifying the Chinese Economy. Cambridge: Cambridge University Press.
51. Marx, Karl and Engels, Frederick (2012). The Communist Manifesto. London: Verso.
52. Minxin, Pei (2016). China's Crony Capitalism: The Dynamics of Regime Decay. Cambridge, Massachusetts – London: Harvard University Press.
53. Moody, Andrew (2017, November 17). Prescient author now rules the roost. China Daily, 20.
54. Nuti, Domenico Mario (1986). Hidden and Repressed Inflation in Soviet-Type Economies: Definitions, Measurements and Stabilization. Contributions to Political Economy, 5, 37-82. doi: doi.org/10.1093/oxfordjournals.cpe.a035704
55. Nuti, D. Mario (2011). Types of socialism and capitalism, teaching materials. La Sapienza University. Rome (mimeo).
56. Nuti, D. Mario (2018a). Kornai: Shortage versus Surplus Economies. Acta Oeconomica, 68 (1), 85-98. doi: doi.org/10.1556/032.2018.68.S.7
57. Nuti, D. Mario (2018b). The Rise and Fall of Socialism. Berlin: DOC-RI (forthcoming).
58. OECD (2005). OECD Economic Surveys: China, 13 (September). Organization for Economic Co-operation and Development. Paris. Retrieved from homepage.ntu.edu.tw/~lbh/ref/OECD/42.pdf
59. Ormerod, Paul (1997). The Death of Economics. New York: John Wiley & Sons, Inc.
60. Phelps, Edmund S. (2013). Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change. New York: Princeton University Press. doi: doi.org/10.1515/9781400848294
61. Reymont, Ladislas (1927). The Promised Land. New York: A.A. Knopf.
62. Ringen, Stein (2016). The Perfect Dictatorship: China in the 21st Century. Hong Kong: Hong Kong University Press. doi: doi.org/10.5790/hongkong/9789888208937.001.0001
63. Roubini, Nouriel and Stephen Mihm (2010). Crisis Economics: A Crash Course in the Future of Finance. New York: The Penguin Press.
64. Shambaugh, David (2016). China's Future. Cambridge, UK – Malden: Polity Press.
65. Stiglitz, Joseph E. (2007). Making Globalization Work. New York – London: W.W. Norton & Company.
66. Tinbergen, Jan (1956). Economic Policy: Principles and Design. Amsterdam: North Holland Publishing Company.
67. Tirole, Jean (2017). Economics of the Common Good. Princeton, New Jersey: Princeton University Press.
68. Vogel, Ezra (2013). Deng Xiaoping and the Transformation of China. The Belknap Press for Harvard University Press. Cambridge, Massachusetts and London.
69. Walicki, Andrzej (1995). Marxism and the Leap to the Kingdom of Freedom: The Rise and Fall of the Communist Utopia. Stanford: Stanford University Press.
70. Wheen, Francis (2004). How Mumbo Jumbo Conquered the World: A Short History of Modern Delusions. New York: Public Affairs.
71. Xi, Jinping (2017, October 18). China's socialist democracy the most effective. Xinhua reports on President Xi's report at the 19th Party Congress this morning. Xinhua.
72. Xinzhen, Lan (2017, November 22-25). Setting the Course. China Today.
73. Zhang, Hui (2017, November 18-21). The 19th CPC National Congress Draws Blueprint for National Development. China Today.
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