From Accelerated Accumulation to Socialist Market Economy in China: Economic Discourse and Development from 1953 to the Present (China Studies, 38)

In From Accelerated Accumulation to Socialist Market Economy in China, Kjeld Erik Br?dsgaard and Koen Rutten shed new light on the changing discourse that has shaped China’s idiosyncratic model of economic development. Contents 5 Preface 9 List of Figures 10 List of Tables 11 Chapter 1 Introduction 13 Changes and Continuities in Chinese Development (1953–Present) 15 Explanations of Change within Chinese Economic Governance 18 Discourse, Economic Paradigms and Governance 24 A Discursive Explanation of Change and Continuity in China’s Mode of Governance 25 Chapter 2 Primitive Socialist Accumulation, Readjustment and Reform (1953–1978) 29 Introduction 29 Theoretical Foundations and Issues of Communist Development 30 The Law of Value and the Law of Planned Proportionate Development 30 Accelerated Accumulation and Balanced Growth 34 Fel’dman’s Theory of Accumulation 34 Preobrazhensky and Primitive Socialist Accumulation 35 Bukharin and the Limits to Socialist Primitive Accumulation 36 The Productive Forces and the Relations of Production 37 Economic Discourse and Policy in the Maoist Era (1953–1977) 39 The First Five Year Plan (1953–1957) 39 The Great Leap Forward (1958–1959) 45 Readjustment and Consolidation (1960–1965) 48 Readjustment, Consolidation, Filling Out and Raising Standards 50 The Roles of Price and Profit Reevaluated 54 The Cultural Revolution 56 Economic Development under the Maoist Economic Paradigm 58 Conclusion 62 Chapter 3 Market Allocation and Enterprise Reform in the Primary Stage of Capitalism (1978–1992) 65 Introduction 65 The Pragmatist Turn and the Liberalization of Economic Discourse 67 Early Reforms and Readjustment (1978–1986) 69 Chen Yun’s Reforms Vindicated 69 Opening Up: China’s Special Economic Zones 71 Readjustment 76 Reform and Recentralization, Balanced and Accelerated Growth 79 The Sixth Five Year Plan (1981–1985): From Plan Economy to Macro-control 82 Price and Ownership Reform, Inflation and the Origins of the Tiananmen Incident 90 Tiananmen and the Reemergence of Conservatism 96 Economic Developments in the First Phase of Reform 98 Conclusion 103 Chapter 4 The Emergence and Development of the Socialist Market Economy (1992–2003) 106 Introduction 106 The Second Liberation of Thought and the Marginalization of Socialist Diagnostics 107 Ownership, Interest and Property Rights 110 The Formulation of a Socialist Market Economy 113 Fiscal and Monetary Reform and the Reinvigoration of the Central State 118 The Retrenchment of Public Industry and the Debate on Ownership 122 A Turning Point in the Development of the Socialist Market Economy: From the Modern Enterprise System to Grasping the Large and Releasing the Small 125 Stabilization, the Advance of the Non-State Economy and the Stagnation of Reform 130 Economic Developments within the Socialist Market Economy (1992–2003) 134 Conclusion 137 Chapter 5 Scientific Development and Domestic Demand (2003–2011) 140 Introduction 140 Distributive Concerns and the Dynamics of Growth 141 Readjustment Revisited: Western Development, Urbanization and the Revitalization of Agriculture 142 From Extensive to Intensive Development: Nurturing the Indigenous Capacity for Innovation 147 The Scientific Development Concept 150 Developing Domestic Demand, Constructing a New Countryside and the Advantage of Large Nations: Theory and Policy under Jiang and Hu 152 Scientific Development and the Keynesian Guise of the Chinese State 154 Economic Development under the 11th Five Year Plan (2006–2010) 158 Conclusion 162 Chapter 6 The Era of Xi Jinping (2012–2016) 166 Massive Overcapacity 170 Zombie Enterprises 172 13th Five Year Plan and New Normal 174 Conclusion 176 Chapter 7 Discourse and Development: Insights and Issues 177 Introduction 177 Readjustment and Reform: From Plan to Socialist Market Economy 178 Discourse and Politics 182 Merits and Limitations of Discursive Analysis 183 Dynamics of Discourse: Insights from the Chinese Case 185 Conclusion 188 References 191 Index 221 In 'from Accelerated Accumulation To Socialist Market Economy In China', Kjeld Erik Brodsgaard And Koen Rutten Examine China's Indigenous Economic Discourse And Its Relation To Both Economic Policy-making And The Overall Trajectory Of Development From The First Five Year Plan In 1953 To 2016. In So Doing, This Volume Demonstrates That Although The Form Of The Current Economic System And Its Theoretical Underpinnings Bear Scant Resemblance To Those Of The Planned Economy, Economic Policy-making Still Relies On The Principle Of Accelerated Accumulation, Which Lay At The Heart Of The Economic Development Project In The Early Years Of The People's Republic.--page 4 Of Cover. By Kjeld Erik Brødsgaard And Koen Rutten. Includes Bibliographical References (pages 179-208) And Index. In From Accelerated Accumulation to Socialist Market Economy in China, Kjeld Erik Brødsgaard and Koen Rutten examine China's indigenous economic discourse and its relation to both economic policy-making and the overall trajectory of development from the First Five Year Plan in 1953 to 2016. In so doing, this volume demonstrates that although the form of the current economic system and its theoretical underpinnings bear scant resemblance to those of the planned economy, economic policy-making still relies on the principle of accelerated accumulation, which lay at the heart of the economic development project in the early years of the People's Republic. -- Provided by publisher

The book is based on the hypothesis that a systematic analysis of the Chinese economic discourse is necessary in order to understand the underlying logic of Chinese economic development. The majority of works on the subject see China's economic development as a linear process of marketization or "growing out of the plan". In contradistinction to the prevailing paradigm, this book underlines that basic economic issues such as over-investment and unbalanced development continue to frame economic policy-making. The book is also unique in basing the narrative on a rich collection of Chinese language material.