Productivity, public capital, and socialism with Chinese characteristics : a critique of the doctrine of incompatibility between capital and public ownership
Zhaozi Rong
Purpose This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations. Design/methodology/approach Socialism can neither bypass the market economy nor "go beyond capital"; capital appears in two historical forms, including the private capital and the public capital. Public capital is the inevitable outcome of the inherent contradictions of public ownership in a socialist market economy. Findings It represents an economic relationship that compels individual labourers to provide surplus labour for the society. The combination of the strong accumulation function of public capital and the improvement of people's welfare is the main cause of China's development miracle. Originality/value The innovation impetus of the public capital and its "immunity" to the capitalist crisis highlight the tremendous power of socialism with Chinese characteristics in breaking free of the shackles of capitalism and continuously developing productive forces. Public capital demonstrates and will continue to demonstrate the historical legitimacy of socialism.
Year of publication: |
2020
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Authors: | Rong, Zhaozi |
Published in: |
China political economy. - Bingley : Emerald, ISSN 2516-1652, ZDB-ID 3000593-0. - Vol. 3.2020, 1, p. 121-139
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Subject: | Modern productivity | Public capital | Public ownership of capital | Socialism with Chinese characteristics | China | Kapitalismus | Capitalism | Produktivität | Productivity | Sozialismus | Socialism | Infrastruktur | Infrastructure | Öffentliche Investition | Public investment | Öffentliches Unternehmen | Public enterprise | Wirtschaftsordnung | Economic system |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.1108/CPE-05-2020-0011 [DOI] |
Classification: | B24 - Socialist; Marxist ; P26 - Political Economy; Property Rights ; P51 - Comparative Analysis of Economic Systems |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012318886
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