Market in State: The Political Economy of Domination in China

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Yongnian Zheng (National University of Singapore) Yanjie Huang (Columbia University, New York)

Market in State

The Political Economy of Domination in China

Yongnian Zheng (National University of Singapore), Yanjie Huang (Columbia University, New York)

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English

Cambridge University Press
06 September 2018

History; Globalization; Political economy

Focusing on the evolving relations between the state and market in the post-Mao reform era, Yongnian Zheng and Yanjie Huang present a theory of Chinese capitalism by identifying and analyzing three layers of the market system in the contemporary Chinese economy. These are, namely, a free market economy at the bottom, state capitalism at the top, and a middle ground in between. By examining Chinese economic practices against the dominant schools of Western political economy and classical Chinese economic thoughts, the authors set out the analytical framework of 'market in state' to conceptualize the market not as an autonomous self-regulating order but part and parcel of a state-centered order. Zheng and Huang show how state (political) principles are dominant over market (economic) principles in China's economy. As the Chinese economy continues to grow and globalize, its internal balance will likely have a large impact upon economies across the world.

By: Yongnian Zheng (National University of Singapore), Yanjie Huang (Columbia University, New York)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 228mm, Width: 151mm, Spine: 26mm
Weight: 710g
ISBN: 9781108461573
ISBN 10: 1108461573
Pages: 490
Publication Date: 06 September 2018
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Introduction; Part I. Theory: 1. Market, state and capitalism: theories of political economy and China; 2. Market in state: a theory of Chinese political economy; Part II. History: 3. The state and market in imperial China; 4. Origins of the modern Chinese political economy: geopolitics, mobilization, and state building; Part III. Contemporary Institutions: 5. Grassroots capitalism and marketization: dynamics of market reform in the contemporary era; 6. The middle-ground: the nexus between the state and private enterprises; 7. The money regimes: fiscal and monetary reforms and their limits; 8. State capitalism: the centrally-managed SOEs and economic domination; Conclusion.

Yongnian Zheng is Professor and Director of the East Asian Institute at the National University of Singapore. He is the author of The Chinese Communist Party as Organizational Emperor (2010), Technological Empowerment (2007), Globalization and State Transformation in China (Cambridge, 2004) and Discovering Chinese Nationalism in China (Cambridge, 1999). Yanjie Huang conducts his doctoral research on modern Chinese history at Columbia University, New York. He has published papers and book chapters on China's state sector, food security, and monetary history.

Reviews for Market in State: The Political Economy of Domination in China

Advance praise: 'Yongnian Zheng and Yanjie Huang have produced a brilliant and unique study of the state and market in China, based on a profound knowledge of the history and modern evolution of China's economic and political institutions. Their balanced and objective study provides a thoroughly distinctive analysis of the Chinese state and its relationship to the economic system. It should be mandatory reading for anyone with a serious interest in understanding China today and its development trajectory.' Peter Nolan, Director, China Centre, Jesus College, University of Cambridge Advance praise: 'This study carefully explores the efforts of a centralized state to develop markets that, in modern times, adapted to a variety of free market mechanisms. The analysis of China's ventures into all levels of a global economy leads the authors to new theoretical insights into the market's impact on state development. It also shows how and why Chinese experiments have made an impact on our understanding of political economy. All students of contemporary China will find the study original and enlightening.' Wang Gungwu, National University of Singapore Advance praise: 'Yongnian Zheng and Yanjie Huang have produced a brilliant and unique study of the state and market in China, based on a profound knowledge of the history and modern evolution of China's economic and political institutions. Their balanced and objective study provides a thoroughly distinctive analysis of the Chinese state and its relationship to the economic system. It should be mandatory reading for anyone with a serious interest in understanding China today and its development trajectory.' Peter Nolan, Director, China Centre, Jesus College, University of Cambridge Advance praise: 'This study carefully explores the efforts of a centralized state to develop markets that, in modern times, adapted to a variety of free market mechanisms. The analysis of China's ventures into all levels of a global economy leads the authors to new theoretical insights into the market's impact on state development. It also shows how and why Chinese experiments have made an impact on our understanding of political economy. All students of contemporary China will find the study original and enlightening.' Wang Gungwu, National University of Singapore