[Marxism] The Class Nature of the Chinese State.
marvgandall at videotron.ca
Mon Oct 29 10:27:20 MDT 2007
As a postscript to my earlier message about the unique features of China's
development, I'd attribute these to a) the 1949 Revolution, which laid the
foundations for a modern financial and industrial economy while raising the
education and other standards of the Chinese working class, and b) today's
lower barriers to entry by developing nations into the world economy as a
result of revolutionary advances in communications and transportation in
recent decades. Other thoughts?
> I agree the theory of combined and uneven development remains
> to understanding the rise of China. But I think there are two important
> features which make China somewhat different than the models of German,
> American, and Russian development which Trotsky drew upon.
> One is that Chinese economy, particularly at the commanding heights, is
> as dominated by foreign capital as the earlier industrializers were. Much
> foreign investment in China is small- or medium- size, and comes from
> "greater China" - Taiwan, Macau, and Hong Kong, the latter two in the
> jurisdiction. The multinationals often enter China as minority
> or through joint ventures because of foreign ownership restrictions on FDI
> and the Chinese stock exchanges, although these controls are being
> loosened to comply with WTO rules. In reply to Jacotlive, Chinese banks
> energy firms - state-owned but undergoing privatization - are among the
> largest in the world, and Chinese-owned auto, steel, telecommunications,
> software, and other companies are, or are rapidly becoming, serious
> competitors to the established leaders in their industries.
> The second (related) difference is that, thanks to their huge store of
> foreign exchange reserves, the Chinese are net exporters rather than
> importers of capital - mostly loans, but increasingly, foreign FDI and
> equity investment. The US, Germany, and Russia borrowed heavily from the
> more developed capitalist economies, Britain and France. France was
> Russia's banker; Britain financed US development. The relationship between
> the US and China is at this stage is quite dramatically different: China,
> despite its lower level of economic development, is the banker while the
> is the borrower.
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