[Marxism] The class nature of the Chinese state.

Marvin Gandall marvgandall at videotron.ca
Tue Oct 30 07:33:53 MDT 2007

Carlos Eduardo Rebello writes:

> True, but the fact remains that the Chinese national currency is not
> internationally accepted and therefore China is dependent on the existence
> of a trade surplus - and therefore on the growth of its foreign curency
> reserves - in order to finance further economic development. Also there is
> the problem that Chinese industrialization so far lacks an element of what
> Schumpeter would call entreprenurial, that is, the absence of some kind of
> cutting edge technological development: so far China is internationallly
> only a giant workshop for low-cost, labour-intensive consumer goods,
> mostly
> non-durable.
The first statement is undoubtedly true- for now; the second - that China is
only a cheap labour pool - more doubtful, as I tried to indicate previously
with reference to its banks and its other internationally competitive
industries. You're discounting or I'm exaggerating the effects of the
Chinese Revolution and of "combined" development on the country's emergence.

Using Nestor's Law, to which I also fully subscribe, ie. to look to how the
other side reacts, it's clear Wall Street and the international bourgeoisie
do not view China as akin to a semi-colony which they can exploit and
dominate at will. They're instead debating among themselves about how and
when to integrate its leadership more fully into the G7's decision-making
processes in recognition of China's turn towards capitalism and its rapidly
growing weight in the world economy.

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