[Marxism] Renewed speculation on the character of the

Vladimiro Giacche' MD1101 at mclink.it
Tue Aug 31 11:06:52 MDT 2010


> 
> 
> I think Marvin is right to be very cautious about this big rise 
> in
> state-led infrastructure spending and the blip of the effects 
> of the
> stimulus package, mostly captured by "state-led" companies (as 
> in
> Vietnam, showing the same blip, by the way), with his view that 
> "there's
> no compelling evidence that heightened state intervention in 
> China - as
> everywhere else in the wake of the crisis - marks a reversal 
> of the
> decades-old trend towards private ownership and property relations". 
> We
> can look at a few points in the article itself which show this 
> is
> state-led capitalist orientation rather than any kind of return 
> to state
> socialism.
> 

I agree with George Anthony. 
On the basis of two facts, that seem quite undisputable to me: 
1) the SOEs are largely prevailing in three strategic sectors, that is energy, telecoms and banking (this is also the reason why the "stimulus" in China was effective, bank lending to the SMEs huge and so on; technically speaking, we could also say that in China the transmission channels of monetary policy was very straight; in our countries the situation was quite the opposite, as we know...); 
2) the State till now has successfully planned the direction of the economic development (they have Quinquennial Plans and they can fulfill them!). 
The Chinese economy is i.m.o. a mixed economy in which the public sector has the "hegemony" (I use the term in Gramsci's meaning).
And therefore is to be distinguished from our capitalist mixed economies... of the past.
The only open question is if the "law of value" can be applied also to China. If this is the case, the fall of the rate of profit will soon or later, perhaps at a later stage of the economic development, will take place also in China.
VG






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