Download Ten Crises

You have unrestricted access to this book since it is open access. places China's 70-year modern history in context against a single, unified background Written by one of the top researchers on Chinese agrarian issues stresses the importance of the rural sector.

Authors: Wen Tiejun

Publisher: Springer

Ten Crises

Download Ten Crises

It introduces the theoretical framework which is based on Immanuel Wallerstein’s world system theory and Samir Amin’s dependence theory, as well as the theory of cost transfer. It argues that throughout China’s history of industrialization and financialization that as a rule whenever the cost of crisis could be transferred to the rural sector, the capital-intensive urban industry sector could achieve a “soft-landing” and the existing institution could be maintained. When the cost of the crisis was not transferable to the rural sector, it manifested as a “hard-landing” in the urban sector, giving rise to major reforms in the economic system.

China’s experience defies logical self-consistency if deciphered through the discourse forged by advanced countries in the stage of financial capitalism. This book endeavors to contextualize China’s ‘particular’ historical experience in the general process of capitalist development. China’s progress in the past 60 years is thus depicted as a completion of primitive capital accumulation and then procession into industrial expansion and adjustment.

In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is unexceptional to most of the industrialized countries. China has experienced ten such crises since the founding of the New Republic. With the exception of the first crisis in 1949–1950 at the beginning of national founding, which was a continuation of the monetary crisis of the former Republic of China since 1935, the other nine cyclical alternations between economic peaks and troughs since 1958 have occurred during New China’s late industrialization. Over the past 60 years, these have occurred in a context where China has been subject to untenable foreign debt pressure on four occasions. It was under a relatively passive circumstance of debt and deficit crisis that China embraced an “open policy.”

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