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Subject
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China 2 Comparative advantage 2 Economic reform 2 Open economy 2 Socialist market economy with Chinese characteristics 2 The law of value 2 Wirtschaftsreform 2 World system 2 Central planning 1 China's Central Economic Planning 1 Economic Reforms 1 Economic Restructuring 1 Economic adjustment 1 Economic system 1 Economic transition 1 Komparativer Vorteil 1 Marx The essay argues that a crisis of collective agency is at the root of the global economic crisis we face today. The secret of prosperous capitalism 1 Offene Volkswirtschaft 1 PRICE REGULATION 1 SYNERGISTIC EFFECT 1 Structural change 1 Strukturwandel 1 Systemtransformation 1 TAX REGULATION 1 THE LAW OF VALUE 1 Theorie 1 Theory 1 Wirtschaftliche Anpassung 1 Wirtschaftsordnung 1 Zentrale Wirtschaftsplanung 1 based on profits and the other on human welfare can become deeply divergent. The failure of collective agency ties together the two points. What is profitable at the micro level ends up being at variance with human welfare as well as the long term collective interest of capitalists 1 because coordination failure is not only endemic but a defining characteristic of capitalist competition 1 collective action club goods 1 financial crisis 1 generating long term collective costs that go increasingly unaddressed. This is reminiscent of classical capitalism’s main weakness with respect to organizing corrective collective action 1 making a couple of Marx’s point resonate today. One is his view of competition as a war like process and how that militates against coordination (not to mention cooperation) among individual capitalists. The second point is the very basis of Marx’s main gripe with capitalism: the two different ways for accounting for economic performance 1 one 1 the Law of Value 1 the so-called golden age 1 was the ability of the state to uniformly impose welfare enhancing market restrictions that made it possible to husband and invest in common pool resources. This ability has waned during the neoliberal era and the result has been a resurgence of forces of competition 1
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Online availability
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Free 5 CC license 1
Type of publication
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Article 4 Book / Working Paper 1
Type of publication (narrower categories)
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Article in journal 2 Aufsatz in Zeitschrift 2 Article 1
Language
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English 3 Undetermined 2
Author
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Lu, Jiang 2 Zhang, Chen 2 Erturk, Korkut 1 Soofi, Abdol B. 1 ГРУНИНА О.А. 1
Institution
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Department of Economics, University of Utah 1
Published in...
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China Political Economy (CPE) 1 China political economy 1 Economia internazionale 1 Working Paper Series, Department of Economics, University of Utah 1 Бизнес в законе. Экономико-юридический журнал 1
Source
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ECONIS (ZBW) 2 RePEc 2 EconStor 1
Showing 1 - 5 of 5
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On the theoretical source of the reform of socialist open economy with Chinese characteristics
Lu, Jiang; Zhang, Chen - In: China political economy 5 (2022) 2, pp. 215-226
Purpose Some economic theories have influenced the reform of the socialist open economy with Chinese characteristics. As a new practice of socialism, an open economy is not only driven by China's productivity level and people's living standards but also regulated by the law of commodity...
Persistent link: https://www.econbiz.de/10013541962
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Cover Image
On the theoretical source of the reform of socialist open economy with Chinese characteristics
Lu, Jiang; Zhang, Chen - In: China Political Economy (CPE) 5 (2022) 2, pp. 215-226
Purpose Some economic theories have influenced the reform of the socialist open economy with Chinese characteristics. As a new practice of socialism, an open economy is not only driven by China's productivity level and people's living standards but also regulated by the law of commodity...
Persistent link: https://www.econbiz.de/10015411211
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Economic restructuring and socialist construction in China : 1950-1978
Soofi, Abdol B. - In: Economia internazionale 74 (2021) 2, pp. 141-172
Persistent link: https://www.econbiz.de/10012620883
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An Essay on the Crisis of Capitalism - a la Marx?
Erturk, Korkut - Department of Economics, University of Utah - 2012
Persistent link: https://www.econbiz.de/10010596326
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ВЗАИМОСВЯЗЬ ЦЕНОВОГО И НАЛОГОВОГО РЕГУЛИРОВАНИЯ И МАКСИМИЗАЦИЯ СИНЕРГЕТИЧЕСКОГО ЭФФЕКТА
ГРУНИНА О.А. - In: Бизнес в законе. … (2011) 3, pp. 213-216
Перевод российской экономики на инновационный путь развития на основе научно-технического прогресса становится наиболее важной и сложной экономической...
Persistent link: https://www.econbiz.de/10011223084
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