State, financial system and industrial development of the China between 1978 and 2008
This paper aims to analyze the role of state planning on the dynamics of the Chinese economic policy between 1978 and 2008 and the role played by the Chinese financial system as a strong driver of the country's industrial development and to the Chinese exports in the period. To this end, we work with the hypothesis that the economic opening process started in 1978 by Deng Xiaoping was planned by the Chinese leadership elite aiming at the development of the country's industrial capacities, and that the Chinese financial system, marked by strong regulation and predominantly state-owned, it was decisive for the success of this strategy, as it was submitted to the position of creator of funding in the economic circuit, with the consequent practice of âEURoerenter's euthanasiaâEUR formulated by Keynes in the General Theory being put into practice by the Chinese government to leverage the national industrial-productive process. Finally, the importance of Giovanni Arrighi's Â work is highlighted, considering that this process of high Chinese industrial dynamism could only occur due to the transformations that took place in the capitalist world-economy since the end of the 1970s, a time when the crisis of North American hegemony (signal crisis), which provided a window of opportunity for reforms to be successful in China, a true âEURoematerial expansionâEUR, transforming the country, already in 2008, into the âEURoeindustry of the worldâEUR, in Arrighi's words.
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