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Neoliberalism ‘with Chinese Characteristics’



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David Harvey (2007) Chap 5 Neoliberalism with Chinese Characteristics

122

Neoliberalism ‘with Chinese Characteristics’

Harvey, D. (2007). A brief history of neoliberalism. Oxford University Press, Incorporated.

Created from monash on 2022-03-12 01:12:16.

Copyright © 2007. Oxford University Press, Incorporated. All rights reserved.




South-East Asia. Economic development was seen as a means to

these ends rather than as an end in itself. Furthermore, the actual

developmental path taken seems to 

fit with the aim of preventing

the formation of any coherent capitalist class power bloc within

China itself. Heavy reliance upon foreign direct investment (a

completely di

fferent economic development strategy to that taken

by Japan and South Korea) has kept the power of capitalist class

ownership o

ffshore (Table 5.1), making it somewhat easier, at least

in the Chinese case, for the state to control.

4

 The barriers erected



to foreign portfolio investment e

ffectively limit the powers of

international 

finance capital over the Chinese state. The reluctance

to permit forms of 

financial intermediation other than the state-

owned banks –– such as stock markets and capital markets ––

deprives capital of one of its key weapons vis-à-vis state power.

The long-standing attempt to keep structures of state ownership

intact while liberating managerial autonomy likewise smacks of an

attempt to inhibit capitalist class formation.

But the party also had to face a number of awkward dilemmas.

The Chinese business diaspora provided key external links and

Hong Kong, reabsorbed into the Chinese polity in 1997, was

already structured along capitalistic lines. China had to comprom-

ise with both, as well as with the neoliberal rules of international

trade set up through the WTO, which China joined in 2001. Polit-

ical demands for liberalization also began to emerge. Worker pro-

tests surfaced in 1986. A student movement, sympathetic to the

workers but also expressive of its own demands for greater free-

doms, climaxed in 1989. The tremendous tension in the political

realm that paralleled economic neoliberalization culminated in the

massacre of students in Tiananmen Square. Deng’s violent crack-

down, carried out against the wishes of party reformers, clearly

indicated that neoliberalization in the economy was not to be

accompanied by any progress in the 

fields of human, civil, or

democratic rights. While Deng’s faction repressed the political it

had to initiate yet another wave of neoliberal reforms to survive.

Wang summarizes these as follows:

monetary policy became a prime means of control; there was a signi

ficant


readjustment in the foreign currency exchange rate, moving towards a


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