Reflections on capitalism and China’s emergent political economy

Abstract

The purpose of this chapter is to delve deeper into the general nature and logic of capitalism and in this manner provide a benchmark for evaluating China's emergent political economy. Put differently, this chapter will work toward a working defmition of capitalism that is both fundamental and precise. This defmition can then serve as a measuring stick to judge the progress of China's capitalist transition and elucidate what some of its basic properties are. In the conclusion I will further suggest how applying the capitalist lens can provide new insights on the present and future of China's monumental transformation.