Embracing China — From Market Fundamentalism to Socialised Mercantilist Markets? Enter the Dragon, a New Set of Clothes for Turbo-capitalism

By Jackson Nyamuya Maogoto.

Published by The Global Studies Journal

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Article: Print $US10.00
Article: Electronic $US5.00

Two dominant forms of capitalism are most evidenced in national market regimes — with the notable exception of China: Anglo-American capitalism and Social Market capitalism. In Anglo-American capitalism, markets are open with State effort aimed at the deregulation of markets with economic interactions competitive and adversarial. In Social Market capitalism, markets are open but economic transactions are collaborative and relational underpinned by government regulatory frameworks. The Chinese model differs in that it is pegged on a neo-mercantilist model, a semi-closed market with a managed central economy which subtly controls capital movement and centralises currency decisions. In addition to regulatory frameworks the State participates in the private market place through corporate State-owned enterprises.

In its engagement with neo-liberalism and free market orthodoxy, China has consistently rejected some of the West’s significantly problematic assumptions. In particular the view of trade and markets as strictly a one-sided economic benefit tool and unfettered markets. This Article seeks to grapple with the question of whether the rejection of “cowboy capitalism” particularly as epitomised by China through its “Circular Economy” model and its policy of a “moderately prosperous” level of living (“xiaokang society”)—seeks to balance wealth creation and wealth distribution through principled government regulation and investment in social infrastructure that negates the social void created by pure good and service generation sanctified by “market fundamentalism”?

Keywords: China, Anglo-American Capitalism, Social Market Capitalism, Neo-mercantilism, Circular Economy, Neo-liberalism, Washington Consensus, Market Fundamentalism, Regulation

Global Studies Journal, Volume 3, Issue 1, pp.247-254. Article: Print (Spiral Bound). Article: Electronic (PDF File; 572.188KB).

Dr. Jackson Nyamuya Maogoto

Senior Lecturer, School of Law, University of Manchester, Manchester, England, UK

Dr. Jackson Nyamuya Maogoto holds a Bachelor of Laws with First Class Honours from Moi University (Kenya); three postgraduate degrees from the University of Cambridge (Masters in Law), University of Technology Sydney (Masters in Law) and University of Melbourne (Doctorate in Law). In addition he holds postgraduate certificates (covering the fields of tertiary teaching, leadership & communication, project management and global sustainability). Jackson is currently a senior lecturer at the University of Manchester. His teaching and research interests are in Public International Law, Jurisprudence and Human Rights. His international law interests encompass the fields of international criminal law, international humanitarian and human rights law, use of force and peacekeeping, space law, counter-terrorism and private military corporations. Jackson has published extensively in his fields of teaching and research interest. He is the author of several books, book chapters and more than three dozen refereed articles in general and specialist Australian, American, European and African journals. He has participated and delivered numerous conference papers in domestic, regional and international fora. His professional affiliations include: American Society of International Law, Asian Society of International Law, Australian Lawyers for Human Rights, Australia & New Zealand Society of International Law, International Law Association, International Institute of Space Law, International Society for Military Law & the Law of War, Law Reform Association (Australia), Royal Institute of International Affairs and The Nuclear Age Foundation.

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