scholarly journals The major innovations of Chinese economic development theories in the new era

2018 ◽  
Vol 1 (1) ◽  
pp. 13-29 ◽  
Author(s):  
Yinxing Hong
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Low Income ◽  
World Economy ◽  
Chinese Economy ◽  
Development Theory ◽  
Middle Income ◽  
Content Type ◽  
Development Stages ◽  
Starting Point

Purpose At present, the Chinese economy has entered the “new normal” phase with the transformation of development stages from the low-income to the middle-income ones. Accordingly, there appear a series of innovations in development theories. Innovations involve creative destructions. Therefore, innovative development theories at the present stage either deny the prevailing principles of development economics, or deny the theories that once effectively guided development at the low-income stage, or even sublate some of the development polices which were propelled and proved effective at the beginning of the reform and opening-up. The fundamental reason is that, as the development stages evolve, there occur new development tasks, new periodical characteristics and new laws of development. The paper aims to discuss these issues. Design/methodology/approach Any development theory from abroad will find it difficult to correctly guide and clarify development problems in a socialist country, such as the huge population and the extreme imbalance between the urban and the rural and among regional developments. Findings In conclusion, China, as a large world economy, has made innovations in its economic development theory, which indicates that it intends to perfect itself rather than seek hegemony. As the world’s second largest economy, China should adapt to the transformation and further free people’s minds instead of adhering to the old patterns of thinking. It should think over the path of development for a great world economy from the historical starting point of a large world economy and find development strategies to transform itself from a large economy to a great economy, so as to realize the dream of the Chinese nation to build a powerful country. Originality/value Only political economy studies both the relations of production and the productive forces, and only a theory combining both can correctly guide China’s economic development, which especially needs to be promoted by taking advantage of socialist economic system. Therefore, the first and foremost principle for a socialist political economy with Chinese characteristics is to insist on liberating and developing productive forces.

scholarly journals Supply-side structural reform from the perspective of political economy

2019 ◽  
Vol 2 (2) ◽  
pp. 373-384
Author(s):  
Min Fang
Keyword(s):  
Political Economy ◽  
Real Estate ◽  
Chinese Economy ◽  
Structural Reform ◽  
Supply Side ◽  
Real Economy ◽  
Content Type ◽  
The Real ◽  
Structural Problems ◽  
Starting Point

Purpose Deepening supply-side structural reform is the main objective of the economic work since the Chinese economy entered a new stage of development. By adopting the fundamental principles and methodologies of Marxist political economy, the authors can provide clarifications on the three basic theoretical issues concerning the supply-side structural reform. The paper aims to discuss these issues. Design/methodology/approach First, the essential starting point for understanding the supply-side structural reform is the primacy of production, as well as the organic connection between production and consumption in social reproduction, rather than the supply and demand as superficially seen in exchanges. By identifying the right starting point, the authors can avoid alternating between demand and supply management, and between liberalism and interventionism. Findings Structural problems, which are closely related to the institutional structure of production and the purpose and nature of production, cannot be solely attributed to the imbalance caused by market failures. Chinese economy has suffered prolonged structural contradictions and structural problems. Originality/value To decide whether the financial and the real estate sectors are real economy or virtual economy, the key is to examine whether the monetary capital used in financial activities and real estate commodity (capital) go through the capital circulation process of from monetary capital to productive capital and further to commodity capital, and whether the capital gain is generated by the value appreciation of capital or the value transfer and distribution as a result of the transfer of ownership. With its emphasis on developing the real economy, the supply-side structural reform should foster both development of manufacturing, and parts of financial and real estate sectors that are the real economy.

scholarly journals Socialist political economy with Chinese characteristics in a new era

2020 ◽  
Vol 3 (2) ◽  
pp. 307-325
Author(s):  
Yinxing Hong
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Economic System ◽  
The Political ◽  
Content Type ◽  
New Era ◽  
Economic Operation ◽  
Theoretical System ◽  
Chinese Characteristics ◽  
Level Analysis

PurposeThe socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.Design/methodology/approachThe theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.FindingsThe economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.Originality/valueAccordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

Multilateral governance will advance despite obstacles

2018 ◽  
Keyword(s):  
Low Income ◽  
Public Investment ◽  
Low Income Countries ◽  
System Reform ◽  
Government Ownership ◽  
Middle Income ◽  
Content Type ◽  
The World ◽  
Host Government ◽  
Risk Insurance

Subject Reforming the multilateral development banks. Significance The multilateral development bank (MDB) system has resisted pressure on the international order from US nationalism, but the multiplication of MDBs has considerably reduced their collective effectiveness. This fragmentation is preventing them from adapting to global challenges and harnessing private capital for development. The World Bank spring meeting will consider the proposals that the G20 is exploring. Most do not entail institutional change, but others could pave the way for significant reforms. Impacts The ongoing debate about the World Bank’s need for a capital increase will be peripheral to the larger discussion on MDB system reform. If implemented, a cross-MDB risk insurance platform would create a one-stop shop for investors and opportunities for private reinsurers. System-wide securitisation would create new asset classes and expand opportunities for institutional investors. In-country MDB coordination platforms would boost host government ownership of projects in middle-income and stable low-income countries. Estimates suggest that one dollar of capital paid into MDBs can translate into 50 dollars of public investment if allocated effectively.

scholarly journals Secular change in the association between urbanisation and abdominal adiposity in China (1993–2011)

2018 ◽  
Vol 72 (6) ◽  
pp. 484-490 ◽  
Author(s):  
Yosuke Inoue ◽  
Annie Green Howard ◽  
Amanda L Thompson ◽  
Penny Gordon-Larsen
Keyword(s):  
Economic Development ◽  
Low Income ◽  
Mixed Linear Model ◽  
Secular Change ◽  
Abdominal Adiposity ◽  
Nutrition Survey ◽  
Middle Income ◽  
Interaction Terms ◽  
Health And Nutrition ◽  
Over Time

BackgroundLittle attention has been paid to how the association between urbanisation and abdominal adiposity changes over the course of economic development in low-income and middle-income countries.MethodsData came from the China Health and Nutrition Survey waves 1993–2011 (seven waves). A mixed linear model was used to investigate the association between community-level urbanisation with waist-to-height ratio (WHtR; an indicator of abdominal adiposity). We incorporated interaction terms between urbanisation and study waves to understand how the association changed over time. The analyses were stratified by age (children vs adults).ResultsAdult WHtR was positively associated with urbanisation in earlier waves but became inversely associated over time. More specifically, a 1 SD increase in the urbanisation index was associated with higher WHtR by 0.002 and 0.005 in waves 1993 and 1997, while it was associated with lower WHtR by 0.001 in 2011. Among child participants, the increase in WHtR over time was predominantly observed in more urbanised communities.ConclusionOur study suggests a shift in adult abdominal adiposity from more urbanised communities to less urbanised communities over a time of rapid economic development in China. Children living in more urbanised communities had higher increase in abdominal obesity with urbanisation over time relative to children living in less urbanised communities.

Multidimensional poverty in urban Brazil: income, assets and expenses

2015 ◽  
Vol 43 (1) ◽  
pp. 19-38 ◽  
Author(s):  
Andre Golgher
Keyword(s):  
Low Income ◽  
Subjective Evaluation ◽  
Multidimensional Poverty ◽  
Logistic Function ◽  
Middle Income ◽  
Content Type ◽  
Food Expenditures ◽  
Significant Difference ◽  
Multidimensional Deprivation ◽  
Information Assets

Purpose – The purpose of this paper is to present deprivation in urban Brazil in a multidimensional perspective with dimensions related to household’s objective information, assets in the household, subjective evaluation concerning the dwelling and expenses. Design/methodology/approach – The author used factorial analysis applied to the Brazilian Household Budget Survey. Most dimensions showed a positive correlation with income, while for others it was not observed any significant difference between income ranges. Some types of deprivation specially touched low-income households, while other dimensions differentiated middle-income households, or even higher income households. The author applied a fuzzy perspective to define deprivation membership in each dimension with the use of a modified logistic function. The author observed that households with similar income faced different levels of deprivation in many dimensions. Findings – The author showed that there were significant differences in household’s expense preferences and profiles linked to these findings. Households with high levels of food deprivation relatively spend more on household’s rent, taxes and services, indicating that shelter and then food in the household are the very basic goods. Larger relative expenses with food in the household indicated higher levels of deprivation in all other dimensions, indicating that due to these higher food expenditures, the households could not overcome the deprivation in other dimensions. Households that spend more on smoke and gambling faced higher deprivation in most dimensions, suggesting different expenses priorities, less household oriented. Originality/value – To the best of the knowledge, this is the first attempt to link multidimensional deprivation and expenses profile for Brazilian data.

Misplaced Polarities: A Comment on “State, Capital and World Economy” by Paul Kellogg

1991 ◽  
Vol 24 (1) ◽  
pp. 121-133
Author(s):  
Elisabeth Gidengil
Keyword(s):  
Political Economy ◽  
Capital Investment ◽  
World Economy ◽  
The Political ◽  
Dependency Theory ◽  
State Capitalism ◽  
Current Strategy ◽  
Capitalist Economy ◽  
Starting Point ◽  
State Capital

AbstractPaul Kellogg has called on Canadian political economists to break decisively with dependency theory, arguing that Nikolai Bukharin's insights can provide the key to retheorizing Canada as an unqualifiedly advanced capitalist economy. This comment first questions Kellogg's assumption that left-nationalist dependency theorists were ascribing nationalist motivations to capital investment and then goes on to illustrate that the case for Carroll's internationalist thesis is not as strong as Kellogg supposes. Questions are raised about the appropriateness of Bukharin's emphasis on state capitalism and the nationalization of capitalist interests in the light of Canada's current strategy of market-led continentalism. Finally, the argument is made that capitalist laws of motion can provide only a starting point for understanding the political economy of Canada.

scholarly journals The comparative economics of financial access in gender economic inclusion

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Simplice Asongu ◽  
Rexon Nting
Keyword(s):  
Low Income ◽  
Fixed Effects ◽  
Common Law ◽  
Civil Law ◽  
Political Stability ◽  
Financial Access ◽  
Middle Income ◽  
Content Type ◽  
Legal Origins ◽  
Gender Inclusion

PurposeThe study has investigated the comparative importance of financial access in promoting gender inclusion in African countries.Design/methodology/approachGender inclusion is proxied by the female labour participation rate while financial channels include: financial system deposits and private domestic credit. The empirical evidence is based on non-contemporary fixed effects regressions.FindingsIn order to provide more implications on comparative relevance, the dataset is categorised into income levels (middle income versus (vs.) low income); legal origins (French civil law vs. English common law); religious domination (Islam vs. Christianity); openness to sea (coastal vs. landlocked); resource-wealth (oil-poor vs. oil-rich) and political stability (stable vs. unstable). Six main hypotheses are tested, notably, that middle income, English common law, Christianity, coastal, oil-rich and stable countries enjoy better levels of “financial access”-induced gender inclusion compared to respectively, low income, French civil law, Islam, landlocked, oil-poor and unstable countries. All six tested hypotheses are validated.Originality/valueThis is the first study on the comparative importance of financial access in gender economic participation.

scholarly journals Festival tourism and socioeconomic development: case of Kwahu traditional areas of Ghana

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Frederick Doe ◽  
Alexander Preko ◽  
Hellen Akroful ◽  
Effie Kwaaba Okai-Anderson
Keyword(s):  
Economic Development ◽  
Socioeconomic Development ◽  
Economic Benefits ◽  
Development Theory ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Content Type ◽  
The People ◽  
Negative Effect ◽  
Traditional Area

PurposeThe place of festivals in national economic development has received increased attention from researchers globally. However, there appears to be a relatively small and disparate literature on the subject especially within the Ghanaian context. The study seeks to contribute to the global recognition of festivals as developmental tools and thus presents the effects of festival tourism on socio-economic capital of the people of Kwahu traditional area (Ghana) and how festival tourism in the region engenders economic benefits to businesses and the community.Design/methodology/approachThis study is guided by the social development theory. A quantitative cross-sectional survey utilizing convenience technique was used to gather data from a sample of 398 residents of the selected towns and the regression model was used to analyse the data.FindingsThe findings revealed festival tourism to have a positive effect on community cohesiveness but not statistically significant. Further, the festival brought economic gains but had negative social effects on development of the selected towns.Research limitations/implicationsThis research is destination-specific. The application of the findings to other festivals would demand a bigger sample size for generalisation to be made.Practical implicationsThe findings suggest that for growth of festival tourism in Ghana to be actualised, the Ghana Tourism Authority needs to ensure festivals do not erode entrenched traditional values and negate efforts at developing social structures and systems by putting measures to reduce the negative effect of commoditisation of festivals on the communities' cultural authenticity. Law enforcement agents should also be massively beefed up to curtail crime and social vices.Originality/valueThe study's findings extend earlier studies to extend the scope in festival tourism literature. This study found that festival tourism has effect on both community cohesion and economic development of the people of Kwahu traditional area.

scholarly journals Is export-led growth hypothesis still valid for sub-Saharan African countries? New evidence from panel data analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nicholas M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Granger Causality ◽  
Low Income ◽  
Middle Income ◽  
Content Type ◽  
Middle Income Countries ◽  
Stage Of Development ◽  
Panel Granger Causality ◽  
Causality Model ◽  
Ssa Countries

PurposeThis study examines the causal relationship between exports and economic growth in sub-Saharan African (SSA) countries during the period 1980 to 2017. The study also examines whether the causality between these two macroeconomic variables depends on the countries' stage of development as proxied by their per capita income.Design/methodology/approachThe study uses a panel cointegration test and panel Granger-causality model to examine the link between exports and growth. The study also incorporates external debt as an intermittent variable in a bivariate setting between exports and economic growth, thereby creating a dynamic multivariate panel Granger-causality model.FindingsAlthough the study found the existence of a long-run relationship between exports and economic growth, the study failed to find any export-led growth response in both low-income and middle-income countries. Instead, the study found evidence of a bidirectional causality and a neutrality response in middle-income and low-income countries, respectively. The study, therefore, concludes that the benefits of an export-led growth hypothesis may have been oversold, and that the strategy may not be desirable to some low-income developing countries.Practical implicationsThese findings have important policy implications as they indicate that the causality between exports and economic growth in SSA countries varies with the countries' stage of development. Consistent with the contemporary literature, the study cautions low-income SSA countries against over-relying on an export-led growth strategy to achieve a sustained growth path as no causality between exports and economic growth has been found to exist in those countries. Instead, such countries should consider pursuing new growth strategies by building the domestic demand side of their economies alongside their export promotion strategies in order to expand the real sector of their economies. For middle-income countries, the study recommends that both export promotion strategies and pro-growth policies should be intensified as economic growth and exports have been found to reinforce each other in those countries.Originality/valueUnlike the previous studies, the current study disaggregated the full sample of SSA countries into two subsets – one comprising of low-income countries and the other consisting of middle-income countries. In addition, the study uses a multivariate Granger-causality model in order to address the emission-of-variable bias. To our knowledge, this may be the first study of its kind in recent years to examine in detail the causal relationship between exports and economic growth in SSA countries using an ECM-based multivariate panel Granger-causality model.

China's tax cuts seek growth boost and poverty relief

2018 ◽  
Keyword(s):  
Low Income ◽  
Income Tax ◽  
Prime Minister ◽  
Standing Committee ◽  
Middle Income ◽  
Content Type ◽  
Poverty Relief ◽  
Government Work ◽  
People's Congress ◽  
Income Tax Reform

Subject Income tax reform in China. Significance As promised by Prime Minister Li Keqiang in his 2018 Government Work Report, the Standing Committee of the National People's Congress has passed on August 31 an amendment to China's individual income tax. It slashes tax for low-income and middle-income earners, in an effort to keep up with the rapid increase in living costs and better redistribute wealth in one of the most unequal countries in the world, with a Gini coefficient for income of about 0.40. Impacts Recent comments by the Constitution and Law Committee signal that the law may soon be amended again. Important changes to residency rules will have an impact on foreign nationals living in China. New tax residence and anti-avoidance rules will eliminate loopholes and allow for a more efficient tax collection.

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