scholarly journals A reflection on borrowing from western economics

2019 ◽  
Vol 2 (2) ◽  
pp. 238-257
Author(s):  
Fuqian Fang
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Market Economy ◽  
Capitalist System ◽  
Content Type ◽  
Operating Rules ◽  
Market Economy System ◽  
Chinese Characteristics ◽  
Internal Relations ◽  
Great Practice

Purpose Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue. Design/methodology/approach However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial. Findings Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization. Originality/value According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

Some thoughts on establishing the theoretical system of socialist political economics with Chinese characteristics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kaiyan Shen
Keyword(s):  
Political Economy ◽  
Economic System ◽  
Market Economy ◽  
Economic Reform ◽  
Socialist Market Economy ◽  
Content Type ◽  
Theoretical System ◽  
Chinese Characteristics ◽  
Socialist Economic ◽  
Socialist Market

PurposeIt is scholars' great mission in this era to creatively develop new implications, paradigms and discourses of China's political economy and establish a theoretical system of political economy with Chinese characteristics based on the fundamental principles of Marxist theory and the practice and historical process of Chinese economic reform, through theorizing and systemizing the practices of China's socialist market economy construction. The purpose of this paper is to give some suggestions to establish a socialist theoretical system with Chinese characteristics.Design/methodology/approachThis paper makes a comprehensive analysis of the principles, objectives, study objects, methodologies as well as the framework of the theoretical system of the political economy with Chinese characteristics.FindingsAdditionally, starting from the unity of opposites between public ownership of resources and resource allocation in a market mechanism, which is the fundamental dialectical relation of China's socialist market economy, the authors will adopt the dual dialectical analysis approach to discover and understand the duality features of the socialist economic system with Chinese characteristics.Originality/valueWith adherence to the mission of China's socialist economic system, the goal of China's market economic reform, and the perspectives of Marxist political economy, the authors must explicitly define the so-called Chinese characteristics and then summarize the dynamics and innovations during the evolution of Chinese socialist political economy with high theory confidence and theory self-consciousness.

scholarly journals Analysis of the innovation and development of the socialist market economy theory

2019 ◽  
Vol 2 (1) ◽  
pp. 85-97
Author(s):  
Jiayong Hu
Keyword(s):  
Political Economy ◽  
Market Economy ◽  
Distribution System ◽  
Allocation Mechanism ◽  
Socialist Market Economy ◽  
Content Type ◽  
Chinese Characteristics ◽  
The Government ◽  
Opening Up ◽  
Socialist Market

Purpose As a major theoretical breakthrough of the Marxist political economy based on the practice of China’s reform and opening up, the theory of socialist market economy constitutes an important part of the political economy of socialism with Chinese characteristics. The paper aims to discuss this issue. Design/methodology/approach Its essence is that socialism (as a social system) and market economy (as a resource allocation mechanism) can be organically integrated to exert the advantages of both at the same time and generate new institutional and systematic advantages. Findings It has condensed many important theoretical viewpoints, involving major theoretical and practical issues, such as the relationship between the government and the market, the basic economic system, the income distribution system, the operation of the market economy and the opening up to the outside world, which have become the basic principles of socialist political economy with Chinese characteristics. Originality/value The new practice of comprehensively deepening reform and building a moderately prosperous society in an all-round way is bound to provide an impetus to the deepening and systematization of the theory of socialist market economy.

Political economy analysis of the properties of doctors' labour and medicines

2020 ◽  
Vol 3 (1) ◽  
pp. 75-91
Author(s):  
Fengyi Liu ◽  
Shenghui Chen
Keyword(s):  
Political Economy ◽  
Theoretical Basis ◽  
Design Methodology ◽  
Analytical Approach ◽  
Healthcare Reform ◽  
Content Type ◽  
Chinese Characteristics ◽  
Internal Relations ◽  
Political Economy Analysis ◽  
Labour Power

PurposeDoctors' labour and medicines are special necessities for human survival and evolution. Since China launched the healthcare reform, the theoretical circles' discussions have not yet clarified the respective special properties of doctors' labour and medicines as goods and the internal relations between doctors' labour and medicines at the level of the theoretical basis.Design/methodology/approachHealth is a prerequisite for people's all-round development, a precondition for economic and social development and the people's common aspiration. The all-round moderately prosperous society could not be achieved without people's all-round health.FindingsThe authors believe the socialist relation between doctors' labour and medicines with Chinese characteristics should be one that is people-oriented, and the corporatization of hospitals or the capitalization of doctors' labour should be avoided.Originality/valueIn this paper, the authors explore the particularity of doctors' labour, particularity of medicine production, circulation, consumption and the internal relations between doctors' labour and medicines by using the analytical approach of Marxist political economy while considering the special roles of doctor's labour and medicines in the reproduction of labour power and put forward the theoretical basis for the segregation of doctor's labour and medicines.

scholarly journals The coordination and balance of economic structure is a major theoretical innovation of socialist political economy with Chinese characteristics in the new era

2020 ◽  
Vol 3 (1) ◽  
pp. 39-55
Author(s):  
Di Xie ◽  
Xiao Kong
Keyword(s):  
Political Economy ◽  
Economic Structure ◽  
Central Committee ◽  
Socialist Economy ◽  
Economic Activities ◽  
Content Type ◽  
New Era ◽  
General Law ◽  
Chinese Characteristics ◽  
Theoretical Innovation

PurposeThe proportional distribution of social labor is a general law governing human social and economic activities, also a law discovered by Marxist political economy that governs socialist economic operations and development based on public ownership.Design/methodology/approachThis law draws on Marx's vision of future society, but how it is adopted is not only subject to the way a country's economy interacts but also to the influence of a country's historical and cultural traditions. Generations of the CPC and state leaders since Mao Zedong have made unremitting explorations for its application.FindingsAs socialism with Chinese characteristics enters a new era, the Party Central Committee with Comrade Xi Jinping at the core adheres to the standpoints, viewpoints and methods of Marxist political economy, draws from the splendid Chinese traditional culture that values integrity, peace and harmony of all, builds on the reality of China's socialist market economy development, has summed up the features of socialist economy development with Chinese characteristics, and has proposed the five-sphere integrated plan, the four-pronged comprehensive strategy.Originality/valueThe new development concept of “innovation, coordination, green development, openness, and sharing” for socialism with Chinese characteristics, all reflecting the Party's deepening understanding of coordinated development, the gradual formation of the general thought and policy methods of the country's economic regulations based on the coordination and balance of economic structure, the continuous explorations to open a new chapter of contemporary Marxist political economy, China's experience and wisdom, and the Party's confidence in the theories it applies, the road it takes, its system and its culture. The coordination and balance of economic structure are a major theoretical innovation of socialist political economy with Chinese characteristics in the new era.

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.

scholarly journals On the organic combination of public ownership and market economy

2018 ◽  
Vol 1 (1) ◽  
pp. 67-83 ◽  
Author(s):  
Yu Zhang
Keyword(s):  
Market Economy ◽  
Economic Restructuring ◽  
Public Ownership ◽  
Socialist Market Economy ◽  
Content Type ◽  
Economic Operation ◽  
Chinese Characteristics ◽  
Depth Study ◽  
The Relationship ◽  
Socialist Market

Purpose Since the implementation of reform and opening up, China has made remarkable achievement in terms of economic reform and development. China’s path, as well as its experience, has simultaneously gained worldwide concerns. Developing the market economy against the backdrop of socialism brings conclusions from China’s achievement, deepens knowledge of China’s pathway and builds a socialist political economy with Chinese characteristics. That is the way to realise a basic socialist system, especially with regards to the organic integration of public ownership and market economy. This combination determines the future of socialism with Chinese characteristics and the success or failure of economic restructuring. Therefore, it requires consideration and in-depth study. The paper aims to discuss these issues. Design/methodology/approach The goal of economic restructuring is to establish and develop the socialist market economy. Its main content can be summarised in two parts. The first is the relationship between plan and market or government and market. The second is compatibility or combination of public ownership and market economy. The former is one of the superficial problems, relevant to resource allocation method or economic operation mechanism. The latter stems from deep-rooted problems, represented by ownership or the underlying economic system. These two work together to form the organic integrity of socialist market economy where both similarities and contrasts coexist. Findings The shared ideal of socialism with Chinese characteristics and the lofty goals of communism will then become empty words. In this sense we can say that, whether we can realise the unity and opposition between public ownership and market economy and better integrate advantages of socialist system with strengths of market economy, will to a large extent determine the future and destiny of the socialist market economy. Originality/value As previously mentioned, the relationship between plan and market or government and market are part of resource allocation methods or economic operation mechanism. Compatibility and combination, however, with public ownership and market economy are part of an ownership or basic economic system. Science reveals the nature and developmental law of the socialist market economy. An in-depth study must be conducted on the relationship between public ownership and market economy.

scholarly journals The Market Pricing Issues in the Courses of Fundamental Economic Disciplines at Ukrainian HEIs

2021 ◽  
Vol 1 (516) ◽  
pp. 14-20
Author(s):  
N. V. Starchuk ◽  
◽  
D. O Liebiedieva ◽  
O. M. Bondarets ◽  
◽  
...  
Keyword(s):  
Higher Education ◽  
Economic Theory ◽  
Political Economy ◽  
Market Economy ◽  
Imperfect Competition ◽  
Self Regulation ◽  
Market Mechanism ◽  
Pricing Policy ◽  
Market Pricing ◽  
Economic Training

In the context of market economy in Ukraine, specialists should know the essence of market self-regulation: economic laws, the effect of a market mechanism, market pricing. Such information is given by fundamental (theoretical) economic disciplines, the courses of which in the higher education institutions of Ukraine must be really thought out. When choosing a model of transition from planned to market pricing and in subsequent pricing policy, there was a lag in economic theory and insufficient economic training of specialists as to issues of market pricing, which was chosen as the object of research. The article examines the market pricing materials in the courses of fundamental economic disciplines, textbooks and manuals. According to the results of research, the following conclusions are drawn: in textbooks and manuals on political economy there is not enough information on economic pricing laws, the effect of the market mechanism (only the first two economic laws are mentioned). It is proposed to systematically teach all seven economic pricing laws: their essence, effects, relationship and distribution according to the economic systems of society. The authors have developed the model «Market mechanism effect. Economic pricing laws». In the course of political economy, it is advisable to study not only the industrial market economy, but also the post-industrial information and network economy, the patterns of which are not yet properly known and are fundamentally different. In the course of microeconomics, attention should be paid to the markets of imperfect competition, where a company can influence the price, namely: the markets of monopolistic competition. More attention should be paid to the elasticity of demand in order to develop an effective pricing policy of the company. In the course of macroeconomics, special attention should be paid to keynesian theory, which, unlike neoclassical, correctly considers the markets of goods, services, labor, money imperfectly competitive markets, and their prices not completely flexible (crunch effect). A comparative analysis of political economy and economics is carried out and a conclusion is made about the priority of political economy, which is paid more attention. The fallacy of the trend of displacement of applied fundamental economic disciplines in Ukraine, which are the basis for economic policy, is substantiated. Proposed: economists-theorists shold be trained at HEIs separately; to strengthen the economic training of higher education applicants regarding not only economic, but also non-economic specialties, which will ensure optimal unity of empirical, theoretical and applied knowledge, as well as the possibility of creative approach to understanding the role of economic theory in planning opportunities for personal professional development.

Das Kapital and political economy in the broad sense: a review on Wang Yanan’s research

2018 ◽  
Vol 1 (1) ◽  
pp. 130-135
Author(s):  
Lu Jiang ◽  
Yang Ge
Keyword(s):  
Political Economy ◽  
Historical Materialism ◽  
Broad Sense ◽  
The Political ◽  
Capitalist System ◽  
Content Type ◽  
Economic Relations ◽  
Political Economic ◽  
The Relationship ◽  
Broad Outline

Purpose Wang has focused on the relationship between Das Kapital and the political economy in the broad sense. Numerous ideas covering the political economy in the broad sense are involved in the overall structure of Das Kapital, methodology of historical materialism and analyses of the historical fate of capitalist system. The paper aims to discuss these issues. Design/methodology/approach In broad outline, the Asiatic, ancient, feudal and modern bourgeois modes of production may be designated as epochs, marking progress in the economic development of society (Wang, 2007b). Historical materialism provides a new, scientific and objective explanation for understanding the dialectical development laws of society. It is crucial for constructing the theoretical system of a political economy in the broad sense. It could be said that it is the key to solving the puzzle of the historical course of social development. Findings Today, economic relations between the world’s top two economies have merged with each other. How can two countries with different systems trade with each other so well? These questions can no longer be answered with traditionally narrow political economic theory. The authors have to seek these answers from the perspective of a political economy in the broad sense. Originality/value Numerous ideas covering the political economy in the broad sense are involved in the overall structure of Das Kapital, methodology of historical materialism, and analyses of the historical fate of capitalist system.

scholarly journals Combining Marxism and China’s practices for the development of a socialist political economy with Chinese characteristics

2018 ◽  
Vol 1 (1) ◽  
pp. 30-44
Author(s):  
Wei Liu
Keyword(s):  
Social Production ◽  
Capitalist System ◽  
Content Type ◽  
Classical Economics ◽  
Socialist System ◽  
Labor Theory ◽  
Chinese Characteristics ◽  
Production And Distribution ◽  
Production Relations ◽  
Theory Of Value

Purpose The socialist construction with Chinese characteristics must be based on history and reality. According to the requirements of liberation and development of productivity, efforts must be made to reform and improve the production relations, as well as continually consolidate the socialist system with Chinese characteristics. The purpose of this paper is to prove the necessity and superiority of a socialist system through China’s modernization achievements. Design/methodology/approach Marxist political economics is a critical legacy from classical economics. Its core question is also social production and distribution, which is epitomized in the labor theory of value and the theory of surplus value. Findings Regarding the significant principles that must be followed, these speeches summarized the logical system and prominent features of the socialist political system in the new normal from several significant and interrelated aspects such as basic methods, core propositions, main tasks and fundamental goals. Originality/value The socialist system with Chinese characteristics will gradually appear through further research and prove its superiority. How can a socialist system with Chinese characteristics innovate and develop? Does the system have a future? Is there any historical necessity for the socialist system to replace the capitalist system in human history? These are the questions that need urgent answers and in-depth exploration.

The “China Miracle”: Thinking on Economic Theory Innovation

2019 ◽  
Vol 10 (03) ◽  
pp. 1950014
Author(s):  
Bin Xia
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Theories ◽  
Economic Miracle ◽  
Chinese Characteristics ◽  
Reform And Opening Up ◽  
Opening Up

Starting with explaining the differences between theory and experience, based on various schools of economic theories, this paper sorts out and evaluates different views of Chinese Economists’ theoretical summaries of the “economic miracle” for 40 years since reform and opening-up, and then analyses four fundamental reasons behind the divergence among the economists. The paper expresses the understanding of Chinese Economics, the School of Chinese Economics and the Socialist Political Economy with Chinese Characteristics and puts forward several issues for further improvement on innovations of economic theory.

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