ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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China's Falling Rate of Profit and the Coming Economic Crisis

China's rapid growth has been based on the intense exploitation of the working class, ruthless environmental degradation, and exports to the global capitalist market. However, all three conditions required for China's capital accumulation have been undermined. The contradictions of Chinese capitalism have led to a falling profit rate, which at current trends may soon fall towards levels historically associated with the Great Depression. A major economic crisis may seriously undermine the political legitimacy of China's current capitalist regime.

Socialism, Capitalism, and Class Struggle: The Political Economy of Modern China

This essay traces the evolution of the political economy of China from the 1949 revolution up to the triumph of Chinese capitalism in 1992. It first describes and discusses the tremendous achievements in the first quarter century after the revolution, and also the struggles during the Great Leap Forward and the Cultural Revolution. The essay outlines the context of the tussles that followed the death of Mao, the role of the "intellectuals", the alliance or the lack of it with the urban working class during Tiananmen 1989 and how the forces represented by Deng Xiaoping were able to impose their writ on the economy and society of China.
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