A Political Economy Analysis of Chinese Modernization

ABSTRACT

The earliest form of modernization was capitalization, which Marx and Engels explained as occurring “on pain of extinction.” As the inherent contradictions of capitalism intensified, modernization showed a tendency to evolve in the direction of socialization, and two different and opposing models emerged: the Western European capitalist model and the Soviet socialist model. The modernization of the old China was destined to fail even while it was still on the starting line. It was not until the Chinese people, under the leadership of the Communist Party of China, overcame the Chiang Kai-shek regime, achieved victory in the New Democratic Revolution, and established the People’s Republic of China that the country’s progress along the road of Chinese modernization really began. For historical reasons, the new China was obliged to develop a novel approach to its modernization process. Reform and opening up enabled China to seize a new opportunity, and Chinese modernization began to accelerate. After socialism with Chinese characteristics entered a new era, modernization began to take flight. Chinese modernization provides humanity with a new choice as it confronts the modernization challenge. Although Chinese modernization reflects China’s specific national conditions and historical opportunities, it nevertheless has a definite world-historical significance.

KEYWORDS:

• Modernization
• Chinese modernization
• political economy
• capitalism
• socialism

Acknowledgements

This article was translated from the Chinese by Dr. Dongyun Han at the Academy of Marxism, Chinese Academy of Social Sciences, China.

Disclosure Statement

No potential conflict of interest was reported by the author(s).

Notes

1 See http://www.12371.cn/2012/10/25/ARTI1351156898801133_all.shtml.

2 See http://www.gov.cn/xinwen/2014-05/24/content_2686241.htm.

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Notes on contributors

Bin Yu

Bin Yu, Doctor of Economics, is a researcher at the Academy of Marxism, Chinese Academy of Social Sciences, and the founder of the Engels School of China. His research focuses on Marxist and bourgeois economics. He has published many articles and books including Critique of Microeconomics, Das Kapital in China and so on, all of which are in Chinese.