China and the Twenty-first-Century Crisis by Minqi Li

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By Minqi Li

Most discussions of the worldwide monetary difficulty take the U.S. as their concentration, either for studying what went unsuitable and for planning to prevent comparable error sooner or later. yet that will not be the case subsequent time: as Minq Li argues convincingly in China and the Twenty-first-Century Crisis, by the point of inevitable subsequent hindrance, China might be on the epicenter.
 
Li roots his argument in an research of the political and monetary imbalances in China that might exacerbate a quandary, and doubtless even precipitate an entire collapse—and he indicates intimately the explanations why that cave in may possibly take place even more quick than a person imagines. Writing from a Marxist and ecologically orientated viewpoint, Li indicates unequivocally that the bounds to capitalism are speedy drawing close, and that occasions in China—essentially the final nice frontier for capitalist expansion—are more likely to be pivotal.

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Extra resources for China and the Twenty-first-Century Crisis

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Many semi-proletarian workers live as peasants during part of their lifetime. In the capitalist world system, the core countries tend to have a relatively large urban middle class (the professional and technical workers) and fully proletarianized working class. All types of wage workers often account for more than 90 percent of the total labor force of a core capitalist country. This reflects the fact that the world surplus value is concentrated in the core countries, allowing the capitalists to pay a large amount of “loyalty rent” to co-opt the internal middle class and working class.

We just want to survive” (Anonymous College Graduate 2008). Compared to other Chinese college graduates, the anonymous college graduate complaining about his “miserable life” was actually lucky. He had a white-collar job paying 4,000 Yuan a month in 2008, about twice as high as the national average wage rate in China’s urban formal sector. Since the 1990s, many of China’s college graduates have seen their “middle class dreams” smashed and have undergone a process of proletarianization. To these young people, the promise of a “free” and prosperous capitalism is no more than empty words.

The profit rate series from 1900 to 1929 and from 1929 to 2013 are constructed from different sources and are not completely comparable. The profit rate is defined as the ratio of the total capitalist profit over the net stock of private non-residential fixed assets. square miles) to their colonial territories. The entire Asian and African continents were turned into colonies of western imperialist powers or their spheres of influence (Stavrianos 1981: 264). ” Profits from overseas financial investments became a major source of income for the British capitalist class.

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