This edited volume represents the first collaborative effort to explicitly view China’s rapid international ascent as associated with the same process that catapulted Great Britain, the United States, Germany, and Japan to international prominence – the emergence of a capitalist political economy. Each chapter therefore applies the capitalist lens to analyze aspects of China’s monumental social, economic, and political transition. Topics addressed range from examinations of China’s industrial capitalism and its new multinational corporations to studies of China’s changing polity, state-media relations, and foreign policy.
With contributors writing from highly varied backgrounds each chapter approaches the subject from a slightly different perspective, but the underlying findings show considerable common ground. China is developing a unique form of capitalism by combining elements rooted in Chinese history, such as the prevalence of networked forms of capital and the continued dominance of the state, with the growing influence of global capital, including the rapid adaptation of recent organizational and technological innovations. Concluding chapters draw out what capitalism in the dragon’s lair implies for our 21st century world, cautioning that China’s rise is likely to challenge the present world order along both political and economic dimensions.
Part 1: Setting the Stage 1. Introduction: The China Impact Christopher A. McNally 2. Reflections on Capitalism and China’s Emergent Political Economy Christopher A. McNally Part 2: Firms, Finance, Innovation and International Competitiveness 3. China’s Emerging Industrial Economy: Insights from the IT Industry Dieter Ernst and Barry Naughton 4. Venture Capital and the Financing of China’s New Technology Firms Wei Zhang, Jian Gao, Steven White and Paul Vega 5. The Global Impact of China’s Emerging Multinationals Peter J. Williamson and Ming Zeng Part 3: State, Capital and Political Interests 6. The Institutional Contours of China’s Emergent Capitalism Christopher A. McNally 7. China’s Media in an Age of Capitalist Transition Maryanne Kivlehan-Wise 8. Why Does Capitalism Fail to Push China Toward Democracy? An Chen Part 4: China in the Global Capitalist System 9. China’s Rise as a Trading Power Christopher Edmonds, Sumner J. La Croix and Yao Li 10. Energy Security in China’s Capitalist Transition: Import Dependence, Oil Diplomacy and Security Imperatives Kang Wu and Ian Storey 11. The Impact of China’s Capitalist Transition on Foreign Policy Yinhong Shi 12. Conclusion: Capitalism in the Dragon’s Lair Christopher A. McNally