Seminar 7 Jane Hardy and Adrian Budd China, capitalism and crisis China dip in returned to double digit growth Unlike the other countries Euroezone double dip and US stalling Adam Smith China take over US (IMF) 2016 Age of America is ending in just 5 years Chinas president as a business man Workshop of the world Largest exporter and energy consumer 2009 Neoliberal Mark Wolf questions sustainability Future of capitalism in Asia not a new concept back to 1960s compare to Asian tigers GDP of China doubled nearly every 8 years To overtake US China would have to grow at current break neck speed Bail out form Chinas ruling class Trotsky uneven and combined development Due primarily to huge manpower reserves Little social consideration poor working conditions, low wages etc Future for everyone lies with the millions of Chinese workers who have fueled Chinas growth Anger from the bottom not been coordinated to threaten the state Yet the Chinese class understand this anger exists and realize the potential for an Arab spring on our doorstep of their own Andreas Class struggle in China Conflict not between labour and capital but networks and hierarchies Capitalism in a new stage Chinese life organized to hierarchy Norwegian knowledge economy occupies only one part of the global production chain Small fraction of production chain down the lines Andreas resistance of capitalism in China Uneven and combined development Technological upgrading without social upgrading Little room for maneuver to workers strikes Addidas moved production sites Yue Yuen Changing role of the state China housing 10x larger than income House prices UK renting rates rise Complex interdependence prevents military and political conflict 4 central bank biggest in the world Trans national state liberal weakness more involved like WTO harder to overtake USA due to mutual beneficial Rosemary Foot domestic Chinese scholars 1944 Breton Woods managed global economic system Marshall plan rebuilding of European and Japanese capitalism 1950s London merchant banks open market Unregulated market Dollar crisis Nixon and Kennedy G7 growth to G20 Conflict inside states Role of the state States support each other Marshall plan Marxist Current system would prefer minimal states American centric New deal USA Centre of the capitalist Role of US state Why considered Marxism? Growth of capitalism G7 IR needed State needs to keep things a float Worker unrest high inflation 1970s workers back into their place Fulker USA reserve GDP lowered growth goes down Created high levels of unemployment disciplines labour US decline 1970s declining world power China rising USA falls

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International Political Economy - seminar - 7

Module: International Political Economy

14 Documents

Students shared 14 documents in this course

University: University of Nottingham

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Seminar 7

Jane Hardy and Adrian Budd – China, capitalism and crisis

- China dip in 2008/9 returned to double digit growth

- Unlike the other countries – Euroezone double dip and US stalling

- Adam Smith – China take over US (IMF) by 2016

- Age of America is ending in just 5 years

- Chinas president as a business man

- Workshop of the world

- Largest exporter and energy consumer by 2009

- Neoliberal Mark Wolf questions sustainability

- Future of capitalism in Asia not a new concept back to 1960s compare to

Asian tigers

- GDP of China doubled nearly every 8 years

- To overtake US China would have to grow at current break neck speed

- Bail out form Chinas ruling class

- Trotsky – uneven and combined development

- Due primarily to huge manpower reserves

- Little social consideration – poor working conditions, low wages etc

- Future for everyone lies with the millions of Chinese workers who have

fueled Chinas growth

- Anger from the bottom not been coordinated to threaten the state

- Yet the Chinese class understand this anger exists and realize the

potential for an Arab spring on our doorstep of their own

Andreas – Class struggle in China

- Conflict not between labour and capital but networks and hierarchies

- Capitalism in a new stage

- Chinese life organized to hierarchy

- Norwegian knowledge economy occupies only one part of the global

production chain

- Small fraction of production chain

- Super-exploitation down the lines

Andreas – resistance of capitalism in China

- Uneven and combined development

- Technological upgrading without social upgrading

- Little room for maneuver – 40,000 to 50,000 workers strikes – Addidas

moved production sites – Yue Yuen

Changing role of the state

- China housing 10x larger than income

- House prices – UK renting rates rise

- Complex interdependence – prevents military and political conflict

- 4 central bank biggest in the world

- Trans national state – liberal weakness – more involved like WTO harder

to overtake USA due to mutual beneficial

- Rosemary Foot – domestic Chinese scholars

- 1944 Breton Woods – managed global economic system

- Marshall plan – rebuilding of European and Japanese capitalism

International Political Economy - seminar - 7