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- Title
Global Crisis, China, and the Strange Demise of the East Asian Model.
- Authors
Hung, Ho-fung
- Abstract
China's recent economic ascendancy is based on its rapid export-oriented industrialization and accumulation of foreign monetary reserves resulting from the trade surplus, extending the earlier East Asian model of export-led growth. The exceptional competitiveness of China's export sector originates in a policy-induced agrarian crisis that creates a large rural labor surplus and perpetuates low manufacturing wages among rural migrant workers. But China's agrarian crisis has been restraining the growth of its domestic consumption, forcing it to depend on the US market for its exports. The latest global financial crisis spelt the end of the debt-financed consumption spree in the US, precipitating the demise of such a developmental model. The continuous rise of China as the new center of global capitalism hinges on whether China can shift to a new model of development driven by domestic private consumption.
- Subjects
CHINA; EAST Asia; UNITED States; ECONOMIC conditions in China, 1949-; GLOBAL Financial Crisis, 2008-2009; ECONOMIC conditions in East Asia; CHINA-United States relations; INTERNATIONAL economic relations; UNITED States economy, 1945-; EXPORTS
- Publication
Swiss Journal of Sociology / Schweizerische Zeitschrift für Soziologie, 2011, Vol 37, Issue 2, p305
- ISSN
0379-3664
- Publication type
Article