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The Implications of the Triumph of Neoclassical Economics over Marxist Economics in China

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  • Steve Cohn

Abstract

This paper explores the implications of one of the great intellectual revolutions of the late twentieth and early twenty-first centuries, the replacement of Marxist economics by neoclassical economics in China. The analysis summarizes what is distinctive about Marxist and neoclassical ways of thinking. The paper then demonstrates how these differences led to different framings and different conclusions about a number of key topics related to the development of capitalism in China. Among the topics explored are the merits of state-owned enterprises, the nature of inequality in China, and the relationship between capitalism and the environment. The paper concludes with a discussion of the different policy agendas that emerge from the different framings offered by neoclassical and Marxist economics. JEL Classification: B41, B51, P2, O53

Suggested Citation

  • Steve Cohn, 2021. "The Implications of the Triumph of Neoclassical Economics over Marxist Economics in China," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 281-299, June.
    • Handle: RePEc:sae:reorpe:v:53:y:2021:i:2:p:281-299
    DOI: 10.1177/0486613420967211
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    References listed on IDEAS

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    1. Sheng Hong, 1996. "A Survey of the Research on the Transitional Process of Market-Oriented Reform in China," Chinese Economy, Taylor & Francis Journals, vol. 29(2), pages 5-38, March.
    2. Susmita Dasgupta & Benoit Laplante & Hua Wang & David Wheeler, 2002. "Confronting the Environmental Kuznets Curve," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 147-168, Winter.
    3. Nahid Aslanbeigui & Veronica Montecinos, 1998. "Foreign Students in U.S. Doctoral Programs," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 171-182, Summer.
    4. Jinglian, Wu & Guochuan, Ma, 2016. "Whither China?: Restarting the Reform Agenda," OUP Catalogue, Oxford University Press, number 9780190223151.
    5. Bramall, Chris, 2000. "Sources of Chinese Economic Growth, 1978-1996," OUP Catalogue, Oxford University Press, number 9780198296973.
    6. Rémy Herrera & Kin Chi Lau, 2015. "The Struggle for Food Sovereignty," Post-Print halshs-01180539, HAL.
    7. Xin Mao, 1999. "Reform and Economic Man," Chinese Economy, Taylor & Francis Journals, vol. 32(2), pages 22-60, March.
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    More about this item

    Keywords

    paradigm debates; China; State Owned Enterprises; development;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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