Financialization and Enhancement of State Resource Mobilization Capacity

Yıl 2020, Cilt: 40 Sayı: 2, 723 - 744, 31.12.2020

Liu Changxi Gui Yong Yu Qin

Öz

From the financial perspective, this article discusses how China as a developmental government enhances its state capacity under the condition of market economy. Through constructing an analysis framework between financialization and the enhancement of state resource mobilization capacity, this article attempts to systematically discuss the core mechanism that China applies to strengthen state control and resource mobilization ability through the leading financial system. Through facilitating the growth of key financial organizations, appointing shareholding of important financial organizations and senior managers, to mold the economic and political preference of senior managers of financial organizers, control and guide the regulations of the financial market, China has realized its supervision over financial system. Thus, under the effect of financialization mechanism, doubletrack system of interest rate, state’s capacity of controlling and mobilizing resources has been enhanced. It is believed in this article taht, under the state-led financialization model, finance has its unique mechanism in enhancing state capacity, which is of great significance to understanding state developmentism.

Anahtar Kelimeler

Developmental government, Financialization, State capacity

Kaynakça

• Ba, S. S., & Huang, W. L. (2013, February 7). Comment on the evolution of China’s total financial assets. Development Research Center of the State Council. google scholar
• Bai, C. E. (2018). China: Government investment and financing development report (2017). Summary of views from the press conference and local government debt management seminar. http://www.sohu.com/a/219684595_100002691 google scholar
• Chen, D. F. (2017). How can finance better serve the real economy. Tsinghua Financial Review, 11. google scholar
• Epstein, G. A. (2006). Financialization and the world economy. Edward Elgar. google scholar
• Evans, P. (1998). Transferable lessons? Re-examining the institutional prerequisites of East Asian economic policies. Journal of Development Studies, 34(6), 66–86. google scholar
• Foster, J. B. (2007). Financialization of capitalism. https://monthlyreview.org/2007/04/01/the-financialization-of-capitalism/ google scholar
• Foster, J. B. (2007). New development of monopoly capital: Monopoly finance capital. https://monthlyreview.org/2006/12/01/monopoly-finance-capital/ google scholar
• Gao, B. (2006). Neoliberal versus Classical: Chinese and Japanese developmentalisms in comparison. Sociological Studies, 1. google scholar
• Guo, Q. W., & Lv, B. Y. (2004). The impact of economic increase and the adjustments for industrial structure on tax increase. International Taxation in China, 9. google scholar
• Jiang, C., Li, J., & Song, X. (2019, August 19). The era of real estate speculation is drifting away, increase allocation of financial assets: The current situation and comparison of residents’ wealth allocation. google scholar
• He, D., & Wang, H. L. (2011). The dual-track interest rate system and the implementation of monetary policy. Journal of Financial Research, 12. google scholar
• Johnson, C. (1982). MITI and the Japanese miracles: The growth of industrial policy, 1925-1975. Stanford University Press. google scholar
• Riskin, K. (2013). China and human developmental government. Foreign Theoretical Trends, 3. google scholar
• Landry, P. F. (2008). Decentralized authoritarianism in China: The Communist Party’s control of local elites in post-Mao era. Cambridge University Press. google scholar
• Liu, C. X., Meng, C., & Gui, Y. (2014). Sociological analysis on governmental investment driven economic growth model: A perspective from capacity theory. Sociological Studies, 3. google scholar
• Liu, C. X., Gui, Y., & Yu, Q. (2020). Financialization and state capacity: A sociological analysis framework. Sociological Studies, 5. google scholar
• Liu, X. X., & Zhou, X. Y. (2011). The test of the allocation relationship between financial resources and the real economy: Also on the causes of economic structure imbalance. Journal of Financial Research, 2. google scholar
• Lu, Q. J., & Zhu, L. N. (2014). Seigniorage calculation, currency seigniorage decomposition and inflation tax. Academic Research, 2. google scholar
• Lu, Y. N. (2013, September 2). Why the 268 companies created profits less than the 5 companies? People’s Daily. google scholar
• Ma, J. (2011). Is China transforming from a state of public finance into a tax state? Jilin University Journal Social Science Edition, 1. google scholar
• Montinola, G., Qian Y., & Barry, R. W. (1995). Federalism, Chinese style: The political basis for economic success in China. World Politics, 48(1), 50–81. google scholar
• National Bureau of Statistics. (2020). China statistical abstract 2020. China Statistics Press. google scholar
• Nee, V. (1989). A theory of market transition-from redistribution to markets in state socialism. American Sociological Review, 54(5), 633–681. google scholar
• Oi, J. C. (1992). Fiscal reform and the economic foundations of local state corporatism in China. World Politics, 45(1), 99–126. google scholar
• Qu, J. D., Zhou, F. Z., & Ying, X. (2009). From macromanagement to micromanagement - Reflections on thirty years of reform from the sociological perspective. Social Sciences in China, 6, 104–127. google scholar
• Tian, G. Q., Huang, X. D., Ning, L., & Wang, Y. Q. (2018). Research report/Beware of household debt crisis and the systemic financial risks it may cause. Institute for Advanced Research of SUFE. google scholar
• Yang, J. (2015). The double paradox and criticism of the “market failure” theory of neo-liberalism —considerations on the better application of the government. Studies on Marxism, 3. google scholar
• Yu, J. X., & Gao, X. (2012). Behavioral logic and institutional basis of local developmental states. Social Sciences in China, 5. google scholar
• Yu, J. X., & Xu, Y. Q. (2004). From developmental government to public service government: A case study of Zhejiang province. Marxism & Reality, 5. google scholar
• Yuan, J. (2012) A major turning point. Citic Publishing House. google scholar
• Zhang X. J., Chang, X., & Liu, L. (2018). China Deleveraging Process Report (2017). http://www.sohu.com/a/227809339_118392 google scholar
• Zhou, L. (2003). Study on state capacity and fiscal implementation of financial functions. Journal of Finance and Economics, 3. google scholar
• Zhou, L. A. (2008). Local governments under transformation --The incentive of government officials and governance. Truth and Wisdom Press.
• Zhu, M. X., & Liu, R. (2017). State taxation. Southwestern University of Finance and Economics Press. google scholar