Author:
Domenico Mario Nuti Emeritus Professor at Sapienza University of Rome

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The contemporary economic system developed by China in the last two decades, supremely successful in achieving economic growth, defies traditional classification. It has been variously defined as socialist (by Chinese leaders), capitalist (Kornai), state socialist (Coase and Wang), political capitalism (Milanovic), a unique system with features of both socialism and capitalism not conforming to either system (Kolodko). This essay seeks to support, substantiate and develop Kolodko’s notion of the uniquess of China, while expressing greater pessimism than Kolodko about the economic, social and political sustainability of that system, its merits as a beneficial engine of globalisation and growth, and its exportability to other countries in the developed West.

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  • Berthold, R. (2017): About the 19th National Congress of the CPC. China Today, November.

  • Blair, T.Schroeder, G. (1999): The Way Forward for Europe’s Social Democrats – A Proposal. Working Document, Labour Party, London.

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  • Coase, R.Wang, N. (2012): How China Became Capitalist. London – New York: Palgrave Macmillan.

  • Coase, R.Wang, N. (2015): How China Became Capitalist. Research Institute of Economy, Trade and Industry, BBL Seminars, Tokyo University, 17 September.

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  • Docquier, F.Machado, J.Sekkat, K. (2014): Efficiency Gains from Liberalizing Labor Mobility. The Scandinavian Journal of Economics, 117(2): 303346.

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  • Fukuyama, F. (2018): Exporting the Chinese Model. Project Syndicate, 12 January.

  • Kolodko, G. W. (2002): Globalization and Catching-up in Transition Economies. Rochester University Press.

  • Kolodko, G. W. (2004): Institutions, Policies and Growth. Rivista di Politica Economica, May- June: 45–79.

  • Kolodko, G. W. (2018a): Socialism, Capitalism or Chinism? Communist and Post-Communist Studies, 51(4): 285298.

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  • Kornai, J. (1980a): The Economics of Shortage. Amsterdam: North Holland.

  • Kornai, J. (1980b): ‘Hard’ and ‘Soft’ Budget Constraint. Acta Oeconomica, 25(3–4): 231246.

  • Kornai, J. (2013): Dynamism, Rivalry and the Surplus Economy – Two Essays on the Nature of Capitalism. Oxford University Press.

  • Kornai, J. (2016): The Sytem Paradigm Revisited Clarification and Additions in the Light of Experiences in the Post-Socialist Countries. Acta Oeconomica, 66(4): 347569.

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  • Milanovic, B. (2018): Hayekian Communism. Globalinequality Blog, 24 September,http://glineq. blogspot.com/2018/09/hayekian-communism.html.

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  • Milanovic, B. (1 2019): Capitalism Alone. Harvard University Press (forthcoming).

  • Minxin, P. (2018): MAD about Sino-American Trade. Project Syndicate, 20 September.

  • Naughton, B.Tsai, K. (eds) (2015): State Capitalism, Institutional Adaptation, and the Chinese Miracle. Cambridge University Press.

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  • Nuti, D. M. (2018a): The Rise and Fall of Socialism. Dialogue of Civilizations (DOC) Research Institute, Berlin, https://doc-research.org/2018/05/rise_and_fall_of_socialism/.

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  • Nuti, D. M. (2018b): The Rise, Fall and Future of Socialism. Social Europe, 25 and 26 September, https://www.socialeurope.eu/the-rise-fall-and-future-of-socialism-1, https://www.socialeurope. eu/the-rise-fall-and-future-of-socialism-2.

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  • Polyakova, A.Taussig, T. (2018): The Autocrat’s Achilles Heel. Brookings, 5 February.

  • Popov, V. (2017): Socialism is Dead, Long Live Socialism! Dialogue of Civilizations (DOC) Research Institute, Berlin, http://pages.nes.ru/vpopov/documents/SOCIALIM%20IS%20 DEAD-WP. pdf

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  • Popov, V. (2018): Mixed Fortunes: An Economic History of China, Russia, and the West. Oxford University Press.

  • Rodrik, D. (2018): The Great Globalisation Lie. Prospect, January: 30–34.

  • Shiller, J. R. (2018): How to Protect Workers without Trade Tariffs. Project Syndicate, 17 July.

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  • Weber, M. (1922): Economy and Society. California – Berkley: University Press, https://ia600305.us.archive.org/25/items/MaxWeberEconomyAndSociety/MaxWeberEconomyAndSociety.pdf.

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Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • David Kemme, University of Memphis, USA
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
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Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
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Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
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Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)