Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319407 
Authors: 
Year of Publication: 
2019
Citation: 
[Journal:] China Political Economy (CPE) [ISSN:] 2516-1652 [Volume:] 2 [Issue:] 2 [Year:] 2019 [Pages:] 238-257
Publisher: 
Emerald, Leeds
Abstract: 
Purpose Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue. Design/methodology/approach However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial. Findings Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China's reform and opening up and socialist modernization. Originality/value According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term "elimination," "transformation" and "transplantation" surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.
Subjects: 
Absorption
Accommodation
Beneficial elements
China political economy
Western economics
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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