Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319421 
Authors: 
Year of Publication: 
2020
Citation: 
[Journal:] China Political Economy (CPE) [ISSN:] 2516-1652 [Volume:] 3 [Issue:] 1 [Year:] 2020 [Pages:] 121-139
Publisher: 
Emerald, Leeds
Abstract: 
Purpose This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations. Design/methodology/approach Socialism can neither bypass the market economy nor "go beyond capital"; capital appears in two historical forms, including the private capital and the public capital. Public capital is the inevitable outcome of the inherent contradictions of public ownership in a socialist market economy. Findings It represents an economic relationship that compels individual labourers to provide surplus labour for the society. The combination of the strong accumulation function of public capital and the improvement of people's welfare is the main cause of China's development miracle. Originality/value The innovation impetus of the public capital and its "immunity" to the capitalist crisis highlight the tremendous power of socialism with Chinese characteristics in breaking free of the shackles of capitalism and continuously developing productive forces. Public capital demonstrates and will continue to demonstrate the historical legitimacy of socialism.
Subjects: 
Modern productivity
Public capital
Public ownership of capital
Socialism with Chinese characteristics
JEL: 
B24
P26
P51
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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