By Minqi Li
Li roots his argument in an research of the political and financial imbalances in China that might exacerbate a quandary, and probably even precipitate a whole collapse—and he indicates intimately the explanations why that cave in may perhaps take place even more quick than somebody imagines. Writing from a Marxist and ecologically orientated viewpoint, Li indicates unequivocally that the bounds to capitalism are quickly impending, and that occasions in China—essentially the final nice frontier for capitalist expansion—are more likely to be pivotal.
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Additional info for China and the Twenty-first-Century Crisis
A large portion of the labor force has been transferred out of agriculture to become wage workers in industry and services. The total semi-proletarian working class (including migrant workers, rural local workers, and the unemployed) grew from 17 percent of the labor force in 1990 to 36 percent of the labor force in 2012, with a total increase by 19 percentage points. In 1990, the urban proletariat and middle class (including the urban formal wage workers and the professional and technical workers) accounted for 22 percent of the total labor force.
They have had personal experiences under both the socialist and the capitalist system. They understand that the capitalist transition has destroyed the socialist social and economic rights that the working class once enjoyed (Zhang, Y. 2010). In the words of “Master Wu” or Wu Jingtang, a worker leader of national reputation, “Chairman Mao led us to fight for the rivers and mountains [da jiang shan, that is, to fight for revolution or political power] and to build socialism. Chairman Mao gave the poor kids, like me, a certain standing in society.
In response to the “signal crisis,” the incumbent hegemonic power would transfer capital from material production to financial accumulation. indd 44 9/3/2015 11:15:45 AM expansion allowed the incumbent hegemonic power to re-inflate its power and wealth, but only temporarily. In the long run, financial expansion tended to deepen the accumulation crisis and intensify the inter-state conflicts, culminating in the “terminal crisis” which brought a hegemonic cycle to its end. 2 shows the long-term movement of the profit rate for the United Kingdom and the United States, the hegemonic powers in the nineteenth century and the twentieth century respectively.
China and the Twenty-first-Century Crisis by Minqi Li