From Accelerated Accumulation to Socialist Market Economy in China

Economic Discourse and Development from 1953 to the Present


In From Accelerated Accumulation to Socialist Market Economy in China, Kjeld Erik Brødsgaard and Koen Rutten examine China’s indigenous economic discourse and its relation to both economic policy-making and the overall trajectory of development from the First Five Year Plan in 1953 to 2016. In so doing, this volume demonstrates that although the form of the current economic system and its theoretical underpinnings bear scant resemblance to those of the planned economy, economic policy-making still relies on the principle of accelerated accumulation, which lay at the heart of the economic development project in the early years of the People’s Republic.
Open Access


Open Access

Biographical Note

Kjeld Erik Brødsgaard is Professor, Ph.D. (1990), at the Department of International Economics and Management and Director of the China Policy Program at the Copenhagen Business School. His many books and journal publications include Chinese Politics as Fragmented Authoritarianism (2017).

Koen Rutten, Ph.D. (2014), Asia Research Centre, Copenhagen Business School, has spent his academic career studying the development of the Chinese Economy through various institutional perspectives. From Accelerated Accumulation to Socialist Market Economy is his first book-length publication.

Table of contents

List of Figures
List of Tables

1 Introduction
1.1 Changes and Continuities in Chinese Development (1953–Present)
1.2 Explanations of Change within Chinese Economic Governance
1.3 Discourse, Economic Paradigms and Governance
1.4 A Discursive Explanation of Change and Continuity in China’s Mode of Governance

2 Primitive Socialist Accumulation, Readjustment and Reform (1953–1978)
2.1 Introduction
2.2 Theoretical Foundations and Issues of Communist Development
2.3 Economic Discourse and Policy in the Maoist Era (1953–1977)
2.4 Economic Development under the Maoist Economic Paradigm
2.5 Conclusion

3 Market Allocation and Enterprise Reform in the Primary Stage of Capitalism (1978–1992)
3.1 Introduction
3.2 The Pragmatist Turn and the Liberalization of Economic Discourse
3.3 Early Reforms and Readjustment (1978–1986)
3.4 Price and Ownership Reform, Inflation and the Origins of the Tiananmen Incident
3.5 Tiananmen and the Reemergence of Conservatism
3.6 Economic Developments in the First Phase of Reform
3.7 Conclusion

4 The Emergence and Development of the Socialist Market Economy (1992–2003)
4.1 Introduction
4.2 The Second Liberation of Thought and the Marginalization of Socialist Diagnostics
4.3 Ownership, Interest and Property Rights
4.4 The Formulation of a Socialist Market Economy
Fiscal and Monetary Reform and the Reinvigoration of the Central
State 106
4.5 A Turning Point in the Development of the Socialist Market
4.6 Economy: From the Modern Enterprise System to Grasping the Large and Releasing the Small
4.7 Economic Developments within the Socialist Market Economy (1992–2003)
4.8 Conclusion

5 Scientific Development and Domestic Demand (2003–2011)
5.1 Introduction
5.2 Distributive Concerns and the Dynamics of Growth
5.3 The Scientific Development Concept
5.4 Economic Development under the 11th Five Year Plan (2006–2010)
5.5 Conclusion

6 The Era of Xi Jinping (2012–2016)
6.1 Massive Overcapacity
6.2 Zombie Enterprises
6.3 13th Five Year Plan and New Normal
6.4 Conclusion

7 Discourse and Development: Insights and issue
7.1 Introduction
7.2 Readjustment and Reform: From Plan to Socialist Market
7.3 Economy
7.4 Discourse and Politic
7.5 Merits and Limitations of Discursive Analysis
7.6 Dynamics of Discourse: Insights from the Chinese Case
7.7 Conclusion



All interested in socialist economic development and reform and especially anyone concerned with China’s economy and economic discourse.