This short essay explores the theoretical meaning of the Chinese notion of “socialist market economy” in light of the recent financial crisis in the West. It argues that James Meade’s theory of “liberal socialism” can help us to understand both “temporary nationalization” as a response to the financial crisis in the West and the Chinese experiment with “socialist market economy.”
CuiZhiyuan (2005) “Liberal socialism and the future of China: a petty bourgeois manifesto.” Pp. 157–74 in CaoTian Yu (ed.), The Chinese Model of Modern Development. London: Routledge.
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CuiZhiyuan (2011) “Partial intimations of the coming whole: the Chongqing experiment in light of the theories of Henry George, James Meade, and Antonio Gramsci.” Modern China37, 6 (Nov.): 646–60.
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DewatripontMathiaTiroleJean (1993) The Prudential Regulation of Banks. Cambridge, MA: MIT Press.
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ForsythRandall (2008) “Buffett drives a harder bargain than Paulson: banks get cheaper financing from Treasury than from Berkshire Hathaway.” Barron’s, Oct.14.
