Abstract
Since the 1980s, fiscal crises have notably impacted capitalist nations, a situation that intensified during the COVID-19 pandemic. Although theories of capital accumulation and economic crises often serve to explain these events, this study advocates for a broader perspective by viewing fiscal crises as a primary manifestation of the contradiction between socialized production and capitalist private ownership. This study examines the evolution of this contradiction through various stages of capitalism and highlights the potential pitfalls of common strategies adopted by capitalist nations, such as neoliberal policies that cut social welfare and public spending. The study then shifts its focus to China, exploring its unique dual fiscal system, which supports China’s rapid economic growth, offering a novel perspective on addressing the global fiscal crisis.
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