In the late eighteenth century, the political economist Adam Smith predicted an eventual equalization of power between the West and the territories it had conquered. In this magisterial new work, Giovanni Arrighi shows how China's extraordinary rise invites us to reassess radically the conventional reading of The Wealth of Nations. He examines how recent US attempts to create the first truly global empire were conceived to counter China's spectacular economic success Now America’s disastrous failure in Iraq has made the People’s Republic of China the true winner in the US War on Terror.
China may soon become again the kind of noncapitalist market economy that Smith described, an event that will reconfigure world trade and the global balance of power.
Chuang is a collective of communists who consider the “China question” to be of central relevance to the contradictions of the world’s economic system and the potentials for its overcoming. Our goal is to formulate a body of clear-headed theory capable of understanding contemporary China and its potential trajectories. In this first issue, we outline our basic conceptual framework and illustrate the current state of class conflict in China. We also include translated reports and interviews with the proletarians engaged in these struggles, pairing our theory with primary sources drawn from class dynamics that might otherwise remain abstract.
The selection below comes from our centerpiece article on the socialist era, “Sorghum and Steel: The Socialist Developmental Regime and the Forging of China,” the first in a three part economic history of China. The full first issue including this article will be released in print and online in a few months. To read more, including a sample article from the issue, visit our website.