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Financialization with Chinese characteristics : exchanges, control and capital markets in authoritarian capitalism
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Petry, Johannes (2020) Financialization with Chinese characteristics : exchanges, control and capital markets in authoritarian capitalism. Economy and Society, 49 (2). pp. 213-238. doi:10.1080/03085147.2020.1718913
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Official URL: https://doi.org/10.1080/03085147.2020.1718913
Abstract
A growing body of research has analysed the variegation of financialization processes and the role of states as important actors therein. Contributing to this literature, this paper argues that more than important actors facilitating financialization, states can also (partially) exert control over, actively manage and shape financialization. In the context of China’s variegated financialization process, this paper analyses the crucial role of securities exchanges in the development of China’s capital markets since the global financial crisis 2007–2009. These state-owned exchanges act as intermediaries between the Chinese state, society and finance by shaping the infrastructural arrangements of capital markets. Thereby, they facilitate the authorities’ ability to control markets and direct their outcomes towards state policies. Financialization is thereby decoupled from a neoliberal policy paradigm, and rather than a break with China’s authoritarian capitalism, exchanges facilitate state control within and through financialization.
| Item Type: | Journal Article | ||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance J Political Science > JC Political theory |
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| Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||
| Library of Congress Subject Headings (LCSH): | Financialization -- China, Capital market -- China, Stock exchanges -- China, Capitalism -- Political aspects -- China, Authoritarianism -- China | ||||||
| Journal or Publication Title: | Economy and Society | ||||||
| Publisher: | Routledge | ||||||
| ISSN: | 0308-5147 | ||||||
| Official Date: | 28 April 2020 | ||||||
| Dates: |
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| Volume: | 49 | ||||||
| Number: | 2 | ||||||
| Page Range: | pp. 213-238 | ||||||
| DOI: | 10.1080/03085147.2020.1718913 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Reuse Statement (publisher, data, author rights): | “This is an Accepted Manuscript of an article published by Taylor & Francis in Economy and Society on 28/04/2020, available online: http://www.tandfonline.com/10.1080/03085147.2020.1718913 | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| RIOXX Funder/Project Grant: |
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