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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 ISSN 0308-5147.

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Official URL: https://doi.org/10.1080/03085147.2020.1718913

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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
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
J Political Science > JC Political theory
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:
DateEvent
28 April 2020Available
17 December 2019Accepted
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
Date of first compliant deposit: 6 March 2020
Date of first compliant Open Access: 28 October 2021
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
1791638[ESRC] Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269

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