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Running head: CHINA ECONOMIC PRACTICE: CAPITALISM AND ITS IMPLICATIONS
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China’s Economic Practice: Capitalism and its Implications
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CHINA’S ECONOMIC PRACTICE: CAPITALISM AND ITS IMPLICATIONS
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China’s Economic Practice: Capitalism and its Implications
During the 19th century, countries in East Asia fell under western imperialist powers such
as Britain, Germany, France, and the Netherlands. During the colonization era, the country's
socio-cultural, economic, and political systems were primarily influenced by the colonialists,
leading to significant changes in perspectives and implications even after colonialism. In
essence, whereas the primary intention of imperial powers in East Asia was to achieve economic
gains, their presence in the region altered the social structures and brought their "modern"
western ideas, concepts, and perspectives to host communities. The end of the second world war
in 1945 marked the departure of western imperialists in the region. After their departure, East
Asia’s perspectives on culture, styles of education, religion, and human rights had taken a new
shift, with most East Asian countries integrating their colonialist ideas and concepts. This essay
analyzes how the perspective of capitalism was integrated into China's economic practices since
the withdrawal of British and German powers in the country. Furthermore, the essay also
investigates the idea of capitalism in China even before the invasion of western imperialist
powers. The essay also investigates how capitalism continues to shape the assumptions and
decisions of Chinese policymakers almost a century after the end of imperialism.
In Chapter 3 of Network Power, Hamashita (2018) establishes that East Asia did not enter
into modern times only because of the coming of Europeans but primarily due to the dynamism
of its inherent traditional Sinocentric tributary system. Throughout the chapter, the author argues
that China would have gradually developed into a capitalist country, even without the invasion
and influence of foreign powers in East Asia. The author affirms that even before the entry of
western powers into China, the country's trade and foreign relations operated under the robust
systems set by the powerful Ch’ ing Dynasty. The authors also reveal that the Ch' ing dynasty
CHINA’S ECONOMIC PRACTICE: CAPITALISM AND ITS IMPLICATIONS
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imposed a mercantilist system over its subjects, just like European nations in the pre-industrial
centuries. Furthermore, the dynasty also subscribed to monopoly enforcement and tax collection
ideas. Therefore, although China’s economic practices were not characterized by capitalist
features such as private ownership, minimal government intervention, competition, and profit
motives like in full-scale capitalist economies, the Ch' ing dynasty’s practice of mercantilism and
monopoly power suggests that capitalism was already in its primordial stages in China.
Therefore, it would be unfair to think that capitalism was integrated into China by Europeans
solely.
In 1995, renowned author and professor of anthropology at Stanford University, Hill
Gates, asserted that before the colonialism era, China adhered to a “petty capitalism of
patricorporations.” (Arrighi et al., 2003). According to the authors, the Chinese labor market was
similar to that in...
