China's Role in the Global Political Economy Essay
Analysts of the economic nationalist perspective stress the importance of the interest of the state in domestic and international relations (Hette, 1997). In the literature of O’Brien & Williams (2010) they are some basic assumptions about this perspective, firstly; the state is superior and has the duty to protect its own; and secondly markets are seen as “unnatural” and everything in it should be governed by the state, moreover; such things that should be controlled by the state include production, consumption, exchange and investments. Generally, this theory is built on the assumption that all economic entities within the market are subordinate to the political system.
Merits of Economic Nationalism One may wonder, what benefits economic nationalist principles can present to a country? How can a country controlled by the state have any merits? Within the year 1949 China was controlled by the Chinese Communist Party (CCP), under their control they adopted a command economy ideology; they made all decisions, owned and control most of the economic resources of the country (Hobden, 2008). This meant that the government’s commands and policies drove the