By Xiaoming Huang (eds.)
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Additional resources for Modern Economic Development in Japan and China: Developmentalism, Capitalism, and the World Economic System
Example text
When catching-up countries adopt this strategy, they follow a linear development path. For example, the East Asian countries did so after World War II and formed a “flying geese” pattern of industrialization. It is more difficult for the most advanced countries to adopt the first strategy because of the high risk and cost involved in developing a new dynamic industry. 1, there is the possibility that the VAL of a new dynamic industry may be lower than that of the existing dynamic industry until the new dynamic industry takes off.
I start with the historical overview of the economic performance of Japan and China, assuming that a sustained period of higher-than-usual economic growth rates would indicate attainment of efficiency in the economy, which in turn indicates the level of modern economy. 1 shows the movement of GDP per capita level for the period between 1870 and 2008. 1 China Japan Real GDP and GDP per capita growth: Japan and China (1870–2008) Source: Maddison (2010). 1). Over the period, the per capita GDP growth in China had been in fact in decline.
It increased VAL and the dynamic comparative advantage. Then the accumulation of capital recommenced under the conditions of structured labor–capital relations and abundant supply of surplus labor. Thus the conflict between capital and labor over the distribution of income was solved through a cyclical crisis, and wages were kept within productivity growth. I call this a cyclical crisis, which reinforces the self-regulating nature of the capitalist economy. With the progress of capital accumulations through business cycles, the available labor from the industrial reserve army was eventually absorbed.