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Article
Publication date: 15 October 2021

Bangxi Li, Chong Liu, Feng Zhao and Yanghua Huang

In the current literature, there is little systematic research on the relationship among adjustment of the income distribution, change in economic structure and improvement of…

960

Abstract

Purpose

In the current literature, there is little systematic research on the relationship among adjustment of the income distribution, change in economic structure and improvement of macroeconomic efficiency.

Design/methodology/approach

This paper expands Marx's reproduction schema into the “Marx–Sraffa” three-department structure table comprising fixed capital, general means of production and means of consumption and employs China's input–output table from 1987 to 2015 to portray the relationship between income distribution and macroeconomic efficiency under investment-driven growth.

Findings

This paper calculates the wage–profit curve of China's economy and evaluates the space of macroeconomic efficiency improvement in China based on the deviation between actual and potential income distribution structure.

Originality/value

The results show that there is a downward trend of the profit rate, which meets Marx's theoretical prediction, and the decline in the profit rate is mainly attributed to an increase in the organic composition of capital arising from the rapid growth of fixed capital investment under extended growth. The analysis of macroeconomic efficiency shows that the space for improving macroeconomic efficiency is extremely limited under traditional growth pattern and that China must transform its economic development pattern and foster new economic growth drivers.

Details

China Political Economy, vol. 4 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Available. Open Access. Open Access
Article
Publication date: 10 December 2021

Xian Zhang

Karl Marx's social capital reproduction theory is his significant contribution to economics. The purpose of this paper is to review the contributions of the exploration of Chinese…

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Abstract

Purpose

Karl Marx's social capital reproduction theory is his significant contribution to economics. The purpose of this paper is to review the contributions of the exploration of Chinese economists (especially Professor Liu Guoguang) in the concretization of Marx’s social capital reproduction theory combined with socialist construction since 1949.

Design/methodology/approach

During this process, Professor Liu Guoguang, a famous Chinese Marxist economist, has made an outstanding contribution by creating a Marxist social capital reproduction model with Chinese characteristics and a distinctive Marxist economic growth model. Professor Liu's exploration is still of crucial practical significance to building a socialist market economy today.

Findings

The process and achievements in the sinicization exploration of Marx's social capital reproduction theory were reviewed. With the reform and opening up, fundamental changes have occurred in China's economic system – the centralized planned economic system has been transformed into a socialist market economic system.

Originality/value

The planned management of the national economy is replaced by a macro-regulation system characterized by gross control gradually, and the concepts of agriculture, light industry, and heavy industry, and their intercorrelation are no longer applied in theory and policy. However, the sinicization exploration of Marx's social capital reproduction theory in the older generation of Marxist economists represented by Liu is not only of historical significance but also of important practical significance.

Details

China Political Economy, vol. 4 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

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