Ten Crises

China’s experience defies logical self-consistency if deciphered through the discourse forged by advanced countries in the stage of financial capitalism. This book endeavors to contextualize China’s ‘particular’ historical experience in the general process of capitalist development. China’s progress in the past 60 years is thus depicted as a completion of primitive capital accumulation and then procession into industrial expansion and adjustment.
In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is unexceptional to most of the industrialized countries. China has experienced ten such crises since the founding of the New Republic. With the exception of the first crisis in 1949–1950 at the beginning of national founding, which was a continuation of the monetary crisis of the former Republic of China since 1935, the other nine cyclical alternations between economic peaks and troughs since 1958 have occurred during New
China’s late industrialization. Over the past 60 years, these have occurred in a context where China has been subject to untenable foreign debt pressure on four occasions. It was under a relatively.
[2021]

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