Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.
This study investigates contemporary Chinese Underworld traditions in Singapore and Malaysia, where the veneration of Hell deities is particularly popular. Highlighting the Taoist and Buddhist cosmologies on which present-day beliefs and practices are based, the book provides unique insights into the lived tradition, taking alterity seriously and interpreting practitioners’ beliefs without bias. First-person dialogues between the author and channelled Underworld deities challenge wider discourses concerning the interrelationships between sociocultural and spiritual worlds, promoting the de-stigmatisation of spirit possession and non-physical phenomena in the academic study of mystical and religious traditions.