China is entering a phase where deep structural changes will arise throughout society. These multi-fold processes will be intertwined in a globalized world, impacted by the transformation of capitalism in the aftermath of the financial crisis and under the threat of severe environmental damage. Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty. The book is divided into three parts: Part 1 analyses the structural changes ahead, drawing on the knowledge of the causes of the demise of imperial China and of the social disruptions due to political warfare in the 20th century. Part 2 examines the reasons why the last thirty years of reform were successful and why the present growth regime will undergo a dramatic mutation in future decades. Part 3 seeks to address the question: what type of political economy can support the purpose of achieving "harmonious society"? China's Development will be of interest to students and scholars of Chinese economics, politics, history and development.

China is entering a phase where deep structural changes will arise throughout society. These multi-fold processes will be intertwined in a globalized world, impacted by the transformation of capitalism in the aftermath of the financial crisis and under the threat of severe environmental damage. Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty. The book is divided into three parts: Part 1 analyses the structural changes ahead, drawing on the knowledge of the causes of the demise of imperial China and of the social disruptions due to political warfare in the 20th century. Part 2 examines the reasons why the last thirty years of reform were successful and why the present growth regime will undergo a dramatic mutation in future decades. Part 3 seeks to address the question: what type of political economy can support the purpose of achieving "harmonious society"? China's Development will be of interest to students and scholars of Chinese economics, politics, history and development.

As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, without anything to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied,"lf we don't do this, we may not have an economy on Monday." What saved finance, and the Western economy, was money. Yet it is a highly ambivalent phenomenon. It is deeply embedded in our societies, acting as a powerful link between the individual and the collective. But by no means is it neutral. Through its grip on finance and the debts system, money confers sovereign power on the economy. If confidence in money is not maintained, crises will follow. Looking over the last 5,000 years, this book explores the development of money and its close connection to sovereign power. Michel Aglietta mobilises the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.

The Eurozone crisis since 2010 has instilled political disunity and generated a long period of economic stagnation. The cyclical recovery enjoyed in 2017 is no cause for complacency. It should act as an impetus to undertake long-overdue reforms, which require a change in perspective to develop a medium-term orientation for the next decade. There is no future for those incapable of investing. There is no stimulus for innovative investment in countries that have been converted to the hegemony of finance at the expense of productive investment. Europe must confront the challenges of the 21st century by recovering its ideological autonomy in the community spirit of its origins,which can be summed up as social progress. This book demonstrates the need for a long-term vision with two goals: reconstructing a social contract based on an entrepreneurial partnership and investing in the ecological transition. This political vision will restore to citizens of the member-states a sense of belonging to a wider community. To attain this, argues Michel Aglietta, one of the most important heterodox economists today, we must strengthen European institutions at the financial and fiscal levels. This involves making the euro a full currency, endowed with democratic legitimacy.

Recent corporate governance scandals have brought to the fore the inherent contradictions of a capitalism dominated by financial markets. This challenging book by Michel Aglietta and Antoine Reberioux argues that capitalism's basic premise - that companies must be managed in the sole interest of their shareholders - is incongruent with the current environment of liquid markets, profit-hungry investors and chronic financial instability. The authors advocate rather that a company should be managed as an institution where common objectives are developed for all stakeholders, and that this democratic principle should be extended to the management of collective savings to reduce macro-financial instability. These two conditions, they contend, could make contemporary capitalism a vehicle for social progress. In this context, Corporate Governance Adrift also analyses the financial scandals of the Enron era, going beyond the malfunctioning of the gatekeepers to stress the failure of shareholder value and the inadequacy of measures intended to prevent such scandals. This provocative and unique volume will be required reading for all scholars and researchers of industrial organization and strategy of the firm, finance and corporate governance. Policymakers, financial commentators and those involved in business will also find this book of great interest and value.

Aglietta's path-breaking book is the first attempt at a rigorous historical theory of the whole development of US capitalism, from the Civil War to the Carter presidency. A major document of the "Regulation School" of Marxist economics, it was received as the boldest book in its field since the classic studies of Baran, Sweezy and Braverman. This edition includes a substantial new postface by Aglietta which brings regulation theory face to face with capitalism at the beginning of the new millennium.

Aglietta's path-breaking book is the first attempt at a rigorous historical theory of the whole development of US capitalism, from the Civil War to the Carter presidency. A major document of the "Regulation School" of Marxist economics, it was received as the boldest book in its field since the classic studies of Paul Baran, Paul Sweezy and Harry Braverman. This edition includes a substantial new postface by Aglietta which brings regulation theory face to face with capitalism at the beginning of the new millennium.