The Financial Tsunami, & China

 

The following is an excerpt from my book with the title of "Science and Technology in China," published by Longman (London) in 1984 but which has gone out of print. Appearing as Chapter 2 in that book, it was an invited contribution from John Collier, now also deceased, sadly. Written a quarter of a century ago, it deals with the political aspects of China's advance in science and technology. However, its arguments remain valid in substance, and may profitably be revisited by all who care about China and her development, hence its inclusion here.

 

In Collier's analysis, the Chinese society encompasses three formations: traditional bureaucracy, Western bourgeoise, and Marxist revolutionaries (these terms are mine; Collier employed less direct terminology). He concluded that "the whole movement of science and technology in China at present would seem to favour a rapid and sustained strengthening of the [bourgeois] formation," a guess that has come true. "This situation and trend should favour ... the flourishing of science." On the other hand, if "China experiences a long period of political stability, there is a possibility that [she] will become more bureaucratic, particularly in the form of institutions becoming dominated by their administrators. This may have an adverse effect on all forms of innovation including scientific research ..." This has happened too; indeed, Chinese science has achieved impressive progress in quantity but remained plagued with structural problems at the same time. My observation is that traditional bureaucratic perception and Western bourgeois conception have succeeded in forging an alliance in China.

 

My reason? American capitalism has maintained since the Second World War, via hegemony of its dollars based first on credit (the Marshall Plan) and later on debts. The latter was achieved initially in collusion with Middle Eastern feudal autocracies through petro-dollars recycling, and currently with China who rids the land of resources, adds the sweat of proletariat and peasants, exports goods to the US, mostly, and buys back virtual dollars. How bourgeois is China, now? A short answer may be gleaned from the official slogan that you help your country by consuming more! Do not imagine that the "financial tsunami" now sweeping the world will eventually bring down capitalism or at least American capitalism. In fact, present developments indicate its resilience; witness the undying strength of the USD. The only challenge may come only from "mass extinction events" on Earth, such as a collision with a mountain-size meteror!

 

● Download [ Science and Technology in China, Chapter 2 ]