The strange geographies of the ‘new’ state capitalism

The recent polymorphism of state intervention and attendant political geographies have been interpreted as a return of state capitalism. While commentators across the social sciences have offered competing characterizations of the new state capitalism, little attention has been dedicated to how narratives and geographical imaginaries of the new state capitalism operate as a form of geopolitical knowledge and practice. Drawing upon critical geopolitics, we make three main arguments. First, we examine the context of wider geopolitical and geo-economic shifts in which the social construction of the geo-category has happened. We contend that the emerging new spatiality of the global economy has prompted the need for new discursive frames and geopolitical lines of reasoning. Second, we argue that this need is fulfilled by the geo-category state capitalism, which acts as a powerful tool in categorizing and hierarchizing the spaces of world politics. It does so by reinstituting a simple narrative of competition between two easily identifiable protagonists – (Western) democratic free-market capitalism and its deviant ‘other’, (Eastern) authoritarian state capitalism – and by reactivating older geopolitical grand narratives. Third, the geo-category state capitalism discursively enables Western business and state actors to justify tougher policy stances in three areas: foreign policy; trade, technology, and investment regulation; and international development.     

Vietnam's Coastal Communities: An Assessment of Poverty

A Vietnamese geographer examines factors leading to the persistence of poverty in the coastal regions of Vietnam, against the backdrop of the country's overall recent success in poverty amelioration. After reviewing the spatial pattern of poverty for Vietnam as a whole, based on current government statistics, the author contrasts the situation in the country's interior relative to coastal locations, based on a detailed survey of over 200 households in Khanhhoa Province, located in south-central Vietnam. The changing labor market conditions in East Asia are discussed briefly in light of continued poverty reduction in the country. Journal of Economic Literature, Classification Numbers: D31, I31, O15, P20. 4 figures, 5 tables, 33 references.     

China's Exchange Rate Controversy: A Balanced Analysis

A noted American authority on China's economy and monetary policy presents a statistical as well as theoretical analysis of a variety of perspectives on the controversy surrounding China's currency, basing his paper on both. The author provides the historical background and comprehensive summaries, focusing on different viewpoints about whether China's currency is undervalued, and thus may contribute to global imbalances. In the paper, he divides observers involved in the controversy into two main camps, namely the ones who find China's trade balances to be sensitive to price effects through exchange rate adjustments and those who emphasize other factors as bearing the responsibility for China's large surpluses, including the U.S. credit bubble emerging before the global financial crisis, as well as a version of Dutch disease.     

China's Special Economic Zones at 30

Three Hong Kong-based geographers assess retrospectively the performance of special economic zones (SEZs) in China on the eve of the 30^th anniversary of their founding. After exploring the general rationale and historical context for the launching of the SEZ concept, they devote considerable attention to the divergent development paths and outcomes of the five SEZs established in China during the 1980s. Of particular importance has been the differing specific roles assigned to the SEZs based on their internal characteristics as well as location relative to (and interactions with) areas of intense commercial activity (Hong Kong and Macao) subsequently coming under Chinese sovereignty. The paper concludes by viewing the past performance of the SEZs within the context of the gathering momentum of globalization that afforded entry for their export-oriented manufacturing activities into world markets, and explores some implications of the current worldwide financial crisis for their future. Journal of Economic Literature, Classification Numbers: O180, O200, P200, R120. 1 figure, 3 tables, 56 references.