#4911. The state of the study of the market in political economy: China’s rise shines light on conceptual shortcomings

July 2026publication date
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Business, Management and Accounting (all);
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Abstract:
The minimalist, atomistic classical liberal definition of markets is dominant in the global political economy literature, if often implicitly so. There are three ways in which China’s emergence challenges established market conceptualizations: the continued resilience of China’s authoritarian state-led capitalist economic model, China’s positioning around notions of power and fairness in the global economy, and China’s mixed preferences regarding global markets. This paper argues that the political economy literature is limiting the development of richer conceptualizations of the market because it operates within three conceptual ‘straitjackets’: the notion of the pure market as ideal- type, the state-market dichotomy and the notion of a sequential progression towards a market economy. Drawing from diverse literatures, from comparative politics, to classical political economy and economic sociology, this paper develops an institutionally grounded set of tools, including a list of characteristics and a typology, to define, evaluate and compare markets, and inspire others to contribute to the endeavour.
Keywords:
China; globalization; Markets; political economy; state

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