The two forms of capitalism: developmentalism and economic liberalism

ABSTRACT This paper argues that the state and the market are the main institutions regulating capitalism, and, correspondingly, that the form of the economic and political coordination of capitalism will be either developmental or liberal. It defines the developmental state, relates it to the formation of a developmental class coalition, and notes that capitalism was born developmental in its mercantilist phase, turned liberal in the nineteenth century, and, after 1929, became once again developmental, but, now, democratic and progressive. All industrial and capitalist revolutions took place within the framework of developmentalism, whereby the state coordinates the non-competitive sector of the economy and the five macroeconomic prices (which the market is unable to make “right”), while the market coordinates the competitive sector. In the 1970s, a crisis opened the way for a short-lived and reactionary form of capitalism, neoliberalism or rentier-financier capitalism. Since the 2008 Global Financial Crisis, the neoliberal hegemony has come to an end, and we are now experiencing a period of transition.

摘要
本文提出，国家与市场是规制资本主义的两大核心制度，相应地，资本主义的经济与政治协调形态可分为发展型与自由型两类。本文界定了发展型国家（developmental state）的内涵，将其与发展型阶级联盟的形成相联系，并指出资本主义在重商主义阶段便以发展型形态诞生，于19世纪转向自由型形态，1929年之后再度回归发展型轨道，但此时的发展型形态兼具民主性与进步性。历次工业革命与资本主义变革均诞生于发展主义（developmentalism）框架之下：在此框架中，国家负责统筹经济非竞争性部门与五大宏观经济价格（市场无法将其调整至合理水平），而市场则负责统筹竞争性经济部门。20世纪70年代的一场危机为一种短暂且反动的资本主义形态——新自由主义（neoliberalism）或食利型金融资本主义（rentier-financier capitalism）——开辟了发展路径。自2008年全球金融危机以来，新自由主义的霸权已然终结，我们正处于一段转型时期之中。