Abstract
Chinese have their school of economics. Not recognized as a discipline, it can be extracted from Confucian doctrine. Called here “Confucian economics,” it is a form of ethics. Its seven consecutive principles are identified for the first time. They differ from and overlap with the corresponding principles of liberal economics. People are assumed to seek posterity rather than care for “instant gratification.” Physical resources they need are not viewed as scarce but as abundant. To survive under abundance, people rely on their work effort rather than try to take resources away from others. “Work ethics” and not a “profit margin” is a key motive. People work not for themselves but for others, basically families. As a source of moral rules, family is viewed as the main “work unit” and not the individual. Equality of income is paramount for retaining social peace, which precedes economic efficiency. Built on Confucian principles, economic system is basically a market system. However, it is animated not by individuals but by families. This design is called here “Confucian system.” Rather than to build based on liberal economics “capitalist system,” recent China is rebuilding “Confucian system.” Drawn from ancient teachings, “Confucian economics” is China's modernity.
Highlights
Traveling to the “End of History”—Without ChineseThere is a wide-spread assertion among Western scholars that since there is only one world to analyze, there could be only one “recipe” for any economy to enjoy a measure of success, and it is by no means Chinese
The main point of this exploratory essay is that Chinese have their economics that can be derived from ancient Confucian philosophy
The reforms were based not on classical thinking, but on her own Confucian economics. This particular way of thinking on economy is deeply ingrained in Chinese minds and operates like a “second instinct.”
Summary
There is a wide-spread assertion among Western scholars that since there is only one world to analyze, there could be only one “recipe” for any economy to enjoy a measure of success, and it is by no means Chinese. It reveals that examined point by point, Confucian teachings offer a quite separate view of the economic world than liberalism does This intellectual schism goes as far back as the ancient times when Chinese and Westerners simultaneously enjoyed the period of Great Philosophers. By allowing capitalist “free market” to uproot both principles of economic life, as Polanyi writes, introduction of the capitalism system released—to use his phrase— the most “devastating destruction” in human history It is not so much economic deprivation as a psychological one, relating to as he calls it “commoditization” of people and to the loss of their sense of humanity (dignity). Unlike in Western tradition, where social ideas are mainly propagated by historians, in Chinese culture this has always been left mainly to the scholar—literati—painters and their lyrical scrolls (Binyon 1935) Their visual is completely filled with a symbolic reference to the Confucian concept of the world as a moral order. They have to be two and not one, since there is no life—and no world—without differentiation, with each side of the “equation” having the same principal goal
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
