A Study On Wu Jingchao’s Economic Thought

Wu Jingchao is China’s first generation of sociologist, early graduated from tsinghua prep school, leaving the United States had to study abroad in his PhD at the university of Chicago and the United States. Compared with the contemporary sociologist, Wu Jingchao put research focus more on the research of China’s economy. He was involved in during the period of the republic of China intelligentsia "founding by agriculture" and "industrial nation" debate, who is the industrialization of the firm. He thinks China is a country of large population, less land, backward production technology, low agricultural production,so improving the lives of people in this country must implement the industrialization degree. In addition to this, Industrial development can lead to the development of the city, and the development of the city can make a large number of rural surplus labor transfer, to eliminate the contradiction between people and land.Wu Jingchao think China to realize industrialization, on capital, technology, management, talents, resources, and the government have in-depth research and thorough analysis. He proposes to make China’s industrialization to get enough money, have to absorb the use of foreign capital and domestic capital,and government should encourage outsiders set up factories in China and overseas Chinese investment in the domestic industry, domestic financing can by issuing government bonds and the collection of individual income tax and inheritance tax. About the cultivation of talents, Wu Jingchao think the government should set up secondary vocational schools, and encourage college students to take part in social practice. The realization of the industrialization, of course, inseparable from the enterprise management level improvement, Wu Jingchao belive China enterprise management should aim towards systematization and scientization and specialization development. He emphasizes the leading role of government in economic development, he thinks that China should vigorously construction of state-owned enterprises, state-owned enterprises in some sectors can keep monopoly low.The30’s, China’s domestic economics, revealed a whirlwind of planned economy, this whirlwind continued until the end of the second world war. After the victory of world war ii, the United States established the dominance in world economic development, and the planned economy has exposed many malpractices of the Soviet union at the same time, China’s economic circles began to rethink the Chinese economic development mode should be taken. Different from actively advocated the planned economy and free economic scholars, Wu Jingchao think China’s economy can neither follow the American laissez-faire liberalism economy, also can’t copy the Soviet state control of all economic activity in the planned economy. Wu Jingchao agreed that practices the socialist system in China, but he thinks that China couldn’t implement soviet-style planned economy, because the planned economy of the Soviet union will have two serious consequences that one is hampering the economic freedom and it is alse to cause the excessive concentration of economic power. He proposed in the socialist economy that the law of value and the market still have to play to the important role. Although he emphasizes the role of government in economic construction, but he did not think the government should do everything production enterprise, and the government should allow the existence of the private economy, and to foster private economy, create good environment for private economy. So he thinks that China’s economic development model should be "government leading-market assisting""socialist market economy".