Is China evolving a new model for civilization?. (January 2022)

• Record Type: Journal Article
• Authors: Cao, Shixiong; Xia, Chengqi; Suo, Xinhao
• Is Part Of: Futures. Volume 135(2022)
• Publication Date: 2022-01
• Subjects: Ownership -- New social group -- Shared property -- Institutional change -- Social evolution; Economic forecasting -- Periodicals; Technological forecasting -- Periodicals; Economic policy -- Periodicals; Prévision économique -- Périodiques; Prévision technologique -- Périodiques; Politique économique -- Périodiques; Economic forecasting; Economic policy; Technological forecasting; Periodicals; Electronic journals; 330.0112
• DOI: 10.1016/j.futures.2021.102878
• Languages: English
• ISSNs: 0016-3287

Abstract

Highlights: China's approach provides a model that can be emulated by other countries to promote the development. China's recent economic approach has been based on a new concept of shared property. Shared property means that workers share ownership of an enterprise while returned when they no longer work for the enterprise. Abstract: Just as new branches grow from old trees, human civilization develops by building on previous institutions. Currently, there is much debate over what institutions will emerge from and possibly replace capitalism. In this paper, We describe a new ownership model that we call shared property . In contrast with the private ownership that characterizes capitalism and the public ownership that characterizes socialism, the new shared property concept means that those who participate in driving an enterprise's success are comparable to co-owners of that enterprise, and benefit from its success. However, when these employees leave the company, their share of the ownership is returned to the enterprise and awarded to a future employee. Because the new property rights system can maximize employee enthusiasm, it provides a new engine that will drive future socioeconomic growth and lead to a significant institutional change that combines the advantages of capitalism and socialism.