China: As economy fails, Nobel Prize still favors U.S. capitalism

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December 13, 2011

Two U.S. economists were recently awarded the 2011 Nobel Prize in Economics at a time when the U.S. economy was facing difficulties and the “Occupy Wall Street” movement was spreading like wildfire across the country.

Fifty out of 69 winners of the Nobel Prize in Economics, which was introduced in 1969, are Americans. The U.S. economy has been plagued by financial and debt crises over the past five years, causing great damage to the world economy, but Americans still make up over 90 percent of all the winners of the prize. This phenomenon deserves special attention.

Is the Nobel committee’s preference for American economists fair? Today’s American-style capitalism has become finance monopoly capitalism, in which financial magnates control the country’s economic and political affairs, and real economy has been disconnected from virtual economy. The real economy has been hollowed out, wealth is highly centralized, and unemployment remains high.

American economists have not worked out any effective solutions to these problems as well as the financial and economic crises. Even the two economist who won the 2011 Nobel Prize in Economics for their research on the cause and effect of government policies on the broader economy do not see any simple solutions to global economic problems.

Given the above facts, it is unconvincing to grant the prize to so many Americans. From the Nobel committee’s bias in assessing winners of the prize in other categories, it is not hard to draw a conclusion that they are partial to U.S. economists because they favor the capitalist system and theories of the United States.

In order to whitewash the flaws in the capitalist system and theories, the Nobel committee mainly made up of Westerners has chosen to ignore the obvious and has deviated from the path of objectivity and fairness.

Facts speak louder than words. A theory’s potential for practical application should be the final criterion for determining if it is scientific. Let us look at the economic development situation of China since its reform and opening up from this point of view.

Over the past 30 years or so since 1978, China’s economy has maintained a GDP growth rate of higher than 9 percent and has become the world’s second largest economy and top exporting country at the moment, with its foreign exchange reserves ranked first in the world.

In recent years, the contribution rate of China’s economic growth to that of the world has been beyond 10 percent. Practice is the sole criterion for testing truth. China’s sound economic development proves its theory and polices are scientific.

Since the Third Plenary Session of the 11th Central Committee of the Chinese Communist Party, China has opened up the road of socialism with Chinese characteristics, formed the theoretical system of socialism with Chinese characteristics and established socialism with Chinese characteristics through hard exploration by all ethnic groups under leadership of the Party. We cannot form this unique “Chinese style” and win the Chinese people’s wholehearted support without the direction of these innovative theories.

China is also regarded as “a powerful engine driving the growth of the world economy” and “the leading role of the most significant economic revolution in human history.” For this matter, the socialist economic theory with Chinese characteristics is undoubtedly scientific and should play a part in the theoretical framework governing the world economic system. Only praise from the people is a real prize and only a theory capable of directing people’s practice is a real scientific theory.

We must admit that the Nobel Prize, as a great internationally-renowned prize, played an important role in promoting human civilization and progress in the history. However, some practices in its social prize items have been questioned in recent years, and the authority, fairness and influence of these prize items are weakening.

We clearly know that our theoretical and practical explorations and innovations are not aimed at flaunting ourselves or winning the prize. No “big international prize” will distract China from its own business or weaken China’s confidence on the development road and mode it has independently chosen.

As long as China persists on and further widens its socialist road with Chinese characteristics, enriches and develop its socialist theoretical system and adheres to and improves its socialist system, China will definitely be able to realize the great rejuvenation of the Chinese nation and make new contributions to human civilization.

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About B.J. Murphy

I'm a young socialist and Transhumanist activist within the East Coast region, who writes for the Institute for Ethics and Emerging Technologies (IEET), India Future Society, and Serious Wonder. I'm also the Social Media Manager for Serious Wonder, an Advisory Board Member for the Lifeboat Foundation, and a Co-Editor for Fight Back! News.

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