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The socialist political economy with Chinese characteristics is a systematic economic discipline, which theoretically summarises the socialist economic system and the path of economic development with Chinese characteristics. It is a systematic economic theory of adapting Marxism to the Chinese context. The theoretical system construction for the discipline of socialist political economy with Chinese characteristics is currently a major task.

From the perspective of disciplinary cognition, the theoretical system of the discipline of socialist political economy with Chinese characteristics includes the disciplinary attributes and connotations, theoretical basis, the origin of thoughts, major principles, logical starting point, main logic and problem-based study of major theoretical and practical issues.

Developing the discipline and building the theoretical system of the socialist political economy with Chinese characteristics, several major principles should be adhered to, including building the socialist political economy with Chinese characteristics on the basis of historical materialism; building the theoretical paradigm of socialist political economy with Chinese characteristics around the analysis of production relations; adhering to the people-centred principle; taking common prosperity as the main logic of the socialist political economy with Chinese characteristics; studying the major theoretical and practical issues of building the socialism with Chinese characteristics in the new era based on problems; and reflecting the innovative development of the discipline in the textbook, The Socialist Political Economy with Chinese Characteristics.

Disciplinary cognition involves the connotations, attributes, mission and development path of the discipline, which is related to how to construct the discipline system and is a significant part of the disciplinary construction.

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it is noted that Marx wanted to ameliorate human suffering, the result turned out to be Utopian, contrary to his own intentions. Contrary to Marx, it is individualism that makes the best sense and capitalism that holds out the best hope for coping with most of the problems he sought to solve. Marx's philosophy is alluring but flawed at a very basic level, namely, where it denies the individuality of each person and treats humanity as “an organic body”. Capitalism, while by no means out to guarantee a perfect society, is the best setting for the realisation of the diverse but often equally noble human goals of its membership.

Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue.

However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial.

Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization.

According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

General Secretary Xi Jinping pointed out that to uphold and develop socialist political economics with Chinese characteristics, the authors should be guided by Marxist political economics.

It is an essential methodological principle for building a theoretical system of socialist political economics with Chinese characteristics as a “systematic economic theory”.

To implement this principle, the authors need to understand the rich connotation of Marxist political economics and its relationship with socialist political economics with Chinese characteristics fully and correctly and unswervingly uphold and inherit, creatively transform and innovatively develop the theoretical achievements of Marxist economics, especially capital.

It is also an essential and necessary way to build a theoretical system of socialist political economics with Chinese characteristics.

By “political economy” I mean both the method of thought and the body of knowledge which refer to human economising behaviour. The body of knowledge includes both theory — theorems, laws, empirical generalisations, etc., and “facts” — history, description of institution, statistical data, etc. By “Christian theology” I mean both the method of thought and the body of knowledge which refer to the human religious understanding of Jesus of Nazareth. “Religious” here implies awareness of, or belief in, God. The body of knowledge may include pre‐Christian religion (such as that reported in the Old Testament), and the results of independent inquiry (such as natural theology) in so far as these are interpreted by, or “refracted” through what theologians call the “Christ event”.

By the mid-19th century the British colonial state introduced liberal education to India. Amongst various disciplines, political economy illustrates the concerns of the colonial state with the education of Indians, and its anxiety with quelling political discontentment. The emerging Indian nationalist intelligentsia also utilized ideas from classical political economy, first taught in educational institutions, to critique colonial policy and proposed the development of “Indian Economics”, suited to national economic interests. This paper explores the development of political economy as a specific knowledge form in Calcutta University and Bombay University, and its connection with colonial educational policy^.

This study relies primarily on university records and the proceedings of the Education Department to bring out the politically sensitive nature of the teaching of economics in colonial India.

The study finds that political economy grew from being a minor part of the overall university syllabi to becoming part of the first university departments created in early-20th-century India. The government and nationalist forces both found the discipline to be relevant to their respective agendas. The circulation of knowledge theoretical framework is found to be relevant here.

The history of political economy in Indian universities, especially during the 19th century, has not been dealt with in any detail. This study tries to fill this gap. The close connection between politics and the teaching of economics has also not been studied closely, which this paper does.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

The socialist construction with Chinese characteristics must be based on history and reality. According to the requirements of liberation and development of productivity, efforts must be made to reform and improve the production relations, as well as continually consolidate the socialist system with Chinese characteristics. The purpose of this paper is to prove the necessity and superiority of a socialist system through China’s modernization achievements.

Marxist political economics is a critical legacy from classical economics. Its core question is also social production and distribution, which is epitomized in the labor theory of value and the theory of surplus value.

Regarding the significant principles that must be followed, these speeches summarized the logical system and prominent features of the socialist political system in the new normal from several significant and interrelated aspects such as basic methods, core propositions, main tasks and fundamental goals.

The socialist system with Chinese characteristics will gradually appear through further research and prove its superiority. How can a socialist system with Chinese characteristics innovate and develop? Does the system have a future? Is there any historical necessity for the socialist system to replace the capitalist system in human history? These are the questions that need urgent answers and in-depth exploration.

There is hardly any other field of knowledge where there is more conflict or controversy between ideas and solutions proposed by theoreticians and statesmen than in politics. To date, adequate methodological tools have not been developed which enable the truth or validity of the liberal or conservative approaches to be tested. A new research programme using a simultaneous equilibrium versus disequilibrium approach is proposed which has full application in politics as well as in economics and the social sciences. This research programme shows the organic relationship between society, state, economy, money and form of government, and thus leads to a methodological unification of all the social sciences, to a new principia politica.