His long-time research on China has been condensed in a cultural theory of the Chinese economy, that centres on the concept of ‘ritual’.Herrmann-Pillath, Carsten (2017): China's Economic Culture: The Ritual Order of State and Markets, Routledge, Abingdon and New York 2016, 1Herrmann-Pillath, Carsten, Guo Man and Feng Xingyuan (2020): Ritual and Economy in Metropolitan China: A Global Social Science Approach, Routledge. In his recent work (together with Stephan Bannas) he has suggested the radical transformation of the modern capitalist economy, with key features such as geocentrism, definancialization, the abolition of all forms of limiting personal liability, and a new model of Universal Basic Income.Stephan Bannas and Carsten Herrmann-Pillath, Marktwirtschaft: Zu einer neuen Wirklichkeit. 30 Thesen zur Transformation unserer Wirtschaftsordnung, Stuttgart: Schaeffer-Poeschel.
