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Author: R. Coase
Publisher: Springer
ISBN: 1137019379
Category : Business & Economics
Languages : en
Pages : 268
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Book Description
How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony.
Author: R. Coase
Publisher: Springer
ISBN: 1137019379
Category : Business & Economics
Languages : en
Pages : 268
Get Book Here
Book Description
How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony.
Author: Osman Suliman
Publisher: Bloomsbury Publishing USA
ISBN: 0313007799
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
Exploring China's transition to a socialist market economy, this book finds that the recent Chinese experience is unique and unprecedented. It seems plausible that the distinctive characteristics of China's market reform have been a result of correcting the big bang approach of Eastern European countries and unique conditions that China possesses. For instance, China is endowed with a relatively high level of skilled labor and a large workforce. Moreover, China has been experimenting with reform and profit-sharing for a number of years, especially in the coastal provinces. This book juxtaposes native Chinese experiences with those of academics in the U.S. It integrates the ideas of those living the experience in China with the perceptions of outside observers who might be able to offer constructive criticism. The book covers various topics, such as macroeconomic policy, reform within economic sectors, and strategies for sustainable development, while making sure that the reader will not find it difficult to follow the process of reform and the main impediments that China may face.
Author: Isabella M. Weber
Publisher: Routledge
ISBN: 042995395X
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.
Author: Congressional Research Service
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52
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Book Description
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
Author: Barry Naughton
Publisher: MIT Press
ISBN: 0262640643
Category : Business & Economics
Languages : en
Pages : 545
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Book Description
The most comprehensive English-language overview of the modern Chinese economy, covering China's economic development since 1949 and post-1978 reforms--from industrial change and agricultural organization to science and technology.
Author: Renwei Zhao
Publisher: Routledge
ISBN: 1000754030
Category : Social Science
Languages : en
Pages : 249
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Book Description
China has experienced radical economic and societal change since the initiation of the reform process in 1978. These changes have greatly affected various aspects of people’s livelihoods and inspired scholars to reconsider the relationship between planning and the market in China. This book is a collection of fourteen papers by Zhao Renwei, the former director of the Institute of Economics of the Chinese Academy of Social Sciences. First, the author discusses his views on the relationship between planning and the market in Chinese society before subsequently going on to examine the changes in economic systems of the intervening decades, using examples and economic models, and then drawing conclusions for policy. The book will appeal to students and scholars interested in China’s social and economic reform.
Author: Ross Garnaut
Publisher: ANU Press
ISBN: 176046225X
Category : Business & Economics
Languages : en
Pages : 709
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Book Description
The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world’s most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China’s new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China’s fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China’s economic reform and development. Included are discussions of China’s 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China’s global integration. This book further documents and analyses the development experiences including China’s large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.
Author: Zhun Xu
Publisher: NYU Press
ISBN: 1583676988
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
Socialism and capitalism in the Chinese countryside -- Chinese agrarian change in world-historical context -- Agricultural productivity and decollectivization -- The political economy of decollectivization -- The achievement, contradictions, and demise of rural collectives
Author: Tobias ten Brink
Publisher: University of Pennsylvania Press
ISBN: 081229579X
Category : Political Science
Languages : en
Pages : 327
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Book Description
Since 1978, the end of the Mao era, economic growth in China has outperformed every previous economic expansion in modern history. While the largest Western economies continue to struggle with the effects of the deepest recession since World War II, the People's Republic of China still enjoys growth rates that are massive in comparison. In the country's smog-choked cities, a chaotic climate of buying and selling prevails. Tireless expansion and inventiveness join forces with an attitude of national euphoria in which anything seems possible. No longer merely the "workshop of the world," China is poised to become a global engine for innovation. In China's Capitalism, Tobias ten Brink considers the history of the socioeconomic order that has emerged in the People's Republic. With empirical evidence and a theoretical foundation based in comparative and international political economy, ten Brink analyzes the main characteristics of China's socioeconomic system over time, identifies the key dynamics shaping this system's structure, and discusses current trends in further capitalist development. He argues that hegemonic state-business alliances mostly at the local level, relative homogeneity of party-state elites, the maintenance of a low-wage regime, and unanticipated coincidences between domestic and global processes are the driving forces behind China's rise. He also surveys the limits to the state's influence over economic and social developments such as industrial overcapacity and social conflict. Ten Brink's framework reveals how combinations of three heterogeneous actors—party-state institutions, firms, and workers—led to China's distinctive form of capitalism. Presenting a coherent and historically nuanced portrait, China's Capitalism is essential reading for anyone interested in the socioeconomic order of the People's Republic and the significant challenges facing its continuing development.
Author: Andrzej Bolesta
Publisher: Policy Press
ISBN: 1447323491
Category : Political Science
Languages : en
Pages : 306
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Book Description
The re-emergence of China as an economic superpower during its systemic transition is an astonishing phenomenon. China and Post-Socialist Development is the first comprehensive attempt to frame China’s advancements within the context of the East Asian developmental miracle, against the background of post-socialist transformation, asking how has it happened and where does China go from here? In this book the author argues that as China transits from central planning to market, it tries to imitate the institutions and policies of Japan and South Korea during their high growth periods of the second half of the twentieth century. China’s approach – broadly in opposition to the neo-liberal doctrine – has brought impressive results, leading the author to make important predictions about the future. This book is for everybody who is interested in China, development and post-socialist transformation.
