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Author: Nicholas R. Lardy
Publisher: Brookings Institution Press
ISBN: 9780815791539
Category : Political Science
Languages : en
Pages : 332
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Book Description
China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive—permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.
Author: Nicholas R. Lardy
Publisher: Brookings Institution Press
ISBN: 9780815791539
Category : Political Science
Languages : en
Pages : 332
Get Book
Book Description
China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive—permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.
Author: Nicholas R. Lardy
Publisher: Peterson Institute
ISBN: 088132633X
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
The global financial crisis and ensuing economic downturn has raised many questions concerning the future of global economic growth. Prior to the financial crisis, global growth was characterized by growing imbalances, reflected primarily in large trade surpluses in China, Japan, Germany, and the oil exporting countries and rapidly growing deficits, primarily in the United States. The global crisis raises the question of whether the previous growth model of low consumption, high saving countries such as China is obsolete. Although a strong and rapid policy response beginning in the early fall of 2008 made China the first globally significant economy to come off the bottom and begin to grow more rapidly, critics charged that China's recovery was based on the old growth model, relying primarily on burgeoning investment in the short run and the expectation of a revival of expanding net exports once global recovery gained traction. Critics, however, argued that as government-financed investment inevitably tapered off, the likelihood was that global recovery would not be sufficiently strong for China's exports to resume their former role as a major contributor to China's economic expansion. The prospect, in the eyes of these critics, is that China's growth will inevitably falter. This study examines China's response to the global crisis, the prospects for altering the model of economic growth that dominated the first decade of this century, and the implications for the United States and the global economy of successful Chinese rebalancing. On the first it analyzes the strengths and weaknesses of China's stimulus program. On the second it analyzes the nature of origins of the imbalances in China's economy and the array of policy options that the government has to transition to more consumption-driven growth. On the third successful rebalancing would mean that more rapid growth of consumption would offset the drag on growth from a shrinkage of China's external surplus. Successful rebalancing would mean China would no longer be a source of financing for any ongoing US external deficit. From a global perspective China would no longer be a source of the global economic imbalances that contributed to the recent global financial crisis and great recession.
Author: Israel Epstein
Publisher:
ISBN: 9781258781347
Category :
Languages : en
Pages : 462
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Book Description
Author: Nicholas R Lardy
Publisher: Columbia University Press
ISBN: 0881326941
Category : Political Science
Languages : en
Pages : 186
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Book Description
China's transition to a market economy has propelled its remarkable economic growth since the late 1970s. In this book, Nicholas R. Lardy, one of the world's foremost experts on the Chinese economy, traces the increasing role of market forces and refutes the widely advanced argument that Chinese economic progress rests on the government's control of the economy's "commanding heights." In another challenge to conventional wisdom, Lardy finds little evidence that the decade of the leadership of former President Hu Jintao and Premier Wen Jiabao (2003–13) dramatically increased the role and importance of state-owned firms, as many people argue. This book offers powerfully persuasive evidence that the major sources of China's growth in the future will be similarly market rather than state-driven, with private firms providing the major source of economic growth, the sole source of job creation, and the major contributor to China's still growing role as a global trader. Lardy does, however, call on China to deregulate and increase competition in those portions of the economy where state firms remain protected, especially in energy and finance.
Author: Alexander Eckstein
Publisher: Cambridge University Press
ISBN: 9780521212830
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
Professor Eckstein's book is a study of China's efforts to achieve rapid modernization of its economy within a socialist framework. Eckstein begins with an examination of economic development in pre-Communist China, specifically focusing on the resources and liabilities inherited by the new regime in 1949 and their effects on development policies. He then analyses the economic objectives of the Communist leadership - narrowing income disparities, maintaining full employment without inflation, and achieving rapid industrialization - and argues that the implementation of these goals required a potent ideology capable of providing a strong faith and motivational force for the mass mobilization of resources. In discussing the methods used by the government to achieve its aims, Eckstein makes a thorough evaluation of China's general framework for economic planning, particularly in regard to the distribution and pricing of farm products and the allocation of resources in the industrial sector. The author also evaluates the radical institutional changes in property relations and in economic organization in the People's Republic of China.
Author: David J. Pyle
Publisher: Springer
ISBN: 1349258024
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
China's dramatic economic transformation can only be understood in relation to her modern history. David Pyle reviews the post-1978 reform process in the context of two centuries of Chinese economic, social and political history. Agricultural, industrial and financial reforms and the attraction of foreign trade and direct investment are analysed in detail. The conclusion compares China's gradualist approach with the 'big bang' of Eastern Europe and the former Soviet Union, examining China's prospects and the lessons to be learnt elswhere.
Author: James M. Ethridge
Publisher:
ISBN:
Category : History
Languages : en
Pages : 392
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Book Description
Contains facts, figures, and succinct explanations of key political, business, and economic trade in China.
Author: Hui Wang
Publisher: Transaction Publishers
ISBN: 9781412837026
Category : History
Languages : en
Pages : 248
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Book Description
The Uprising at Tiananmen Square may have been crushed politically, but it has had extraordinary consequences in opening up China to new varieties of economic experimentation. Nowhere has this fusion of political repression and economic opportunity been better captured than in Hui Wang's masterful study. And given the world wide and historic importance of China, this volume deserves most careful consideration. Given his unique background as a former assistant director of the China National Economic Reform Institute (CNERI) hi Beijing, and before that, a board member of "The Economic Daily "in the capital city of China, he is able to provide the sort of first hand account that deeply enriches this fundamental treatise on the transformation of the Chinese economy from a centrally planned to a market system. This book should prove to be especially timely as American investors and businessmen are pouring into China for new commercial ventures; while scholars are likewise coming to China in order to obtain information and experience to benefit other struggling formerly socialist economies. Wang makes no claim that present-day China is necessarily a model for the rest of Asia or Eastern Europe, but he does make plain that variations on the theme of a free market and a controlled polity are as much part of "Leftist" as well as "Rightist" regimes. As a result, this book should have appeal quite beyond undergraduate and graduate courses in modern China, and should extend to those political scientists and sociologists who take seriously fundamental themes of development.
Author: Werner Draguhn
Publisher: Psychology Press
ISBN: 0700716300
Category : History
Languages : en
Pages : 290
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Book Description
This volume presents papers by international scholars on the economic, social and political environments out of which the PRC emerged and the socio-political impact of communist power since then. The contributions present interpretations of key aspects of reform such as economic structures, foreign policy and political change, and the socio-political impact of communist power. The book challenges the accepted orthodoxy about the Cultural Revolution. Throughout, the emphasis is on change in the context of 20th century China, and as part of the Chinese Communist Party's search for paths to development: hence the title that speaks in the plural about revolutions. This review of social and political change is highly topical in view of the PRC's recent 50th anniversary.
Author: Minxin PEI
Publisher: Harvard University Press
ISBN: 0674041976
Category : Political Science
Languages : en
Pages : 264
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Book Description
This is the first comprehensive effort to compare the recent political experiences of the Union of Soviet Socialist Republics and the People's Republic of China by tracing their overlapping and diverging paths of regime change.
