How China Became Capitalist
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.
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Ronald Coase explains in excellent detail how China changed after Mao died. The Nobel Prize winning (economics) author traces the transforms in the Chinese government that allowed private property for ... Read full review
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agricultural Anti-Rightist Movement Beijing capitalism capitalist Central Committee central government central planning Chen Yun Cheung China China’s market Chinese Communist Party Chinese economic reform Chinese economy Chinese government Chinese leaders Chinese politics cities critical Cultural Revolution decades decentralization Deng Xiaoping Deng’s dual-track pricing early economists enterprise reform factors firms foreign government officials growth Guangdong Hong Kong Hu Yaobang Ibid ideology industrial parks institutional investment Jisheng Leap Forward Leap Outward Mao’s marginal revolutions market economy market for ideas market forces market reform market transformation Marxism ment ownership peasants Peng and Chen People’s Daily People’s Republic percent post-Mao practice price reform private entrepreneurship private farming private sector province Qian reform and opening regional competition responsibility system rise role rural China Shanghai Shenzhen socialist economy Soviet Special Economic Zones state-owned enterprises Third Plenum tion township and village village enterprises Wang Zhao Ziyang