How China Became Capitalist

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Palgrave Macmillan, Mar 20, 2012 - Political Science - 272 pages
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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


1 China at the Death of Mao
2 China in Transition
3 How Chinas Market Reform Began
Market Reform under Socialism
Capitalism with Chinese Characteristics
6 From Capitalism to Capitalisms

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About the author (2012)

RONALD COASE is Nobel Laureate in Economics. His work has had a profound impact on modern economics; it clarified the theory of the firm and gave rise to the field of Law and Economics. Professor Coase is currently Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, and he is also a research advisor at the the Ronald Coase Institute, USA and founder of the Ronald Coase Center for the Study of the Economy at Zhejiang University.

NING WANG is Assistant Professor at the School of Politics and Global Studies, Arizona State University, USA.