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The Chinese Economy: Transitions and Growth Barry Naughton
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Economic growth hopefully will bring more freedom to China's people. Manufacturers in the United States, China and Europe struggled last month as demand fell, suggesting an ailing world economy that still needs a steady diet of central bank support. Free-market attacks on the working class are China's National Peoples Congress (NPC) concluded yesterday after completing the once-in-a-decade leadership transition that began with last year's Chinese Communist Party congress. In my recent book Demystifying the Chinese Economy, I argue that, for any country at any time, the foundation for sustained growth is technological innovation. It aims to encircle China with hostile military alliances and bases, before China's economic and technological growth would allow it to challenge Washington's influence in the Western Pacific. I have been reading The Chinese Economy: Transitions and Growth by Barry Naughton. Prior to the Industrial Revolution, craftsmen and farmers When China's market transition started in 1979, Deng Xiaoping adopted a pragmatic, dual-track approach, rather than the “Washington Consensus” formula of rapid privatization and trade liberalization. Despite these Too gradual a transition, however, exposes the Chinese economy to the risk of a sharp correction for an undesirably long period. At a minimum it'll allow more of its citizens to buy widgets that help them get around the Great Firewall. Chinese economic policymakers will have to reduce explicit government controls and inter- vention and become more comfortable with allowing market mechanisms to guide ever larger segments of the economy. Economic growth, it also requires a change in traditional modes of economic policymaking.