China's Economy

Last updated

China's Economy: What Everyone Needs To Know is a 2016 book by American author Arthur R. Kroeber, and part of the Oxford University Press series 'What Everyone Needs To Know'. [1] The book provides a broad overview of the rise of China's economy. [2] [3]

Contents

About

Economic reform must come first, and political reform–if ever–a distance second [...] "Development is the only Iron Law".

Chp 1, China's Economy: What Everyone Needs To Know

The book starts with the initiation of modern economic reforms in China starting with the Deng Xiaoping in 1979 and his prioritization of development over politics, conveyed as "Development is the only Iron Law". The chapters of the book go on to cover - agriculture and the rural economy, industry, urbanization, infrastructure, state-owned and private enterprises, the financial system, demographics, the labor market, inequality and corruption. [4] [5] The personalities and institutions in China that have led to its economic growth are discussed as well as the reforms that have worked, such as the 'de-collectivization of agriculture' into family farming, what would eventually become the single most important cause in the decrease in China's poverty levels from 84% in 1981 to 6% in 2011. [6] The book provides an overview of the structure of the country as a decentralized bureaucratic-authoritarianism. [3]

The book also compares China to China's neighbourhood, Japan, South Korea, Taiwan, which have also deeply influenced China's growth, with some major differences such as the level of influence of the United States on policy. [7] Many of the fears related to China's economic growth, such as a prospective property crash, are overstated. [8] The book also analyzes what the future holds for China, how Xi Jinping seems to be reinforcing his political strength, which may cause troubles to China's economy in the future. [8] The Sinica Podcast says that the book is a "refreshing antidote to much of the commentary in the media", the "conventional wisdom" related to China. [9]

Related Research Articles

Political economy Study of production, buying, and selling, and their relations with law, custom, and government

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word οἰκονομία. The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).

Joseph Stiglitz

Joseph Eugene Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists, and of international institutions such as the International Monetary Fund and the World Bank.

Neoliberalism Political philosophy that supports economic liberalization

Neoliberalism or neo-liberalism is the 20th-century resurgence of 19th-century ideas associated with economic liberalism and free-market capitalism. It is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society; however, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. In policymaking, neoliberalism was part of a paradigm shift that followed the failure of the Keynesian consensus in economics to address the stagflation of the 1970s.

Industrialisation Period of social and economic change from agrarian to industrial society

Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organisation of an economy for the purpose of manufacturing. Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels; however, with the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies.

Arthur Laffer American economist

Arthur Betz Laffer is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–89). Laffer is best known for the Laffer curve, an illustration of the concept that there exists some tax rate between 0% and 100% that will result in maximum tax revenue for government. In certain circumstances, this would allow governments to cut taxes, and simultaneously increase revenue and economic growth.

Clive Hamilton

Clive Charles Hamilton AM FRSA is an Australian public intellectual and Professor of Public Ethics at the Centre for Applied Philosophy and Public Ethics (CAPPE) and the Vice-Chancellor's Chair in Public Ethics at Charles Sturt University. He is a member of the Board of the Climate Change Authority of the Australian Government, and is the Founder and former Executive Director of The Australia Institute. He regularly appears in the Australian media and contributes to public policy debates. Hamilton was granted the award of Member of the Order of Australia on 8 June 2009 for "service to public debate and policy development, particularly in the fields of climate change, sustainability and societal trends".

W. Arthur Lewis Saint Lucian economist and Nobel laureate

Sir William Arthur Lewis was a Saint Lucian economist and the James Madison Professor of Political Economy at Princeton University. Lewis was known for his contributions in the field of economic development. In 1979 he was awarded the Nobel Memorial Prize in Economic Sciences.

Government spending Government consumptions, investments, and transfer payments

Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment. These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product.

Steady-state economy

A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.

Kaushik Basu Indian economist and academic (born 1952)

Kaushik Basu is an Indian economist who was Chief Economist of the World Bank from 2012 to 2016. He is the C. Marks Professor of International Studies and Professor of Economics at Cornell University, and academic advisory board member of upcoming Plaksha University. He began a three-year term as President of the International Economic Association in June 2017. From 2009 to 2012, during the United Progressive Alliance's second term, Basu served as the Chief Economic Adviser to the Government of India.

Joel Mokyr

Joel Mokyr is a Netherlands-born American-Israeli economic historian. He is a professor of economics and history at Northwestern University, where he has taught since 1974; in 1994 he was named the Robert H. Strotz Professor of Arts and Sciences. He is also a Sackler Professorial Fellow at the University of Tel Aviv's Eitan Berglas School of Economics.

Alberto Alesina Italian economist

Alberto Francesco Alesina was an Italian political economist. According to Lawrence Summers, he was one of the leading political economists of his generation, publishing much-cited books and articles in major economics and political science journals.

In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages.

Zhang Jun (economist)

Zhang Jun is a Chinese economist and currently serves as Dean of School of Economics at Fudan University in Shanghai.

Chinese economic reform Reforms allowing more free markets in China since Deng Xiaoping

The Chinese economic reform refers to the program of economic reforms termed "Socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC). The reforms were started by reformists within the Chinese Communist Party—led by Deng Xiaoping—on December 18, 1978, during the "Boluan Fanzheng" period. They went into stagnation after the 1989 Tiananmen Square protests, but were revived after Deng Xiaoping's Southern Tour in 1992. In 2010, China overtook Japan as the world's second-largest economy.

<i>Why Nations Fail</i> 2012 book by Daron Acemoglu and James A. Robinson

Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by American economists Daron Acemoglu and James Robinson. Summarizes and popularizes previous research by authors and many other scientists. Based on the statements of the new institutional economics, Robinson and Acemoglu see in political and economic institutions — a set of rules and enforcement mechanisms that exist in society — the main reason for differences in the economic and social development of different states, considering, that other factors are secondary.

Kate Raworth

Kate Raworth is an English economist working for the University of Oxford and the University of Cambridge. She is known for her work on 'doughnut economics', which she understands as an economic model that balances between essential human needs and planetary boundaries.

Francesco Grillo Italian economist

Francesco Grillo is an Italian economist and manager.

Miriam A. Golden is a political economist and the Peter Mair Chair in Comparative Politics at the European University Institute. Her research focuses on the selection, responsiveness, and accountability of politicians in Asia, Europe, Africa and North America.

References

  1. ↑ "What Everyone Needs To Know® - Oxford University Press". global.oup.com. Retrieved 2020-06-10.
  2. ↑ "BOOK REVIEWS - China's Economy: What Everyone Needs to Know, Author: Arthur R. Kroeber, Publishers: Oxford University Press, 2016, pp. 337 » Applied Economics Research Centre". Applied Economics Research Centre. 2019-06-21. Retrieved 2020-06-10.
  3. 1 2 Phillips, Matt (4 May 2016). "What everyone needs to know about China's huge debt load". Quartz. Retrieved 2020-06-10.
  4. ↑ Bulloch, Douglas (30 April 2016). "Getting China's Economy In Perspective: The View From Inside". Forbes. Retrieved 2020-06-10.
  5. ↑ "China's Economy: What Everyone Needs to Know® | Oxford University Press". www.oupjapan.co.jp. Retrieved 2020-06-10.
  6. ↑ Thoburn, John (2017-04-03). "China's economy: what everyone needs to know, by Arthur R. Kroeber/Developing China: the remarkable impact of foreign direct investment, by Michael J. Enright". Journal of the Asia Pacific Economy. 22 (2): 353–356. doi:10.1080/13547860.2017.1296242. ISSN   1354-7860. S2CID   158983028.
  7. ↑ "China's Economy: Does Growth Have a Future? | National Committee on United States - China Relations". www.ncuscr.org. Retrieved 2020-06-10.
  8. 1 2 "China's economy: Neither a bull nor a bear be - Growth is slowing but fears of collapse are overdone" . The Economist. ISSN   0013-0613 . Retrieved 2020-06-10.
  9. ↑ "Arthur Kroeber vs. The Conventional Wisdom". SupChina. Retrieved 2020-06-10.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.