List of figures; List of tables; List of boxes; Preface; 1. Opportunities and challenges in China's economic development; 2. Why the Scientific and Industrial Revolutions bypassed China; 3. The great humiliation and the Socialist Revolution; 4. The comparative advantage-defying, catching-up strategy and the traditional economic system; 5. Enterprise viability and factor endowments; 6. The comparative advantage-following development strategy; 7. Rural reform and the three rural issues; 8. Urban reform and the remaining issues; 9. Reforming the state-owned enterprises; 10. The financial reforms; 11. Deflationary expansion and building a new socialist countryside; 12. Improving the market system and promoting fairness and efficiency for harmonious development; 13. Reflections on neoclassical theories; Appendix 1. Global imbalances, reserve currency and global economic governance; Index.
An insightful account of the remarkable transition of the Chinese economy from impoverished backwater to economic powerhouse.
Justin Yifu Lin is Senior Vice President and Chief Economist of the World Bank. He obtained his PhD in economics from the University of Chicago in 1986 and returned to China in 1987, the first PhD in social sciences to return from abroad after China started economic reform in 1979. He was the founding director of China Center for Economic Research at Peking University from 1994 to 2008 and is the author of seventeen books, including The China Miracle (1996), State-Owned Enterprise Reform in China (2001) and Economic Development and Transition (Cambridge, 2009).
'No one knows the Chinese economy better than Justin Lin, and
there's no one better placed to describe its essential workings. A
unique perspective on the Chinese miracle from a unique perch.'
Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor
of Economics and Political Science, University of California,
Berkeley
'Justin Lin's Demystifying the Chinese Economy is a tour de force.
The book succeeds at many levels. It presents a broad historical
perspective over two millennia of the rise, fall, and the dramatic
resurgence of Chinese economic power. It presents an analytically
informative study of the sources of Chinese economic growth and the
prospects of growth for the future. Lin formalizes the successful
pragmatic Chinese approach to economic development using his
insightful notion of 'Comparative Advantage Following (CAF)'
strategies. The book challenges many tenets of conventional
neoclassical theory and shows how naive application of many of its
principles had catastrophic consequences for many transition
economies.' James J. Heckman, Winner of the 2000 Nobel Prize in
Economics, and Henry Schultz Distinguished Service Professor of
Economics, University of Chicago
'This book considers fundamental questions about the great
transformation of China from a poor underdeveloped country to a
global leader in modern economic growth. These are among the most
important questions of our time, and Justin Lin has the best
credentials to help us understand them. In this book, he offers a
new and important perspective on the conditions for modern economic
development in China and the world.' Roger Myerson, Winner of the
2007 Nobel Memorial Prize in Economics, and Glen A. Lloyd
Distinguished Service Professor of Economics, University of
Chicago
'This clear and insightful study of the origins of China's failures
and, finally, its extraordinary success will be must-reading for
anyone who wants to understand Chinese development. An important
book and much overdue.' Edmund S. Phelps, Winner of the 2006 Nobel
Prize in Economics, and McVickar Professor of Political Economy,
Columbia University
'Informative and insightful … it comes from what is a depressingly
rare intellectual stance.' Martin Wolf, Financial Times
'This is the best book on China's economy that I've read … the
country's communist leaders would be wise to heed Lin's advice.'
Bloomberg.com
'A better guide to the Chinese economy, both from a historic and a
current aspect would be hard to find … The scope and penetration of
this relatively short book is amazing.' Financial Adviser
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