China is entering a phase where deep structural changes will arise throughout society. These multi-fold processes will be intertwined in a globalized world, impacted by the transformation of capitalism in the aftermath of the financial crisis and under the threat of severe environmental damage.
Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty. The book is divided into three parts:
- Part 1 analyses the structural changes ahead, drawing on the knowledge of the causes of the demise of imperial China and of the social disruptions due to political warfare in the 20th century.
- Part 2 examines the reasons why the last thirty years of reform were successful and why the present growth regime will undergo a dramatic mutation in future decades.
- Part 3 seeks to address the question: what type of political economy can support the purpose of achieving "harmonious society"?
China's Development will be of interest to students and scholars of Chinese economics, politics, history and development.
Introduction: From Imperial History to sui generis Development of Capitalism Part 1: Putting China Today in Historical Perspective 1. A Role for History and Culture in the Resilience of China’s Institutional Framework 2. Growth Regimes in Chinese History Part 2: Understanding Chinese Reforms in the Past Thirty Years 3. On the Political Economy of Reform 4. The Second Phase of Chinese Reform Part 3: The New Stage of Reform toward Sustainability 5. China’s Economic Opening to the World 6. The Making of Sustainable Growth 7. A Road Map for the Transformation of China’s Economic Structure 8. From Policies to Politics
'The book has two particular strengths. The detail in its explanation of how reform evolved in China is impressive. A rich set of statistics illustrates the events and trends and the clear text is accessible to both the general reader and the specialist. Secondly, its approach deviates from that of standard economics, insofar as it adopts an evolutionary account that fits well with our understanding of how progress is made in China. The writing combines socio-economics, complexity theory, non-linear adaptation, co-evolution, and it matches the idea of China as a vast laboratory in which the only predictable factor is the political power. Its conclusions are well-based, well presented, and worthy of attention from all those with an interest in China's future.' - Gordon Redding, Adjunct Professor of Asian Business and Comparative Management at INSEAD