Friday, March 30, 2012

How China Became Capitalist

by Ronald Coase, Ning Wang
Institute of Economic Affairs
March 28, 2012
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. It also 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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