Capitalism_with_Chinese_Characteristics_Entrepreneurship_and_the_State

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1、CAPITALISMWITHCHINESEHARACTERISTICSSince1978,theChineseeconomyhasgrownphenomenally.Thisisnotindispute.ByexactlywhatmechanismshasChinamanagedtogrowsofast?Thereismoreroomfordebateonthisquestion.Awidespreadviewisthatprivateentrepreneurship,financialliberalization,

2、andpoliticalreformsplayedaminorroleinexplainingChina’seconomictakeoff.BasedonarchivalresearchCandsurveydata,thisbookoffersanalternativeview:Privateentrepreneurship,facilitatedbyaccesstocapitalandmicroeconomicflexibility,wasatthecenterofChina’stakeoffinthe1980s.

3、Thepoliticalsystem,thenasnow,wasauthoritarian,butitwasmovinginaliberaldirection.Chinalackedwell-specifiedpropertyrights,butitsubstantiallyimprovedsecurityofproprietors.Butgiventhisinitialsuccess,howthentoexplainthesubstantialdistortionsintheChineseeconomytoday?

4、ThekeytogettingtheChinastoryrightistorecognizetheexistenceoftwoChinas–anentrepreneurialruralChinaandastate-controlledurbanChina.Inthe1980s,ruralChinagainedtheupperhand,andtheresultwasrapidaswellasbroad-basedgrowth.Inthe1990s,urbanChinatriumphedwhentheChinesest

5、atereversedmanyoftheproductiveruralexperimentsofthepreviousdecade.WhilethisreversaldoesnotshowupintheGDPnumbers,itshowsupinthewelfareimplicationsofgrowth.Sincetheearly1990s,householdincomehaslaggedbehindeconomicgrowthandthelaborshareofGDPhasfallen.Socialperfor

6、mancehasdeteriorated.ThedirectionalliberalismofChinainthe1980sandtheemergingIndiamiracletodaydebunkthewidespreadnotionthatdemocracyisautomaticallyanti-growth.Asthecountrymarksits30thanniversaryofreformsin2008,Chinafacessomeofitstoughesteconomicchallengesandvul

7、nerabilities.ThelongoverduepoliticalreformsarerequiredtoimprovegovernanceandaccountabilityandtoputChinaonasustainablepathofdevelopment.ProfessorYashengHuangteachespoliticaleconomyandinternationalmanage-mentattheSloanSchoolofManagement,MassachusettsInstituteofT

8、echnol-ogy.HepreviouslyheldfacultypositionsattheUniversityofMichiganandattheHarvardBusinessSchoolandasaconsultantattheWorldBank.Hehaspub-lishedInflationandInvestmentControlsinChina(