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1、104TheChineseeConomyTheChineseeconomy,vol.44,no.5,September–October2011,pp.104–119.©2011M.E.Sharpe,Inc.Allrightsreserved.ISSN1097–1475/2011$9.50+0.00.DOI10.2753/CES1097-1475440506CongshengWuEconomicFreedom,EconomicGrowth,andChinaAbstract:Cross-countrydataandtheindexofeconomicFreedomshowth
2、atim-provementsineconomicfreedomareassociatedpositivelywithrealgrossdomesticproduct(GDP)growth,afindingatoddswiththesituationinChina.TheChineseeconomygrewabout10percentperyearduringthesampleperiod,butitsrapideconomicgrowthwasaccompaniedbyarelativelyundevelopedlegalandfinancialsystem,lacko
3、feconomicfreedom,andahighlevelofcorruption.China’sratingforeconomicfreedomisregularlybelowtheworldaverageandhasnotimprovedovertime.Rankedonly124thinthe2008indexofeconomicFreedom,Chinaseemstobeanexceptiontotheruleintherealmsoflaw,institutions,economicfreedom,andeconomicgrowth.Understanding
4、thenatureandcausesofeconomicprogresshasbeenachallengefordevelopmenteconomists.TheclassicRicardiantheorymeasureseconomicprogressintermsofthequantityofoutputproducedbytheeconomy.Itseestheeconomyasaproductionmachinethattransformslabor,naturalresources,andcapitalintooutput.Ifoutputincreasesmo
5、rerapidly,itiseitherbecauseoflargeramountsofinputsorbecauseofbettertechnology.ThefundamentalassumptionoftheRicardiantheoryisthataneconomy’spotential,asdefinedbyitsresourcesandtechnology,willbefullyrealized.Todevelopmenteconomists,however,thisassumptionseemsfar-fetched.Theyarguethattheprob
6、lemoftheless-developedcountriesisnotalackofpotentialbutaninabilitytoachievethatpotential.Theattentionofdevelopmenteconomicshasthereforeshiftedtohowandtowhatdegreeeconomiessucceedinrealizingtheirpotential.Ratherthanlookingonlyatresourcesandtechnology,developmenteconomistshavebeguntotakeanC
7、ongshengWuisprofessorofinternationalfinanceattheSchoolofBusiness,UniversityofBridgeport,CT;e-mail:congwu@bridgeport.edu.TheauthorwouldliketoacknowledgethefinancialsupportoftheUniversityofBridge-port’sOfficeofSponsoredResearch.104sePTembeR–oCTobeR2011105interestineco
