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1、ThispageintentionallyleftblankCAPITALISMWITHCHINESEHARACTERISTICSSince1978,theChineseeconomyhasgrownphenomenally.Thisisnotindispute.ByexactlywhatmechanismshasChinamanagedtogrowsofast?Thereismoreroomfordebateonthisquestion.Awidespreadviewisthatprivateentrepreneurship,financ
2、ialliberalization,andpoliticalreformsplayedaminorroleinexplainingChina’seconomictakeoff.BasedonarchivalresearchCandsurveydata,thisbookoffersanalternativeview:Privateentrepreneurship,facilitatedbyaccesstocapitalandmicroeconomicflexibility,wasatthecenterofChina’stakeoffinthe
3、1980s.Thepoliticalsystem,thenasnow,wasauthoritarian,butitwasmovinginaliberaldirection.Chinalackedwell-specifiedpropertyrights,butitsubstantiallyimprovedsecurityofproprietors.Butgiventhisinitialsuccess,howthentoexplainthesubstantialdistortionsintheChineseeconomytoday?Thekey
4、togettingtheChinastoryrightistorecognizetheexistenceoftwoChinas–anentrepreneurialruralChinaandastate-controlledurbanChina.Inthe1980s,ruralChinagainedtheupperhand,andtheresultwasrapidaswellasbroad-basedgrowth.Inthe1990s,urbanChinatriumphedwhentheChinesestatereversedmanyoft
5、heproductiveruralexperimentsofthepreviousdecade.WhilethisreversaldoesnotshowupintheGDPnumbers,itshowsupinthewelfareimplicationsofgrowth.Sincetheearly1990s,householdincomehaslaggedbehindeconomicgrowthandthelaborshareofGDPhasfallen.Socialperformancehasdeteriorated.Thedirect
6、ionalliberalismofChinainthe1980sandtheemergingIndiamiracletodaydebunkthewidespreadnotionthatdemocracyisautomaticallyanti-growth.Asthecountrymarksits30thanniversaryofreformsin2008,Chinafacessomeofitstoughesteconomicchallengesandvulnerabilities.Thelongoverduepoliticalreform
7、sarerequiredtoimprovegovernanceandaccountabilityandtoputChinaonasustainablepathofdevelopment.ProfessorYashengHuangteachespoliticaleconomyandinternationalmanage-mentattheSloanSchoolofManagement,MassachusettsInstituteofTechnol-ogy.HepreviouslyheldfacultypositionsattheUniver
8、sityofMichiganandattheHarvardBusinessSchoolandasaconsultantattheWorldBank.Hehaspub-lishedInflatio
