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\nHow China Escaped Shock Therapy\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nA story spanning thousands of years, there is far more to China's market reformation than many Western scholars might have you believe.--China has become deeply integrated into the world economy. Yet, gradual marketization has...\nA story spanning thousands of years, there is far more to China's market reformation than many Western scholars might have you believe.

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China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.
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Resource Details

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Media Length
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17:20
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Grade
Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2021
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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economy, china
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isabella weber, umass, inet, new economic thinking, nick alpha, matthew kulvicki, institute for new economic thinking, chinese economy, routledge, production unit, big blueprint, careful study, shock therapy, upstream industries, planning authorities, enormous amount, agricultural reforms, market agents, market participants, market reforms, market economy, market, production, reform, conditions, fact, organized, argued, development, requires, happened, change, kind, simply, operate, world, sense, system
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