[ skip to content ]

Making Sense of China’s Economic Transformation

Lo, Dic (2006) Making Sense of China’s Economic Transformation. London, UK: School of Oriental and African Studies.

[img]
Preview
PDF
Download (898Kb) | Preview

Abstract

China’s sustained rapid economic growth over the post-1978 reform era, which is also the era of globalisation, is of worldwide importance. This growth experience has been based mainly on China’s internal dynamics. In the first half of the era, economic growth was propelled by improvement in both allocative efficiency and productive efficiency. From the early 1990s until the present time, however, economic growth has been increasingly based on dynamic increasing returns associated with a growth path that is characterised by capital deepening. In both periods, the growth paths and their associated long-term-oriented institutions contradict principles of the free market economy – i.e., doctrines of globalisation. In the form of an analytical overview, this article seeks to explain and interpret the historical background, logic of evolution, and developmental and social implications of China’s economic transformation. The analytics draws on a range of relevant economic theories including Marxian theory of economic growth, Post-Keynesian theory of demand determination, and Neo-Schumpeterian theory of innovation. It is posited that these alternative theoretical perspectives offer better insights than mainstream neoclassical economics in explaining and interpreting China’s economic transformation.

Item Type: Monographs (Working Paper)
SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Economics
DOI (Digital Object Identifier): No. 148
Depositing User: Beth Clark
Date Deposited: 21 Mar 2006
URI: http://eprints.soas.ac.uk/id/eprint/120

Statistics

Item downloaded times since 21 Mar 2006.

View statistics for "Making Sense of China’s Economic Transformation"

Repository staff only

View Item View Item