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The State Strikes Back: the end of economic reform in China? by Nicholas R. Lardy

The State Strikes Back: the end of economic reform in China? by Nicholas R. Lardy Business Economics (2019) 54:262–264 https://doi.org/10.1057/s11369-019-00147-2 BOOK RE VIE W The State Strikes Back: the end of economic reform in China? by Nicholas R. Lardy John O’Trakoun Published online: 13 November 2019 © National Association for Business Economics 2019 One of China’s greatest works of literature opens with the government’s disposal. Lardy is skeptical of reversion to the maxim “the empire, long divided, must unite; long united, mean—a global phenomenon whereby countries experienc- must divide.” A similar saying could be constructed regard- ing super-rapid growth tend to slow towards “typical” levels ing China’s economic growth: GDP growth, long acceler- determined by structural factors such as productivity and ating, must decelerate; long decelerating, must accelerate. population growth—as an explanation for the recent growth However, Nicholas Lardy’s monograph The State Strikes slowdown, finding counterexamples such as Japan, Taiwan, Back: The End of Economic Reform in China? argues Korea, and Singapore which continued to experience sus- strongly that China’s economic slowdown following the tained rapid growth at China’s level of per capita income. Global Financial Crisis (GFC) has not been inevitable, but The author devotes most of his attention to the slowing rather the result of policy decisions made by Chinese gov- pace of economic reform, and the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Economics Springer Journals

The State Strikes Back: the end of economic reform in China? by Nicholas R. Lardy

Business Economics , Volume 54 (4): 3 – Oct 1, 2019

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References (6)

Publisher
Springer Journals
Copyright
2019 National Association for Business Economics
ISSN
0007-666X
eISSN
1554-432X
DOI
10.1057/s11369-019-00147-2
Publisher site
See Article on Publisher Site

Abstract

Business Economics (2019) 54:262–264 https://doi.org/10.1057/s11369-019-00147-2 BOOK RE VIE W The State Strikes Back: the end of economic reform in China? by Nicholas R. Lardy John O’Trakoun Published online: 13 November 2019 © National Association for Business Economics 2019 One of China’s greatest works of literature opens with the government’s disposal. Lardy is skeptical of reversion to the maxim “the empire, long divided, must unite; long united, mean—a global phenomenon whereby countries experienc- must divide.” A similar saying could be constructed regard- ing super-rapid growth tend to slow towards “typical” levels ing China’s economic growth: GDP growth, long acceler- determined by structural factors such as productivity and ating, must decelerate; long decelerating, must accelerate. population growth—as an explanation for the recent growth However, Nicholas Lardy’s monograph The State Strikes slowdown, finding counterexamples such as Japan, Taiwan, Back: The End of Economic Reform in China? argues Korea, and Singapore which continued to experience sus- strongly that China’s economic slowdown following the tained rapid growth at China’s level of per capita income. Global Financial Crisis (GFC) has not been inevitable, but The author devotes most of his attention to the slowing rather the result of policy decisions made by Chinese gov- pace of economic reform, and the

Journal

Business EconomicsSpringer Journals

Published: Oct 1, 2019

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