What's the lesson for today from 40 years of reform? A contingent response to slowing growth is necessary but far from enough - only further reforms offer fundamental solutions.
After the end of the "Gang of Four" and the "Cultural Revolution," the first major problem of China's economic development was that the old way of growth became a heavy burden for the Chinese economy, making it difficult for it to really "take off." ??
Really? When Mao stepped onto the world stage, Russia had taken Mongolia and a piece of Xinjiang, Japan still occupied three northern provinces, Britain had taken Hong Kong, Portugal Macau, France pieces of Shanghai, Germany Tsingtao, and America dominated the opium trade. When he took over in 1949 China was agrarian, backward, feudalistic, ignorant and violent.
By 1974 he had doubled the population, doubled life expectancy, reunited, reimagined, reformed and revitalized the largest, oldest civilization on earth, modernized it after a century of failed modernizations, liberated more women than anyone in history and ended thousands of years of famines.
Under crushing embargoes Mao had grown GDP 7.3% annually and left the country debt-free. No country has ever staged such a rapid take-off as China under Mao. Not Britain, Germany, Japan, or the US.
Pro-market economy will lead China to the same path as Argentina economy - a total disaster.
After the end of the "Gang of Four" and the "Cultural Revolution," the first major problem of China's economic development was that the old way of growth became a heavy burden for the Chinese economy, making it difficult for it to really "take off." ??
Really? When Mao stepped onto the world stage, Russia had taken Mongolia and a piece of Xinjiang, Japan still occupied three northern provinces, Britain had taken Hong Kong, Portugal Macau, France pieces of Shanghai, Germany Tsingtao, and America dominated the opium trade. When he took over in 1949 China was agrarian, backward, feudalistic, ignorant and violent.
By 1974 he had doubled the population, doubled life expectancy, reunited, reimagined, reformed and revitalized the largest, oldest civilization on earth, modernized it after a century of failed modernizations, liberated more women than anyone in history and ended thousands of years of famines.
Under crushing embargoes Mao had grown GDP 7.3% annually and left the country debt-free. No country has ever staged such a rapid take-off as China under Mao. Not Britain, Germany, Japan, or the US.