China's Remarkable Economic Growth

This book explores the reasons behind China's sustained ten percent annual economic growth over three decades, analyzing its political economy, institutional evolution, and the implications of this remarkable phenomenon.

China's Remarkable Economic Growth delves into the extraordinary growth of China's economy, which has consistently expanded at an annual rate of ten percent for over thirty years. The book seeks to answer a critical question in contemporary economics: what factors contribute to such rapid economic progress? By integrating economic theory, empirical analysis, and institutional examination, the author explores the development of China's economy and the political dynamics that have shaped its trajectory.

A central theme of the book is the concept of China as a 'developmental state.' It investigates how this status was achieved and maintained, focusing on the evolution of institutions and policies that have propelled economic advancement. Through detailed analysis, the book estimates growth equations across different countries and provinces, identifying both immediate and deeper determinants of China's impressive growth rate.

Additionally, the book raises important questions regarding the implications of this growth. It considers issues such as the potential depletion of unskilled labor, the rise of inequality, and the relationship between economic growth and overall happiness. Furthermore, it addresses the social costs associated with prioritizing growth and speculates on the sustainability of China's rapid expansion in the face of maturing economic conditions, macroeconomic imbalances, and potential social unrest. This comprehensive examination is particularly valuable for economists, policymakers, and anyone interested in understanding the complexities of China's economic phenomenon.