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Ethics, Efficiency and Macroeconomics in China - From Mao to Xi (Hardcover)
Loot Price: R3,982
Discovery Miles 39 820
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Ethics, Efficiency and Macroeconomics in China - From Mao to Xi (Hardcover)
Expected to ship within 12 - 17 working days
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This book tells the story of how China's leaders, from Mao to Xi,
have sacrificed ethics to promote either macroeconomic performance
or microeconomic efficiency. This story includes Mao's
collectivization of land, the Great Leap Forward, the Great
Cultural Revolution, Deng's opening China to international trade,
Tiananmen Square, the freeing of prices, food and medicine
scandals, the 2015 surge and collapse of the Chinese stock market,
the falling of China's foreign reserves, and so on. In 2008,
China's leaders correctly identified the best strategy as a
"consumption-driven growth strategy" because the current world is
suffering from a glut of savings. However, for that strategy to
work, the Chinese need to be able to trust China's economy and
leaders. In the absence of trust, people will make decisions based
on extremely short time frames which will hurt China's long-run
potential and continue to generate a series of speculative bubbles.
In the absence of trust, wealthy Chinese will continue to move
their assets abroad, putting tremendous downward pressure on the
Chinese yuan. The Chinese will develop a long-run perspective and
invest in China only when they can trust China's future. In today's
world, trust is necessary. Trust is built on ethics.
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