In China, the decade 1979-88 featured an unprecedented willingness
to depart from the traditional dogmatic interpretations of
socialism and to enter into a discourse aimed at promoting economic
reforms and development. Robert C. Hsu systematically explores the
substance and logic of the evolution of the most vital
economic-reform theories prevalent in China during those years
(before the recent slow-down). He also examines and assesses the
delicate interaction between these theories and the practical
policies of the Chinese government. Hsu's analysis covers the
debates over exactly how to combine the market mechanism with
socialist planning. Chinese economists argued about how to
diversify the ownership system, how to implement price-wage
reforms, how to invigorate state-owned enterprises and make them
more efficient, and how to develop China's agriculture, industry
and foreign trade. Though Hsu critically dissects the diversity of
views and describes the shortcomings which will affect future
economic policies and theories, his mood is primarily an
affirmation of the new dynamic age of China's economics.
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