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China's Gilded Age - The Paradox of Economic Boom and Vast Corruption (Hardcover)
Loot Price: R1,129
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China's Gilded Age - The Paradox of Economic Boom and Vast Corruption (Hardcover)
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Why has China grown so fast for so long despite vast corruption? In
China's Gilded Age, Yuen Yuen Ang maintains that all corruption is
harmful, but not all types of corruption hurt growth. Ang unbundles
corruption into four varieties: petty theft, grand theft, speed
money, and access money. While the first three types impede growth,
access money - elite exchanges of power and profit - cuts both
ways: it stimulates investment and growth but produces serious
risks for the economy and political system. Since market opening,
corruption in China has evolved toward access money. Using a range
of data sources, the author explains the evolution of Chinese
corruption, how it differs from the West and other developing
countries, and how Xi's anti-corruption campaign could affect
growth and governance. In this formidable yet accessible book, Ang
challenges one-dimensional measures of corruption. By unbundling
the problem and adopting a comparative-historical lens, she reveals
that the rise of capitalism was not accompanied by the eradication
of corruption, but rather by its evolution from thuggery and theft
to access money. In doing so, she changes the way we think about
corruption and capitalism, not only in China but around the world.
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