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China's Market Communism guides readers step by step up the ladder
of China's reforms and transformational possibilities to a full
understanding of Beijing's communist and post-communist options by
investigating the lessons that Xi can learn from Mao, Adam Smith
and inclusive economic theory. The book sharply distinguishes what
can be immediately accomplished from the road that must be
traversed to better futures.
China's Market Communism guides readers step by step up the ladder
of China's reforms and transformational possibilities to a full
understanding of Beijing's communist and post-communist options by
investigating the lessons that Xi can learn from Mao, Adam Smith
and inclusive economic theory. The book sharply distinguishes what
can be immediately accomplished from the road that must be
traversed to better futures.
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.
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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