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The widely held view of the Asian Financial Crisis is that it had
no substantial impact on China. In fact, the country was far more
vulnerable than most people realized, due to the high possibility
of financial contagion entering the system from Hong Kong through
Guangdong province. This book analyzes the severe policy challenge
that it presented for China's leaders. The crisis in Guangdong's
financial institutions provided a forewarning of the difficulties
that lay ahead as China's integration with the global financial
system deepened. The experience of Guangdong in the Asian Financial
Crisis provided a profound lesson for China's policy-makers as they
planned the country's strategy for financial reform in the
following years. China was able to avoid disaster by astute and
difficult policy choices, in the face of fierce pressure from
outside the country, as well as from different domestic interests
at many different levels. The successful resolution of the crisis
provided a breathing space for the leadership. It gave it time to
undertake necessary reforms in the country's financial system in
the decade that followed the crisis.
Based on extensive original research, Globalisation, Transition and
Development inChina explains China's development strategy and its
underlying forces, and the success of this strategy. It examines
China's gradualist approach which emphasizes development first and
regards transition and globalization as secondary, enacting
liberalization of domestic markets and integration into the world
economy in a paced way, avoiding dramatic changes which might
impede or even reverse development, and argues that this approach
is broadly correct. It considers China's failures, including the
failure to build large globally competitive corporations despite
the intention to do this, and shows how China's economic strategy
has been implemented in detail with a case study of the large and
important coal industry.
Zheng Bijian has been one of the most influential thinkers and
policy formulators in China during its reform period. In the early
1990s he worked with Deng Xiaoping collating and publishing Deng's
speeches and as vice president of the Party School gave top
priority to ensuring that members of the Party were thoroughly
familiar with Deng's views, theories and reform agenda. In this
important book, which is already available in Chinese, Zheng Bijian
sets out his views and relates how his views were formed and
developed over the long reform period, including the full text of
his important speeches and papers, together with appropriate
introductory material. Particular key themes which Zheng Bijian's
thought has contributed to China's development are that China
should embrace globalization and strengthen its relationship with
the rest of the world, and that China's development should be
peaceful. "Zheng Bijian's ideas, actions and vision helped China in
its astonishing thirty years growth. Zheng Bijian made a great
contribution to envisioning the new role of China in a globalized
world. This book is the intellectual story of a great witness of
our times." - Romano Prodi, former President of the European
Commission and former Prime Minister of Italy
The widely held view of the Asian Financial Crisis is that it had
no substantial impact on China. In fact, the country was far more
vulnerable than most people realized, due to the high possibility
of financial contagion entering the system from Hong Kong through
Guangdong province. This book analyzes the severe policy challenge
that it presented for China's leaders. The crisis in Guangdong's
financial institutions provided a forewarning of the difficulties
that lay ahead as China's integration with the global financial
system deepened. The experience of Guangdong in the Asian Financial
Crisis provided a profound lesson for China's policy-makers as they
planned the country's strategy for financial reform in the
following years. China was able to avoid disaster by astute and
difficult policy choices, in the face of fierce pressure from
outside the country, as well as from different domestic interests
at many different levels. The successful resolution of the crisis
provided a breathing space for the leadership. It gave it time to
undertake necessary reforms in the country's financial system in
the decade that followed the crisis.
Demonstrates China's reform and opening-up and formation of BRI A
full pictory of the backstory, concept and framework of BRI
Includes China's nternational action plans relevant and similar to
the BRI Covers case studies of the BRI implementation and promotion
132 entries in total reflect the latest progress, with 19 new
entries added and 14 updated compared to the first edition
The different approach taken by China and the West towards finance
and the real economy rests upon philosophical foundations that have
diverged fundamentally since the Ancient World. Since the Asian
Financial Crisis in 1997-98 a tremendous transformation has taken
place in the financial systems in both China and the West. China
has persisted steadily with reform of its financial system but it
remains heavily protected from international competition. In the
West regulatory structures have been progressively dismantled,
permitting an unprecedented secular expansion of asset prices and
debt relative to GDP. The structure crashed to the ground with the
collapse of asset prices in 2008-09. In the decade since the GFC
asset prices and debt in the West have rebounded. The West's
financial system stands on a knife- edge. In 2018 China announced
the intention to accelerate the opening up of the country's capital
markets. The way in which the Chinese and the West's financial
system interact constitutes a central issue in global political
economy in the years ahead.
The different approach taken by China and the West towards finance
and the real economy rests upon philosophical foundations that have
diverged fundamentally since the Ancient World. Since the Asian
Financial Crisis in 1997-98 a tremendous transformation has taken
place in the financial systems in both China and the West. China
has persisted steadily with reform of its financial system but it
remains heavily protected from international competition. In the
West regulatory structures have been progressively dismantled,
permitting an unprecedented secular expansion of asset prices and
debt relative to GDP. The structure crashed to the ground with the
collapse of asset prices in 2008-09. In the decade since the GFC
asset prices and debt in the West have rebounded. The West's
financial system stands on a knife- edge. In 2018 China announced
the intention to accelerate the opening up of the country's capital
markets. The way in which the Chinese and the West's financial
system interact constitutes a central issue in global political
economy in the years ahead.
Capitalist globalisation since the 1980s has produced immense
benefits in terms of technical progress, poverty reduction and
welfare improvement. However, it has been accompanied by profound
contradictions, including ecological destruction, global warming,
inequality, concentration of business power, and financial
instability. Regulation of global political economy in the
interests of the majority of the world's population is essential if
the human species is to avoid a Darwinian catastrophe. This book
explores China's rich history of regulating the market in the
interests of the mass of the population. For over two thousand
years the Chinese bureaucracy has sought pragmatically to find a
Way in which to integrate the 'invisible hand' of market forces
with the 'visible hand' of ethically guided government regulation.
Instead of seeking confrontation with China, citizens and
politicians in the West need to deepen their understanding of the
contribution that China can make to globally sustainable
development in the decades and centuries ahead.
If the West wishes to understand China better, it needs to
appreciate the depth of thought and range of debate that is taking
place within the Chinese political system. China is entering a new
and complicated phase in its development. From a minnow in the
1970s it has become a mighty player on the global stage. It is
likely that its role in the global economy and international
relations will continue to expand. Today, despite its vast size,
China is still a developing country. The country's leaders in the
Communist Party of China face innumerable policy challenges. Two
key issues facing the Party are its role in the Asia-Pacific region
and the ideological legacy from Karl Marx. The CPC is engaged in
deep research, debate and reflection on both of these questions.
This study provides a unique, in-depth insight into these
critically important issues for the evolution of China's political
economy.
Changes to corporate structure, including the role of the corporate
headquarters, have been key factors in bringing about economic
reform in China. In this penetrating and insightful book, Xiao
questions the conventional theory of the firm, arguing that the
ultimate goal of the headquarters of modern large corporations is
to function as a substitute for the market, and introducing a new
explanation for the nature of the firm - the 'substitution function
model'. He provides an insider's account of the reforms in CITIC,
and as such this is a rare narrative that should be essential
reading for scholars and practitioners who care about the theory
and practice of the firm, in particular in the context of Chinese
enterprise reform.
This book examines the case for and against collective farms in
developing countries. Basing his account on a careful analysis of
China's rural economy from the 1950s to the 1980s, the author
argues that collective farms have serious shortcomings and that
they are not the most suitable institutional form for rural
economic development in poor count
China has achieved remarkable, sustained economic growth under the
policies of 'reform and opening up' put into place since the late
1970s. China's industrial policies have nurtured a large group of
firms with high profits and a high market capitalisation. However,
few people in the West can name a single Chinese firm. During the
modern era of capitalist globalisation firms from the high income
countries have spread their business systems across the world. This
has presented a profound challenge for industrial policy in
developing countries, including even China, the world's second
largest economy. China is unique among large latecomer developing
countries in having reached the position of being a huge,
fast-growing economy, with a tremendous impact on the rest of the
world, but lacking a substantial group of globally competitive
firms. This volume explores this paradox. Fully understanding the
industrial policy challenge that the era of capitalist
globalisation has produced for China is essential for harmonious
international relations.
This book examines the case for and against collective farms in
developing countries. Basing his account on a careful analysis of
China's rural economy from the 1950s to the 1980s, the author
argues that collective farms have serious shortcomings and that
they are not the most suitable institutional form for rural
economic development in poor countries.
Based on extensive original research, Globalisation, Transition and
Development in China explains China's development strategy and its
underlying forces, and the success of this strategy. It examines
China's gradualist approach which emphasizes development first and
regards transition and globalization as secondary, enacting
liberalization of domestic markets and integration into the world
economy in a paced way, avoiding dramatic changes which might
impede or even reverse development, and argues that this approach
is broadly correct. It considers China's failures, including the
failure to build large globally competitive corporations despite
the intention to do this, and shows how China's economic strategy
has been implemented in detail with a case study of the large and
important coal industry.
Zheng Bijian has been one of the most influential thinkers and
policy formulators in China during its reform period. In the early
1990s he worked with Deng Xiaoping collating and publishing Deng's
speeches and as vice president of the Party School gave top
priority to ensuring that members of the Party were thoroughly
familiar with Deng's views, theories and reform agenda. In this
important book, which is already available in Chinese, Zheng Bijian
sets out his views and relates how his views were formed and
developed over the long reform period, including the full text of
his important speeches and papers, together with appropriate
introductory material. Particular key themes which Zheng Bijian's
thought has contributed to China's development are that China
should embrace globalization and strengthen its relationship with
the rest of the world, and that China's development should be
peaceful. "Zheng Bijian's ideas, actions and vision helped China in
its astonishing thirty years growth. Zheng Bijian made a great
contribution to envisioning the new role of China in a globalized
world. This book is the intellectual story of a great witness of
our times." - Romano Prodi, former President of the European
Commission and former Prime Minister of Italy
China has achieved remarkable, sustained economic growth under the
policies of 'reform and opening up' put into place since the late
1970s. China's industrial policies have nurtured a large group of
firms with high profits and a high market capitalisation. However,
few people in the West can name a single Chinese firm. During the
modern era of capitalist globalisation firms from the high income
countries have spread their business systems across the world. This
has presented a profound challenge for industrial policy in
developing countries, including even China, the world's second
largest economy. China is unique among large latecomer developing
countries in having reached the position of being a huge,
fast-growing economy, with a tremendous impact on the rest of the
world, but lacking a substantial group of globally competitive
firms. This volume explores this paradox. Fully understanding the
industrial policy challenge that the era of capitalist
globalisation has produced for China is essential for harmonious
international relations.
Worldwide, mental health problems are set to become the second
greatest threat to health by the end of the next decade. The
European Union has identified mental health problems as a growing
concern, although there is great variation within EU countries with
respect to patient numbers and the range of facilities available to
them. Historically, EU mental healthcare services have been
analysed using measurable aspects of care provisions such as
throughput, costs and outcome measures. Little is known of the
experiences, perceptions, beliefs and values of those accessing and
providing services. This enlightening new book adopts a very
different approach. With a particular focus on nursing, it examines
and critiques the state of specialist mental health services in
nine EU countries - Czech Republic, Finland, Ireland, Greece,
Luxembourg, Netherlands, Germany, United Kingdom and Portugal. Each
chapter focuses on a single country and ascertains existing
services, their development, the treatments and care provided,
factors preventing better service delivery, and suggestions for
improvement. A rich pattern of differences emerge and comparisons
can then be drawn. It also explores the emergence of an EU mental
health identity in regards to selection of mental health personnel,
their training and education, and the range of services they
provide. Healthcare professionals and students with a particular
interest in mental health issues (especially those with an interest
in international approaches) will welcome the fresh analysis. It
provides vital new information for European policy makers and
shapers, voluntary sector personnel, and service users and the
organisations representing them.
Changes to corporate structure, including the role of the corporate
headquarters, have been key factors in bringing about economic
reform in China. In this penetrating and insightful book, Xiao
questions the conventional theory of the firm, arguing that the
ultimate goal of the headquarters of modern large corporations is
to function as a substitute for the market, and introducing a new
explanation for the nature of the firm - the 'substitution function
model'. He provides an insider's account of the reforms in CITIC,
and as such this is a rare narrative that should be essential
reading for scholars and practitioners who care about the theory
and practice of the firm, in particular in the context of Chinese
enterprise reform.
Capitalist globalisation since the 1980s has produced immense
benefits in terms of technical progress, poverty reduction and
welfare improvement. However, it has been accompanied by profound
contradictions, including ecological destruction, global warming,
inequality, concentration of business power, and financial
instability. Regulation of global political economy in the
interests of the majority of the world's population is essential if
the human species is to avoid a Darwinian catastrophe. This book
explores China's rich history of regulating the market in the
interests of the mass of the population. For over two thousand
years the Chinese bureaucracy has sought pragmatically to find a
Way in which to integrate the 'invisible hand' of market forces
with the 'visible hand' of ethically guided government regulation.
Instead of seeking confrontation with China, citizens and
politicians in the West need to deepen their understanding of the
contribution that China can make to globally sustainable
development in the decades and centuries ahead.
From their beginnings as the asylum attendants of the 19th century,
mental health nurses have come a long way. This comprehensive
volume is the first book in over twenty years to explore the
history of mental health nursing, and during this period the
landscape has transformed as the large institutions have been
replaced by services in the community. McCrae and Nolan examine how
the role of mental health nursing has evolved in a social and
professional context, brought to life by an abundance of anecdotal
accounts. Moving from the early nineteenth to the end of the
twentieth century, the book's nine chronologically-ordered chapters
follow the development from untrained attendants in the pauper
lunatic asylums to the professionally-qualified nurses of the
twentieth century, and, finally, consider the rundown and closure
of the mental hospitals from nurses' perspectives. Throughout, the
argument is made that whilst the training, organisation and
environment of mental health nursing has changed, the aim has
remained essentially the same: to develop a therapeutic
relationship with people in distress. McCrae and Nolan look forward
as well as back, and highlight significant messages for the future
of mental health care. For mental health nursing to be meaningfully
directed, we must first understand the place from which this field
has developed. This scholarly but accessible book is aimed at
anyone with an interest in mental health or social history, and
will also act as a useful resource for policy-makers, managers and
mental health workers.
From their beginnings as the asylum attendants of the 19th century,
mental health nurses have come a long way. This comprehensive
volume is the first book in over twenty years to explore the
history of mental health nursing, and during this period the
landscape has transformed as the large institutions have been
replaced by services in the community. McCrae and Nolan examine how
the role of mental health nursing has evolved in a social and
professional context, brought to life by an abundance of anecdotal
accounts. Moving from the early nineteenth to the end of the
twentieth century, the book's nine chronologically-ordered chapters
follow the development from untrained attendants in the pauper
lunatic asylums to the professionally-qualified nurses of the
twentieth century, and, finally, consider the rundown and closure
of the mental hospitals from nurses' perspectives. Throughout, the
argument is made that whilst the training, organisation and
environment of mental health nursing has changed, the aim has
remained essentially the same: to develop a therapeutic
relationship with people in distress. McCrae and Nolan look forward
as well as back, and highlight significant messages for the future
of mental health care. For mental health nursing to be meaningfully
directed, we must first understand the place from which this field
has developed. This scholarly but accessible book is aimed at
anyone with an interest in mental health or social history, and
will also act as a useful resource for policy-makers, managers and
mental health workers.
'A lively and well written comparison of economic transformation in
China and the USSR/Russia, combining a good knowledge of the
Chinese economy with a radical critique of Western transition
orthodoxy, this very topical and very controversial book will be
useful reading for students, administrators in many countries and
international agencies, and business people.' - Michael Ellman,
University of Amsterdam `Peter Nolan makes a pungent challenge to
conventional wisdom by arguing that the Chinese approach to system
reform has been vastly more successful than the shock therapy
applied to Russia. His book is based on extensive comparison and
deep insight into the political economy of both countries.' - John
Toye, Institute of Development Studies, Sussex This book is the
first attempt to analyse systematically the dramatic contrast in
the results of post-Stalinist reform in China and Russia. It argues
that there emerged a 'transition orthodoxy' about how to reform the
communist systems of political economy. However, it was deeply
flawed. The advice which flowed from this orthodoxy was the primary
cause of the Soviet disaster. The decision not to follow it was the
main reason for China's enormous success in its reform programme.
The mainstream view of the way in which best to transform the
communist economies was that there should be a rapid transition to
a free market economy and political democracy. The articles in this
book challenge this view. They do so from the standpoint of
economic and political theory, and from an evaluation of the
comparative experience of different reforming countries in Europe
and Asia. This book represents the first systematic attempt to try
to explain the dramatic contrast in outcome between reforming
countries that have pursued comprehensive system reform and those
that have pursued cautious, experimental strategies.
Examining key issues in each of the major sectors of the Chinese
economy, this book uses a wide range of primary research materials
and subjects them to rigorous analysis. It illuminates the way in
which China's "step-by-step" reform affected different parts of the
economy, and identifies many difficulties resulting from this
approach. It also enables readers to understand why this broad
strategy of reforming a communist planned economy was successful in
the Chinese case. Other works by Peter Nolan include "The Chinese
Economy and Its Future" (co-edited with Dong Fureng) and "State and
Market in the Chinese Economy: Essays on Controversial Issues".
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