Cai Fang is one of China’s most distinguished economists. This book elucidates the worldwide significance of China’s economic development over the past 70 years from the perspectives of economic history and growth theory.
The Chinese economy has undergone an unprecedented period of growth and development since the reform and opening-up in the late 1970s; a process which the hallmarks of neoclassic economic theory have often proved inadequate to explain. Examining the Chinese economy in the light of Chinese history and the development of the world economy as a whole, the book charts the milestones and critical reforms of China’s economic development, providing insights into unique attributes as well as more generic patterns. The discussion covers multiple hot topics in the field, including the so-called Great Divergence, dual-sector economic development, real-world experience of the reform and opening-up, rural reform, urbanization, economic reform, poverty reduction, the latter day slowdown of China’s economic growth, and China¡¯s role in and response to globalization, global supply domination and other headwinds.
The book will be a must-read for students, scholars and general readers interested in the Chinese economy, economic development, political economy, and development economics.
Author(s): Cai Fang
Series: China Perspectives
Publisher: Routledge
Year: 2022
Language: English
Pages: 388
City: London
Cover
Half Title
Title Page
Copyright Page
Table of Contents
Figures
Tables
Preface
Part I Perspectives of Economic History and Growth Theory
1 Contributions Made By One Fifth of the World’s Population
Introduction
World Economy’s Engine and Stabilizer
Seeking Basic Conditions for Economic Development
Reviving Development Economics
Conclusions
Notes
2 The Development Track of Chinese Economic History
Introduction
M-type of Growth and the “Great Divergence Puzzle”
L-type of Growth and China’s Miracle
T-type of Growth and “The Middle-Income Trap”
S-type of Growth and Its Sustainable Source
Conclusion
Notes
3 Re-Understanding the Needham Puzzle From the Growth Perspective
Introduction
China’s Economy in the Malthusian Trap
Hypothesis of “high-Level Equilibrium Trap”
Incentives for Human Capital and Material Capital Accumulation
Conclusion
Notes
4 Dual Economy as a General Development Stage
Introduction
Back to Classical Economy
Population Growth as Take-Off Condition
Agricultural Involution and the Formation of Dual Economy
Traditional Economic Involution Before Take-Off
Conclusion
Notes
Part II Narrative of Reform, Opening-Up, Development, and Sharing
5 What Can Be Learned From China’s Experiences?
Introduction
Missed Convergence Opportunity Under the Planned Economy
Logic and Process of the Reform and Opening-Up
Cashing in Demographic Dividends in Reform and Opening-Up
Conclusion
Notes
6 Background, Logic, and Contributions of Rural Reform
Introduction
Rise and Fall of the People’s Commune System: Utopian Experiment
How to Create Exit Conditions in Rural Reform
Declining Share of Agriculture as a Result of Development
Return of Scale Economy
The Myth of the “False Indivisibility” of Agricultural Production Factors
Discussions On the “Theory of Weak Agricultural Industry”
The Status Quo of China’s Agricultural Operation Scale
Empirical Test On China’s Agricultural Development Stage
Conclusions
Notes
7 Urbanization in the Development of Reform and Opening-Up
Introduction
Three Historical Moments of Reform
Historical Moment 1
Historical Moment 2
Historical Moment 3
Characteristic Facts of Urbanization With Chinese Characteristics
Fact 1: Incentives in Agriculture and Thus the Improvement of Productivity Are the Premise of Labor Withdrawal.
Fact 2: Labor Mobility Was Promoted By Economic Growth and Expansion of Non-Agricultural Employment
Fact 3: Removing Institutional Obstacles to Promote Entry of Labor Force Into Urban Sectors
How to Improve Agricultural Labor Productivity
From Horizontal Mobility to Longitudinal Mobility
Promote Institutional Reform On Migrant Workers’ Household Registration
Conclusions
Notes
8 Resource Reallocation Effect of Reform
Introduction
Why Is Resource Reallocation Important?
Labor Migration and Allocation
Labor Productivity Growth and Its Source
Preventing the Inverse Kuznets Process
The Stage When Labor Migration Is Not Finished Yet
Conclusion
Notes
9 China’s Concept and Practice of Poverty Alleviation and Its Global Contribution
Introduction
Broad and Shared Fast Growth
Poverty Reduction Practices and Effects During the Reform Period
The Global Significance of China’s Poverty Reduction Effect
Conclusion
Notes
10 Understanding the Deceleration of China’s Economic Growth
Introduction
Why Do Economists Insist On the Cyclical Perspective?
Symbolic Turning Point When the Development Stage Changes
From Demographic Dividend to Reform Dividend
“Threshold Trap” of High-Income Club
Conclusion
Notes
Part III The New Scientific and Technological Revolution and High-Level Globalization
11 Globalization, Convergence, and China’s Economic Development
Introduction
Regression to Ricardo: Changes in Globalization Characteristics
From Club Convergence to a New Round of Great Convergence
China’s Economic Development Under Globalization
Conclusion
Notes
12 Political Economics in Globalization and China’s Strategy
Introduction
A Different Round of Globalization: Breadth and Depth
Consequences of Globalization and Its Political Representation
As a Beneficiary of Globalization, Why Is China Different?
Challenges and Strategic Choices in the Context of Deglobalization
Conclusion
Notes
13 Supply of Global Public Goods and China’s Solutions
Introduction
What Kind of Global Public Goods?
Poverty of the Country and Poverty of the Governance Model
From the Chinese Story to the Chinese Solution
Conclusion
Notes
14 New Technological Revolution and Reflections On Economics
Introduction
A Brief History of Ideas On Technological Progress
Critique of Trickle-Down Economics
Fallacy of Penetration Economics
Problems to Be Urgently Settled in Economics
Conclusion
Notes
Postscript
References
Index
