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Making Sense of China’s Economic Transformation

Author

Listed:
  • Dic Lo

    (SOAS, University of London, and Renmin University of China, diclo@soas.ac.uk)

  • Yu Zhang

    (Renmin University of China)

Abstract

China’s sustained rapid economic growth in the post-1978 reform era, which is also the era of capitalist globalization, is of worldwide importance. This growth experience has been based mainly on China’s internal dynamics. In the first half of the era, economic growth was driven by improvement in both allocative efficiency and productive efficiency. From the early 1990s until the present time, however, economic growth has been increasingly based on dynamic increasing returns associated with a growth path that is characterized by capital deepening. In both periods, the growth paths and their associated institutional frameworks appear to contradict principles of the free market economy: the mainstream doctrines of globalization. In the form of an analytical overview, this paper seeks to explain and interpret the dynamics and developmental implications of China’s economic transformation. The analytics draws on a range of relevant economic theories including Marxian theory of capital accumulation, post-Keynesian theory of demand determination, and Schumpeterian theory of innovation. It is posited that these alternative theoretical perspectives offer better insights than mainstream neoclassical economics in explaining and interpreting China’s economic transformation. JEL classificationO14, O53, P36,

Suggested Citation

  • Dic Lo & Yu Zhang, 2011. "Making Sense of China’s Economic Transformation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(1), pages 33-55, March.
  • Handle: RePEc:sae:reorpe:v:43:y:2011:i:1:p:33-55
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    Citations

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    Cited by:

    1. Gammer, Nick & Cherrett, Tom & Gutteridge, Christopher, 2014. "Disseminating real-time bus arrival information via QRcode tagged bus stops: a case study of user take-up and reaction in Southampton, UK," Journal of Transport Geography, Elsevier, vol. 34(C), pages 254-261.
    2. Dic Lo & Guicai Li & Yingquan Jiang, 2011. "Financial governance and economic development: making sense of the Chinese experience," PSL Quarterly Review, Economia civile, vol. 64(258), pages 267-286.

    More about this item

    Keywords

    China; globalization; late development; transition;
    All these keywords.

    JEL classification:

    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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