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China at the crossroads

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  • Peter Hugh Nolan

Abstract

Since the late 1970s, China has enjoyed one of the most remarkable periods of economic growth ever seen. However, the country faces deep economic, ecological, political and social challenges. It is at the crossroads. In order to attempt to resolve the challenges, which path will China take? Will it turn towards 'primitive capital accumulation', 'free market democracy', 'backwards to Maoism' or 'use the past to serve the present'? This paper argues that the only path towards sustainable development is to look to the country's long history as a guide to building a socially just, stable, cohesive and prosperous society. If, by the 'Third Way', we mean a creative symbiotic interrelationship between state and market, then we can say that China practised its own 'Third Way' for two thousand years. This was the foundation of its hugely impressive long-run economic and social development. By taking the 'choice of no choice' for its own system survival, China's can contribute to global survival and sustainable development, by offering a beacon as an alternative to the US-dominated drive towards global free market fundamentalism.

Suggested Citation

  • Peter Hugh Nolan, 2005. "China at the crossroads," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 3(1), pages 1-22.
    • Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:1-22
    DOI: 10.1080/14765280500040327
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    References listed on IDEAS

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    1. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320540 edited by Caldwell, Bruce, Febrero.
    2. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
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    Cited by:

    1. Viput Ongsakul & Salil K. Sen, 2019. "Low Carbon Energy Symbiosis for Sustainability: Review of Shared Value-based Policy Metabolism to Enhance the Implementability of the Sustainable Development Goals in Asia," International Journal of Energy Economics and Policy, Econjournals, vol. 9(2), pages 24-30.
    2. Andrea Goldstein, 2006. "The Political Economy of Industrial Policy in China: The Case of Aircraft Manufacturing," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 4(3), pages 259-273.
    3. Gülçin BEKEN, 2015. "Anadolu International Conference in Economics (Econanadolu 2015)," Turkish Economic Review, KSP Journals, vol. 2(2), pages 139-140, June.
    4. Zheng, Jinghai & Bigsten, Arne & Hu, Angang, 2009. "Can China's Growth be Sustained? A Productivity Perspective," World Development, Elsevier, vol. 37(4), pages 874-888, April.
    5. Wei, Ziyi & Nguyen, Quyen T.K., 2017. "Subsidiary strategy of emerging market multinationals: A home country institutional perspective," International Business Review, Elsevier, vol. 26(5), pages 1009-1021.

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