China has taken an extraordinary, and often unanticipated, journey in transforming itself from a closed agrarian socialist economy to a powerful economic force in the international arena. Coase and Wang persuasively argue that the reforms implemented by China’s leaders during the past 35 years did not represent a concerted attempt to create a capitalist economy, and it was “marginal revolutions” that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of “seeking truth from facts.” How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government’s monopoly of ideas and power. The authors argue that the development of a market for ideas — which has a long and revered tradition in China — would be integral to bringing about the Chinese dream of social harmony.
Featuring the author Angus Deaton, Dwight D. Eisenhower Professor of Economic and International Affairs, Woodrow Wilson School of Public and International Affairs & Economics Department, Princeton University; with comments by Charles Kenny, Senior Fellow, Center for Global Development; moderated by Ian Vasquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
- Legal Briefs
- Cato Handbook for Policymakers
- Cato Journal
- Cato's Letter
- Cato's Letters
- Cato Papers on Public Policy
- Cato Policy Report
- Cato State Legislative Guide
- Cracking the Books
- Economic Freedom of the States of India
- Economic Freedom of the World
- Public Comments
- Supreme Court Review
Michael F. Cannon’s testimony before the House Judiciary Committee on presidential powers is cited on KLIF AM Radio
December 4, 2013
Michael F. Cannon’s testimony before the House Judiciary Committee on presidential powers is cited on FOX’s America’s Newsroom
December 4, 2013
Latest CommentaryIn the May 2013 issue of Teen Ink, a magazine I read regularly, Brooklyn teenager Isheta Khanom writes of “Being Muslim”: “People are...
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.