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China’s Long March Back to Stagnation
China’s economic success is often credited to its embrace of market forces and the private sector, which played a central role in the “reform and opening-up” initiated after Mao Zedong’s passing four decades ago. By retreating from those earlier policies and commitments, Chinese leaders created the conditions for the setbacks and stagnation that we are seeing today.
OXFORD – As the world grapples with the implications of ominous shifts within China, MIT economist Yasheng Huang, an astute long-term observer of the Chinese economy, has produced a well-timed book. In The Rise and Fall of the EAST: How Exams, Autocracy, Stability, and Technology Brought China Success, and Why They Might Lead to Its Decline, he combines a close examination of contemporary China with an ambitious (sometimes overly so) assessment of the country’s recent and distant past.
Like Huang’s other…
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