Old China′s New Economy: The Conquest by a Billion Paupers (First Edition)

By: T K Bhaumik

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Synopsis: This book presents a comprehensive analysis of the rise and growth of the Chinese economy since the beginning of the country′s transition to a socialist market economy, and captures the growth story in its historical backdrop. It sequentially unveils the story, and highlights the critical role of two major change agents—the government and the people. While the credit goes to the former for the successful transition to a high growth economy, there is an equally important role played by the Chinese people, displayed by their hard work, tenacity and struggle for a better living standard. The book provides a complete account of this transition from the pre-revolution feudalistic China to where it stands today as a viable market economy. It analyses the key drivers of high growth and has delved into the much debated and discussed issue of sustainability. The author has analysed in detail numerous challenges that high growth has thrown up for the people and the government. It is argued that China is likely to see its high growth continuing for many years to come, after having already secured a high pedestal in the global economy. This book will prove valuable insight for China observers, political economists, business analysts, serious media, and students and teachers of development economics.