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Capitalism with Chinese Characteristics: Entrepreneurship and the State [Kindle Edition]

Yasheng Huang
4.0 out of 5 stars  See all reviews (17 customer reviews)

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Book Description

Presents a story of two Chinas – an entrepreneurial rural China and a state-controlled urban China. In the 1980s, rural China gained the upper hand. In the 1990s, urban China triumphed. In the 1990s, the Chinese state reversed many of its rural experiments, with long-lasting damage to the economy and society. A weak financial sector, income disparity, rising illiteracy, productivity slowdowns, and reduced personal income growth are the product of the capitalism with Chinese characteristics of the 1990s and beyond. While GDP grew quickly in both decades, the welfare implications of growth differed substantially. The book uses the emerging Indian miracle to debunk the widespread notion that democracy is automatically anti-growth. As the country marks its 30th anniversary of reforms in 2008, China faces some of its toughest economic challenges and substantial vulnerabilities that require fundamental institutional reforms.


Editorial Reviews

Review

"The development of the Chinese private sector is a key to the future shape and performance of the Chinese economy. At present, the subject is widely misunderstood. This book does more than any other to clarify the issues and point the way forward." - Christopher Howe, FBA, School of East Asian Studies, University of Sheffield

"Yasheng Huang is an insightful scholar of China's political economy. In this important book, he shows how China's rural economy took off in the 1980s, led by 'township and village enterprises' that were essentially private, only to be ignored in the 1990s by state-led development that focused on urban regions such as Shanghai. The 'Shanghai miracle,' he argues - and as any businessman who has worked there knows - was not the simple triumph of capitalism, but of a stronger and more intrusive (and effective) state. If one wants to understand the policy origins of China's growing divide between rich and poor, urban and rural, one need look no further than this book." - William Kirby, Harvard University

"Sure to generate a lively debate, Professor Huang's study provides a provocative and well-researched challenge to much current thinking on China's economic development. The widely shared gains of the 1980s have not been matched in more recent years. Danger signs include the stagnation in household incomes, growing inequality and illiteracy, and heightened governance problems. Huang argues that China will not be able to continue to grow unless the benefits of growth are widely shared through fundamental political and legal reforms." - Susan Rose-Ackerman, Yale Law School

"Most books about China's economy and their authors fall into one of two camps: those that are hypercritical and those that are hyperlaudatory. Professor Huang's book is closer to the former than the latter, for example, he characterizes China's economy as '...crony capitalism built on systemic corruption and raw political power.' Yet, his book is different from, as well as better than, others in that genre because it gives ample recognition to contrary views and empirical data supporting them. Consequently, Capitalism with Chinese Characteristics is both immensely informative and enormously provocative." - Charles Wolf, Jr., Pardee RAND Graduate School

"For years, Western economists are amazed that China's growth is obviously fueled by factor accumulation and yet her capital markets appear to be under developed. Yasheng Huang's book provides some refreshing information and analysis. He shows that in China's vast rural areas, which Western academics often cannot obtain good and detailed information, economic and financial liberalization went much further than credited by outside analysts and that the rigorous development of private entrepreneurship explained much of China's takeoff. His thesis is worthy of attention; this book will enhance our understanding of China's economy and lead us to take a more thorough look at the development process." - Bernard Yeung, University of Singapore Business School

"Original research on China is rare, largely because statistics, though plentiful, are notoriously unreliable. Mr Huang... has unearthed thousands of long-forgotten pages of memoranda and policy documents issued by bank chairmen, businessmen and state officials. In the process he has discovered two Chinas: one, from not so long ago, vibrant, entrepreneurial and rural; the other, today's China, urban and controlled by the state." - The Economist

"Written before the full force of the crisis became apparent, Yasheng Huang's Capitalism with Chinese Characteristics: Entrepreneurship and the State presciently anticipates the need for a guide to the least understood weaknesses in China's economy.... As a look at China's entrepreneurial economy in the 1980s and 1990s - and as a counterpoint to the misconception that China is steadily evolving into a more market-oriented economy - this book is unparalleled." - Mark L. Clifford, Time

"From the liberal right, Yasheng Huang's Capitalism with Chinese Characteristics is a tour de force of empirical inquiry, conceptual clarity and independence of mind. Anyone wanting to know what kind of economy, and what sort of growth, can be found in the PRC should now start here." - Perry Anderson, London Review of Books

"This is the work of a careful and deeply skeptical mind; one that excels in mining difficult to obtain and dodgy economic data and eschews received storylines.... If it is possible to come away from this impressively informed account of China's recent evolution still believing in the country's continued rise, it is well-nigh impossible to come away from exposure to Huang with one's faith in the standard narratives intact." - Howard French, chinabeat.org

"This is a book that clearly stands out from the recent China books, and it might be destined to become one of the big references in the field." - Julen Madariaga, chinayouren.com

"This is among the most important books to appear on contemporary China this decade. Motivated by a socially conscious economic liberalism and guided by a firmly positivist epistemology, Yasheng Huang challenges--and defeats--some of the most sacred myths surrounding Chinese political economy as reinforced by scholars and widely accepted by the general public. The book is essential reading for any political scientist specializing in China, international relations, comparative economic development, or comparative change." - Daniel C. Lynch, University of Southern California, Perspectives on Politics

"Huang's book should be required reading for all those who are interested in the contours of the Chinese political economy and the comparative dimensions of East Asian developmental states." - Jeremy Paltiel, Carleton University, Canadian Journal of Political Science

"The main contribution of the book lies in its meticulous examinations of voluminous government policy directives, statements and banking documents which yield significant insights into the relaxation of control over... China's financial sector in the 1980s and the macro-economic controls brought about by the Jiang Zeming-Zhu Rongji administration during the 1990s. It sheds important light over the internal mechanism of the two waves of China's economic reforms..." - George C.S. Lin, The University of Hong Kong, Pacific Affairs

Book Description

This book presents a story of two Chinas - an entrepreneurial rural China and a state-controlled urban China. In the 1980s, rural China gained the upper hand, and the result was rapid as well as broad-based growth. In the 1990s, urban China triumphed. In the 1990s, the Chinese state reversed many of its productive rural experiments, with long-lasting damage to the economy and society.

Product Details

  • File Size: 1130 KB
  • Print Length: 366 pages
  • Page Numbers Source ISBN: 0521898102
  • Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
  • Publisher: Cambridge University Press; 1 edition (March 21, 2014)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B001JEPW72
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Enabled
  • Amazon Best Sellers Rank: #474,315 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
27 of 31 people found the following review helpful
5.0 out of 5 stars Indispensable for understanding China October 22, 2008
Format:Hardcover|Verified Purchase
Professor Huang has written a brilliant critique of China's economic development (and of necessity, debunks much of what others have written about China's economy). He shows that China's development started in the 1980's with government programs focused on the rural economy, with programs designed to encourage rural entrepreneurs. Unfortunately with the Tiananmen Square crackdown, the new government leaders (technocrats from Shanghai) focused on major programs for urban areas, including massive construction projects and encouragement of foreign investment. Rural enterprises (and their required informal and official funding networks) were shut down. Although there was a proliferation of highrise buildings and massive construction projects (Three Gorges Dam, Shanghai's maglev, the Olympics,...) the result was slower income growth (especially in the rural areas), increasing illiteracy (parents could not afford to pay rapidly increasing tuitions), declining health care (hospitals, like schools, also became profit centers for local bureaucrats), expropriation of farmers' land, and much much more corruption, all of which has led to increasing social disorder among peasants who are finding themselves worse off. Party cadres' pay has rapidly increased and there are now far more of them. And productivity growth has declined or has even straight-lined. A return to the policies of the 1980's is clearly in order, but the current leaders, while trying to fix things, are still relying on top down commands and controls, and they have a much larger bureaucracy to keep happy.
Anyone trying to understand China's economic development over the last thirty years must read this.
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11 of 13 people found the following review helpful
5.0 out of 5 stars Radically new view of the recent Chinese Economy December 9, 2008
Format:Hardcover|Verified Purchase
This is one of those books that very significantly change how we see a very important part of the world. The above reader review and the professional book reviews capture the book's strengths very well. I don't have the necessary expertise to question the author's interpretations, but they have immense credibility in their basis in detailed exploration of Chinese archives. For an historian a compelling use of documents to create a fundamentally new paradigm of recent Chinese economic history.
My only real complaint is with the editing: too often the same phrases are used to repeat the same message or qualification of the message. It becomes a little like a hypnotic poem: it makes sure we get the message, and given its novelty perhaps this is acceptable. I think that if the analysis of this book is accurate, then we can expect very significant disorder in China with the unfolding of the global credit crisis. And in a funny sort of way it will all be the result of the American and Chinese varieties of crony Capitalism. In both cases one has some sympathy for entrepreneurs and ordinary working people caught in the webs constructed by economic and political elites more keen on building their own enormous wealth than on the wider economy. The triumph of unenlightened self interest.
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8 of 9 people found the following review helpful
By Bo Yang
Format:Hardcover
To begin on a positive note: Yasheng Huang is not totally wrong, but he is wrong enough on so many counts to deserve a solid 1-star rating. I have two major criticisms: his use of data and his simplistic conclusions.

1) In contrast to the many positive reviews of this book I seriously doubt the way he handles (rather mishandles) the data just to create the notion that he found out something startling and new, contradicting the mainstream research.

A few examples: central to Huang's argument that the 1980s were China's "entrepreneurial decade" (Chapter 2) whereas the 90s were "statist" and guided by an "industrial policy mindeset" is his "finding" that actually township and village enterprises (TVEs) were more private-owned than collective. He alledges the mainstream got it all wrong by treating TVEs as collectives and marvelling at their rate of growth in spite of this fact. The problem is that Huang includes "getihu" (individual business-people) into the TVE category, which most other scholars exclude: they talk about manufacturing only, therefore it makes sense for them to exclude the small-scale traders and service businesses (=getihu). Huang does not "contradict" anyone here, he is merely playing around with the figures. Exactly because the geti-businesses are small-scale there are many of them. So it is unsurprising to find that, if we include them in the TVE category, the share of private ownership jumps.

While this looks like an exageration only, at other times, Huang plainly got it wrong. His observation (which in itself is true enough) that rural China was badly disadvantaged while the urban economy in China grew rapidly is supported by his claim "the illiteracy rate of the adult population increased from 6.72 percent in 2000 to 11.
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4 of 4 people found the following review helpful
5.0 out of 5 stars Very Informative - July 5, 2010
Format:Hardcover
"Capitalism with Chinese Characteristics" was named one of the top economics books by "The Economist" in 2008. Author Huang's focus is on examining why China has grown so fast. Professor Huang teaches political economy and international management at MIT. Huang researched a 22 volume compilation of internal bank documents, archives of the Ministry of Agriculture, and other sources to reach his conclusions. Still, he (and others) was handicapped by the fact that only 46 people worked at the National Bureau of Statistics in 1976, and as late as 1986, 90% of economic data was handled manually. Thus, he says that often instead of examining the question of whether a tax cut had stimulated investment, one is instead left with the question of whether a tax cut actually took place. His findings are as follows:

1)Rural sector private entrepreneurship developed rapidly in the 1980s, supported by the Chinese banking system. However, while security of the proprietor increased considerably ("One should never underestimate the incentive effect of not getting arrested"), property security rights still remains problematic. Of the 12 million TVEs (township/village enterprises - refers to location, not ownership) in 1985, 10 million were private; some were former collectives that had been privatized. (Other sources report most were privatized via buying state-owned enterprise (SOE) assets and hiring retired workers.) Reduced regulation helped - especially ignoring the limit of seven employees. Almost every entrant to that sector in the next ten years was privately owned; 25% foreign ownership was the cutoff. The bulk of poverty reduction occurred in these areas, within 1980-1988.
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Most Recent Customer Reviews
5.0 out of 5 stars The intense reform of the 1980's vs. the intense urbanization of the...
The 1980's are a vital time when China's reform spread throughout society and changed almost all "the rules". Read more
Published 11 months ago by Cultural ghost
4.0 out of 5 stars Getting China right (and capitalism nearly right)
I greatly appreciated this book, and believe it's a very valuable contribution to the research on China's development. Read more
Published 16 months ago by James R. Maclean
4.0 out of 5 stars Outstanding research held back by clumsy writing
I must begin this review by stating that this is a great book. Huang has gone a step beyond anybody else and researched documents that nobody had bothered reading. Read more
Published 20 months ago by Amazon Customer
5.0 out of 5 stars One of the best books about economic development I have ever read
China is often considered to be a bit of a paradox in the development world. It is commonly said that it did not follow the common route of development with deregulation and... Read more
Published 21 months ago by Cameron Mulder
4.0 out of 5 stars Good read but not kindle optimized
I would have given this book a five star because its content is awesome, however the reason for giving it a four star is that it is not optimized for kindle. Read more
Published on April 11, 2012 by Rajbir Bhattacharjee
2.0 out of 5 stars Bad Narrative | Good Data
This book is un-fun to read - even for someone who is passionate about understanding Capitalism in China. Prof. Huang does not understand how to write prose effectively. Read more
Published on January 16, 2012 by Ram Ram
3.0 out of 5 stars Useful study of Chinese capitalism
Professor Yasheng Huang teaches political economy and international management at the Sloan School of Management, Massachusetts Institute of Technology. Read more
Published on March 16, 2011 by William Podmore
4.0 out of 5 stars Exceptional scholarship, writing could be better
This book is an exceptional piece of scholarship, with very interesting conclusions. The writing is not always very good with lots of repetition, a poor (and long) introductory... Read more
Published on July 15, 2010 by algo41
5.0 out of 5 stars Clears up some big puzzles, leaves many smaller ones
This is the most insightful book I've read so far on the Chinese economy. Most commentators only look at the most readily available data, but Huang dug through many obscure... Read more
Published on November 11, 2009 by Peter McCluskey
4.0 out of 5 stars A great book!
I got the book in 5 days and it looked great. I just searched my interested books from google and got it from amazon. Read more
Published on October 5, 2009 by Wenzhen Huang
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