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China's Economic Transformation Paperback – February 5, 2007

ISBN-13: 978-1405156240 ISBN-10: 1405156244 Edition: 2nd

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Product Details

  • Paperback: 466 pages
  • Publisher: Wiley-Blackwell; 2 edition (February 5, 2007)
  • Language: English
  • ISBN-10: 1405156244
  • ISBN-13: 978-1405156240
  • Product Dimensions: 7.5 x 1 x 9.7 inches
  • Shipping Weight: 1.8 pounds
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #1,271,585 in Books (See Top 100 in Books)

Editorial Reviews

Review

"A timely contribution."
Times Higher Education Supplement
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“This edition is even better than the first edition since it has extended coverage of agriculture – which continues to be a very important part of the Chinese economy – more on education, on corruption, and other important issues. Even more so now it is required reading for learning about the still fastest growing economy in the world.” Gary Becker, University of Chicago

“Gregory Chow’s China’s Economic Transformation has become the definitive text for the study of the world’s most dynamic economy. The new second edition improves on the magisterial first edition with more extensive discussions of a broad range of current policy issues: corruption, inflation and money supply, education, income inequality, and rural development.” James J. Heckman, University of Illinois, Chicago

“Few economists know as much about China as Gregory Chow. This is an encyclopedic achievement, and the first edition has already become a standard reference.” Olivier Blanchard, MIT

Book Description

In the last two decades, reform in China has resulted in phenomenal economic growth for the world's most populous country. In this second edition of the successful book China's Economic Transformation, Gregory Chow uses insights gained from over twenty years of teaching and traveling, as well as his work with government officials and academics, to address the motivation behind China's economic success. Combining historical-institutional and theoretical-quantitative approaches, Chow provides a penetrating and comprehensive analysis of the factors which have contributed to this transformation. Introducing the reader to the inner workings of the Chinese economy and detailing the process its transformation into a market economy, Chow observes the economics of institutional changes taking place within the country, the role of China's government, and the significance of the historic and cultural traditions of the country. Chow's knowledge of what has happened and what is happening in China leads him to forecast its economic future, and the inevitable worldwide implications.

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5 of 5 people found the following review helpful By Peter McCluskey on January 12, 2005
Format: Paperback
This book provides a good deal of moderately valuable information about the Chinese economy. It also has large sections of what seem like pieces of an ordinary introductory econ textbook, which will be tedious to anyone who has taken an econ course without being terribly valuable to those who haven't. The book appears fairly thorough and objective, but not very imaginative or insightful.

One point he makes that I found worth remembering is to point out the similarities between Chinese state ownership of enterprises with U.S. University ownership of companies created to commercialize their research. In both cases the owning institution has a mission very different from commerce, but often allows the enterprise to function as a business. Alas, he doesn't explore the incentive structures that make this often work in China but create monopoly-style inefficiencies when most other governments own businesses.
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10 of 13 people found the following review helpful By Bibliophile on February 3, 2003
Format: Paperback
Professor Chow is a distinguished economist who is an elected member of the American Philosophical Society and the former chief of econometrics at Princeton University. His statements carry some weight. The key point of this book may be summarized in this sentence: "Hence the Chinese economy can be expected to generate about the same real GDP as the US economy in 1998 PPP terms in 2020." (p.103)
In other words, China will be an economic superpower rivalling America in 20 years' time.
Barring an unforeseen disaster - like an asteroid from outer space or World War III - Chow's prognostication may turn out right. What does that mean? Well, China will be resuming its former position as an economic superpower which it has occupied throughout history.
The most surprising and controversial part is Chow's contention that China's population is too small (chapter 11). He considers a number of factors in making this odd point, including arguments by Malthus and counter-arguments by Mao, as well as a number of intangibles (like the higher number of intellectual elites available from a larger population base). I think he goes wrong here, because he doesn't seem to have considered one serious fact: most of China is neither arable nor habitable - virtually useless - large though the country may be. What's more, the amount of usable land is getting less by the day, due to desertification from the north. China is bone dry.
Customers who are wondering whether this book is worth the price to invest in would do well to reflect on China's importance on the world stage. China is one-fifth of humanity and is exactly equal to America in territorial size. China has the world's third largest stockpile of nuclear warheads.
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By AllenLi on October 11, 2014
Format: Paperback Verified Purchase
This is basically a new book.
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By Jeffrey Rivera on November 17, 2014
Format: Paperback Verified Purchase
Excellent Service!!!!!
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3 of 6 people found the following review helpful By Bibliophile on October 5, 2003
Format: Paperback
For the next edition - if there is one - I would like to see Professor Chow discuss at greater length two related issues: trade and currency.
Since the middle of 2003, China has become America's third largest trade partner (America is China's second largest partner), replacing Japan, according to the US Dept of Commerce.
The issue of the renminbi (yuan) is a hot potato in this election year, as many American politicians are clamoring for a "free-floating" of China's currency (as a solution to America's jobless problem, trade deficit, etc.).
Professor Chow needs to deal with this issue. I've heard counter-arguments from some real heavyweights: David Eldon, the Chairman of the global banking giant HSBC, and 2 Nobel Laureates in Economics - Robert Mundell, the world's #1 expert on international currency, and Joseph Stiglitz, the former Chief Economist of the World Bank and Chairman of the President's Council of Economic Advisers. All three point out that fooling around with the renminbi now would destroy the world economy without doing anything to solve America's problems. The editors of Fortune, Forbes, and Business Week agree: Be careful what you wish for, because you may get more than expected.
My guess is, Professor Chow will take these issues apart with the same analytical and keen intelligence he addresses other issues related to China's economic transformation.
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