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Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise by [Walter, Carl, Howie, Fraser]

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Carl E. Walter

Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise Kindle Edition

by Carl Walter (Author), Fraser Howie (Author)

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The truth behind the rise of China and whether or not it will be able to maintain it

How did China transform itself so quickly? In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation.

All eyes are on China, but will it really surpass the U.S. as the world's premier global economy? Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China.

The specter of a powerful China is haunting the U.S. and other countries suffering from economic decline and this book explores China's next move
Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available
Find out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum

Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy.

Length: 260 pages	Word Wise: Enabled	Enhanced Typesetting: Enabled
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Product details

File Size: 5273 KB
Print Length: 260 pages
Publisher: Wiley; 2 edition (July 31, 2012)
Publication Date: July 31, 2012
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B008S0BBD4
Text-to-Speech: Enabled

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Not Enabled

Word Wise: Enabled
Lending: Enabled
Screen Reader: Supported

Enhanced Typesetting: Enabled

Amazon Best Sellers Rank: #566,138 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
- #203 in Development & Growth Economics (Kindle Store)
- #520 in Economic Policy & Development (Kindle Store)
- #178 in International Economics (Kindle Store)

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29 customer reviews

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Philo

An eye-opener for me

September 19, 2015

Format: HardcoverVerified Purchase

I hope another edition of this book is forthcoming with updates to our present (mid-2015) wobbles in China's fortunes (and ripple effects across the world). The moves now are captivating and consequential. But this book from a few years ago lays great groundwork for understanding some big weaknesses in that system, deep in the structure, and some daunting challenges even for those policymakers with the very best intentions and sharpest tools. I'm sure this book wasn't the first to raise these critiques, but it boldly gave a detailed counter-narrative to the "invincible China" narrative pretty dominant in the west until lately. (I appreciate the calm, even tone, because I find shrill polemics or sweeping narrative prophecies unreadable.) This book gives lots of flesh and bones to the story, as it details big players over there and some of their dynamics (Ministry of Finance, People's Bank of China, etc.) and moves over the last several decades. China will never stop surprising us, and its story is jaw-dropping historically, yet, we deserve to consider that some of these surprises might be considerably to the downside, as detailed here.

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Taco

Doesnt help make a complicated situation any clearer.

May 25, 2012

Format: HardcoverVerified Purchase

China's banking system is built on an incredibly shaky foundation. The U.S. and many other nations are investing heavily in its financial sector. This book attempts to explain the incredibly complicated system. However, because the authors are seasoned Wall Street investors and the book is written so, it is difficult for the laymen to understand some details. Overall it explains the modern financial systems of China and how it got to this point. After reading this book my inclination is to never invest in China's financial system for as long as it is configured the way it is now. A communist nation can never have a truly free market. Although the banks are supposed to be commercialized they basically just funnel investors money into state owned enterprises while maintaining a high level of bad debt. They then pass off that bad debt to Asset Management Companies who were specifically created to remove bad debt from the national bank's balance sheets.

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Louis Kokernak

Extensive Research; Probably not suited for casual reader

June 14, 2013

Format: Kindle EditionVerified Purchase

The book takes a critical look at the internal workings of the Chinese economy with a focus on its banking system. The authors have undertaken a thorough forensic study of Chinese financial records and are skeptical of the country's commitment to financial liberalization. Banks have made epic amounts of bad loans at the behest of the ruling party. While these loans have been moved to special purpose vehicles, losses have not actually been taken. A substantial fraction of the Chinese economic miracle is illusory. The authors believe that the development of Chinese stock and bond markets were merely undertaken to tap western expertise in accounting, corporate governence etc - not to open up the ownership structure. Fundamentally, virtually all major enterprises remain under control of the communist party.

There are lots of acronyms and numbers in the narrative. It's a tough read even for someone with a financial background. Having said that, the authors have made a valuable contribution to research on China and one party states more generally.

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The OC

Did it really have to be this hard?

January 10, 2013

Format: HardcoverVerified Purchase

I admit that I am no financial expert, particularly on the level of the complex Chinese economy. But if this book was looking for a wider audience (and I doubt that it was), the writers might well have at least clarified their conclusions. It does appear that China is headed in the same direction, if not on the same road, as the Europeans and Americans. They are incurring large amounts of debt that will bring on a day, or days, of economic reckoning. Political chicanery and corruption are part of the mix. As noted by other reviewers, this book is not for the uninitiated. I will look for other books to make this difficult subject clearer.

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DRTIMOTHY HATCHER

Great book. Need to understand banking systems and international finance to really appreciate authors.

January 7, 2014

Format: HardcoverVerified Purchase

I really liked the general information that the authors included in Red Capitalism. I learned a lot about the international banking system and about how China has struggled with its banks over the years. I do some work in China so I have experienced the business climate but still have a very limited knowledge of their financial system. This book helped put some of my misconceptions into perspective. This is a wonderful book to help the reader better understand China's finances and why they do the things they do and what's likely to happen in the future. My only criticism.is that much of the book is dedicated to China's banking peculiarities and financial evidence of a specific nature.Thus, there is a plethora of financial data that without some knowledge of banking and international finances can be somewhat intimidating. I have a PhD and I had trouble understanding some of the financial data, but my PhD is not in finances or business. Overall, I really enjoyed Red Capitalism. Its a great source of current information on a subject that's been under wraps for a long time: China's banking system. Kudos to Walter and Howie.

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Will Irwin

Iconoclastic view of Chinese financial system

October 26, 2013

Format: Kindle EditionVerified Purchase

I liked the book because Mr. Walter convincingly debunks the notion that there is a free market in debt and equity securities in China. He demonstrates that these markets despite their appearance of modernity are controlled by the Communist Party for the benefit of the ruling elite of the Party. He shows the pervasiveness of non-performing loans, which are hidden on the books of the central bank in order to make the state-owned banks appear financially sound. The book is clearly written and well documented/Will Irwin

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RBH

The fragile big four and non-trading bond market detailed within

August 10, 2015

Format: HardcoverVerified Purchase

A must read for anyone foolish enough to believe Chinese finance is in any way stable. An eye opener! Very scary stuff!

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Vera

useful glimpse of Chinese capital market

June 12, 2016

Format: Kindle EditionVerified Purchase

Anyone who is interested in Chinese capital market can find it useful in that almost all the terminology you have learnt from developed market have a subtle different meaning in Chinese financial context and how everything in the end resemble some sort of pyramid scheme.

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