Topic_3_Econ162BW

Topic_3_Econ162BW - Economics 162 The Economy of China...

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Unformatted text preview: Economics 162 The Economy of China Topic 3 – Transition from Plan to Market Professor David Roland-Holst Department of Agricultural and Resource Economics Tuesday and Thursday, 12:30-2PM, 10 Evans Hall Roland-Holst 2 Economics 162 Economics 162 Economics 162 China’s Unique path to Market Reform • Uninterrupted growth since 1979 • Unprecedented since mid-1800s • Ex ante it was not clear if China could muddle through Doubts in the late 1970s and early 1980s More doubts in 1989 and early 1990s Still more doubts after the Asian crisis in 1998 Still doubts today Roland-Holst 3 Economics 162 Economics 162 Economics 162 An Unusual Path of Transition from Plan to Market • Economists have not anticipated this – Ask an economist in 1988 which country would come first economically, China or the Soviet Union? • Political scientists have predicted otherwise – China was, and still is, a Communist country – Political liberalization should come before economic liberalization Roland-Holst 4 Economics 162 Economics 162 Economics 162 China’s Winning Reform Strategy (GDP in constant USD) Roland-Holst 5 Economics 162 Economics 162 Economics 162 Susan Shirk, The Political Logic of Economic Reform in China , 1993 “We usually think of communist political institutions as rigid and hostile to innovation. We expect communist party and government officials to defend their vested interests in the command economy by blocking market reforms....
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This note was uploaded on 04/05/2009 for the course UGBA 137 taught by Professor Staff during the Spring '08 term at Berkeley.

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Topic_3_Econ162BW - Economics 162 The Economy of China...

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