Description

China has become deeply integrated into the world economy Yet gradual marketization has facilitated the countrys rise without leading to its wholesale assimilation to global neoliberalism This book uncovers the fierce contest about economic reforms that shaped Chinas path In the first postMao decade Chinas reformers were sharply divided Should China destroy the core of the socialist system through shock therapy or should it use the institutions of the planned economy as market creators With hindsight the historical record proves the high stakes behind the question China embarked on an economic expansion commonly described as unprecedented in scope and pace whereas Russias economy collapsed under shock therapy Based on extensive research including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization Beyond shedding light on the crossroads of the 1980s it reveals the intellectual foundations of statemarket relations in reformera China through a longue dure lens Overall the book delivers an original perspective on Chinas economic model and its continuing contestations from within and from without