A new book by political economist Isabella Weber, How China Escaped
Shock Therapy: The Market Reform Debate, calls both of these positions
into question by tracing the intellectual roots of Chinese reforms to
historical precedents, exchange, and experimentation. In her telling,
reformers transformed China’s centrally planned economy to a
market-oriented system while avoiding the neoliberal prescription of
“shock therapy” that condemned Russia and Eastern Europe to economic
upheaval and political instability. Instead, Weber shows, reformers
emphasized a national developmental strategy that values economic growth
above all else, including earlier political ideals. This strategy
continues to guide Beijing’s policies today on everything from worker
layoffs and peasant land sales to Made in China 2025 and the Ant
Financial IPO debacle.
http://bostonreview.net/class-inequality/macabe-keliher-china-and-lure-global-capitalism
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