Chapter 4: China
China has undergone a radical economic transformation since 1978 when the ruling Communist Party of China (CCP) made a dramatic decision to move away from the orthodox Leninist-Stalinist model of economic organization toward a more market-oriented economic system. This decision has transformed China from being an impoverished, predominantly agricultural nation into the dynamic, export-oriented economic superpower that now ranks second only to the United States. It has been argued that China’s economic rise is one of the most significant economic events of our time, and that more people have been lifted out of poverty, more quickly, than by any other set of economic policies ever adopted. Internationally, the economic and political effects of this policy shift are now obvious to all: the massive migration of manufacturing capacity to China, the hugely increased presence of Chinese-manufactured products in world markets, surges in commodity prices due to China’s anxious worldwide search to secure supplies of raw materials to fuel its continued economic development.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.