The Chinese Alternative

Domenico Mario Nuti ()
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Domenico Mario Nuti: Sapienza University of Rome

Acta Oeconomica, 2019, vol. 69, issue supplement1, 31-47

Abstract: The contemporary economic system developed by China in the last two decades, supremely successful in achieving economic growth, defies traditional classification. It has been variously defined as socialist (by Chinese leaders), capitalist (Kornai), state socialist (Coase and Wang), political capitalism (Milanovic), a unique system with features of both socialism and capitalism not conforming to either system (Kolodko). This essay seeks to support, substantiate and develop Kolodko’s notion of the uniquess of China, while expressing greater pessimism than Kolodko about the economic, social and political sustainability of that system, its merits as a beneficial engine of globalisation and growth, and its exportability to other countries in the developed West.

Keywords: Contemporary China; comparative economic systems; economic growth; globalisation; sustainability; inequality (search for similar items in EconPapers)
JEL-codes: N15 P21 P26 P36 P51 (search for similar items in EconPapers)
Date: 2019
Note: I am grateful to Grzegorz Kolodko, Branko Milanovic and Vladimir Popov for useful comments and suggestions on an earlier draft, while I take full responsibility for any residual error or omission.
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