Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development

Kun Duan, Plamen Ivanov and Richard Werner

Review of Political Economy, 2025, vol. 37, issue 1, 202-226

Abstract: We offer an account of China’s unparalleled economic rise by considering evidence on public banks and their role in decentralizing the resource allocation task of a growing economy. Chinese economic and banking history since the post-Mao reforms reveals an ingenious integration by the local policymakers of Currency (public money supply) and Banking School (decentralized money creation) policy recommendations previously thought incompatible, resulting in a social democracy with Chinese characteristics. Our theoretical and historical discussions offer policy insights into the constructive role of quantitative public bank easing in economic development.

Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09538259.2023.2180200 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:37:y:2025:i:1:p:202-226

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRPE20

DOI: 10.1080/09538259.2023.2180200

Access Statistics for this article

Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon

More articles in Review of Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().