China's Economic Takeoff

Richard Grabowski

Chinese Economy, 2011, vol. 44, issue 2, 5-24

Abstract: This article analyzes several similarities between the takeoffs to sustained growth in China and in Japan. The takeoff period for Japan was from 1868 to the late 1930s, while for China it has been from 1978 to the present. Prior to takeoff both countries went through periods in which economic policy was distorted due to revenue needs of the ruling elite. The economic takeoffs in both countries were dependent on surges in agricultural growth and rural-based manufacturing. These surges provided opportunities for the ruling elites in both nations to diversify their revenue sources via fiscal contracts and to provide the infrastructure (physical and institutional) necessary for the transition to rapid growth.

Date: 2011
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