Economic Reforms in China

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University
Victoria Miroshnik: Tsukuba University

Chapter 17 in International Business and Political Economy, 2015, pp 174-191 from Palgrave Macmillan

Abstract: Abstract The Chinese economic reforms and the Soviet (during Gorbachev) and Russian economic failures have attracted worldwide attention because a number of countries in the developing world and various Eastern European countries have been implementing the same type of economic reforms and structural adjustments, supported by international financial institutions like the World Bank, the IMF, and the EBRD. It is an important question as to what lessons we can learn from this. Although Yeltsin, immediately after the destruction of the old Soviet Union, implemented the structural adjustment program, commonly known as ‘shock therapy,’ it was Gorbachev who initiated the process and tried to build the necessary institutional structures. Similarly, although Deng in China is known as the architect of the Chinese reform process it was Mao Tse-tung himself who, after the failure of the Cultural Revolution of 1966–1976, initiated the reforms in agriculture and land ownership in China that later developed into the so-called Chinese-style reform process.

Keywords: Foreign Investment; International Business; Economic Reform; North American Free Trade Agreement; Trade Deficit (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-47486-5_18

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DOI: 10.1057/9781137474865_18

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