Final Conclusions

Yazhuo Zheng and Kent Deng
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Yazhuo Zheng: Beijing Enlightenment Institute for Economic and Social Research
Kent Deng: London School of Economics

Chapter 8 in State Failure and Distorted Urbanisation in Post-Mao's China, 1993–2012, 2018, pp 135-147 from Palgrave Macmillan

Abstract: Abstract In this chapter, we attempt to define ‘state failure’ and make some concluding remarks. In our opinion, the term ‘state failure’ here means that despite the range of state efforts to generate more GDP via urbanisation, both China’s market sector and macroeconomic structure macro-economic structure have been severely distorted. As a result, the economy is facing a major crisis stemming from its unprecedented and self-inflicted financial difficulties. China’s recent miracle growthgrowth has not been value-free or crisis-exemptible. Instead, the growth has been a result of a wide range of distortiondistortion s regarding resource allocationresource allocation , macroeconomic structure economic structure , production capacityproduction capacity and income distributionincome distribution .

Keywords: Post-Mao communist leadership; Maoist recession; Deregulation; Vested interest group; Export market; Distortion; Proletarian; Investment-intensive growth; Overinvestment; Overproduction; Legitimacy; Corruption (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/978-3-319-92168-6_8

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