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The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.
This book is open access under a CC BY-NC-ND license. This book addresses the issue of how a country, which was incorporated into the world economy as a periphery, could make a transition to the emerging state, capable of undertaking the task of economic development and industrialization. It offers historical and contemporary case studies of transition, as well as the international background under which such a transition was successfully made (or delayed), by combining the approaches of economic history and development economics. Its aim is to identify relevant historical contexts, that is, the ‘initial conditions’ and internal and external forces which governed the transition. It also aims to understand what current low-income developing countries require for their transition. Three economic driving forces for the transition are identified. They are: (1) labor-intensive industrialization, which offers ample employment opportunities for labor force; (2) international trade, which facilitates efficient international division of labor; and (3) agricultural development, which improves food security by increasing supply of staple foods. The book presents a bold account of each driver for the transition.
This book is a comprehensive and positive study of the special pattern of China's industrialization and economic development, covering all of the relevant, main policies (more than one hundred) from 1949 to the twenty-first century.
This book studies the process of economic and industrial development in the Republic of China (1912-1949), in the hope of shedding light on how China came to be a comparative economic laggard in the period, especially in comparison to Japan. Backed up by extensive industrial statistical data gathered and rigorously analyzed by the author, this book stands out from previous research that has been limited to theoretical inferences and general judgments with scarce empirical evidence. So, far from being a purely historical review of China's industrial development, this book focuses on the internal logic of economic phenomena, especially the relationship among economic variables reflected in economic data, and it offers discussions within the framework of economic development theory. The author uses multivariate statistical analysis to draw comparisons between the industrial development of China and that of Japan, focusing on outbound investment and its importance for economic growth. This book will appeal to academics and general readers interested in the economic development and modern economic history of East Asia, as well as development economics and industrial and technological history.
Small-scale industries in rural areas in China are today an essential element of regional development programs. This monograph analyzes two main development strategies: technology choices in a number of industrial sectors and the integrated rural development strategy.
Political Economy of Globalization and China's Options offers the political economy of globalization and China’s options in response to globalization’s retrogression, and the construction of world order. What are the strategies for upgrading the competitiveness of an emerging major power? Why does world need a new concept of openness? What are the four major challenges for the world economy? How do Chinese scholars think of in an “Anti-Globalization” environment? What are the five major objectives of global politics? Besides answering these basic questions, we will also consider other issues: the triangular relationship among China, the United States, and Russia; Rise of China and transformation of international order; understanding nuclear security and safety issues from the perspective of global governance.
This book aims to investigate how cities in China's rust belt restructure their urban industries and economies. Over the years, China's “economic miracle” has been mainly attributed to rapid development in its coastal region, where the majority of research into the country's development has originated from. Development in the rest of China seems to be attracting relatively scant research attention, especially in China's rust belt. In fact, the urban industrial restructuring process is an ongoing process in inland China, notably in the recent decade in terms of the scope, scale and speed of restructuring.The old industrial cities in northeast China (Manchuria) were the cradle of China's industrialization and had significantly contributed to the industrialization of the nation during the Mao era. Deng's open door policy and economic reform disadvantaged the region and left it behind others. In the context of market economy and competition from rapidly growing coastal areas, northeast China became the burden to China's overall economic development. With a high concentration of state-owned heavy industries, cities in this region suffered from heavy losses in revenue and massive layoffs of millions of former state-owned enterprise workers, known as the “Northeast Phenomenon” or “Neo-Northeast Phenomenon”. The once towering economic giant was down. Such a “phenomenon” is not uncommon in other “rust belt” regions in industrialized economies.However, since the implementation of the Chinese Government's “Revitalisation Strategy of Northeast China” in 2003, cities in northeast China have gone through various transformations. Their recent economic performance has made many Chinese economists predict that northeast China will become China's new growth engine and catch up with the economic performance of other prosperous regional economies such as the Pearl River Delta, Lower Yangtze River Delta and Beijing-Tianjin region.This book investigates how cities in northeast China are shaking off their economic disadvantages and implementing various forms of restructuring in their industries. The authors identify six different reindustrialization models, namely Shenyang Tiexi Model — repacking old industries; Dalian Model — beyond the China's coast development model; Daqing Model — extension of industrial chain; Fuxin Model — modern agro-processing saved the coal mining city from “ghost town”; Jilin city — low carbon-oriented model; and Central Liaoning Urban Cluster Model — negotiated/agreed industrial division. All these models will be explained through analysis of their approaches, key actors, and mechanisms.
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
China is hot. The world sees a glorious future for this sleeping giant, three times larger than the United States, predicting it will blossom into the world's biggest economy by 2010. According to Chang, however, a Chinese-American lawyer and China specialist, the People's Republic is a paper dragon. Peer beneath the veneer of modernization since Mao's death, and the symptoms of decay are everywhere: Deflation grips the economy, state-owned enterprises are failing, banks are hopelessly insolvent, foreign investment continues to decline, and Communist party corruption eats away at the fabric of society. Beijing's cautious reforms have left the country stuck midway between communism and capitalism, Chang writes. With its impending World Trade Organization membership, for the first time China will be forced to open itself to foreign competition, which will shake the country to its foundations. Economic failure will be followed by government collapse. Covering subjects from party politics to the Falun Gong to the government's insupportable position on Taiwan, Chang presents a thorough and very chilling overview of China's present and not-so-distant future.