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The Rise and Robustness of Economic Freedom in China

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  • Rod Tyers

    (Business School, University of Western Australia)

Abstract

The performance of the Chinese economy since Deng Xiaoping’s and Jiang Zemin’s changes to the core philosophy of the Chinese Communist Party (CCP) is unprecedented for a country so large and could be seen as contrary to Popper’s central idea that liberal democracy is essential to peaceful transitions toward prosperity. It is argued in this chapter that this growth surge is due to the separation of economic from political freedoms and to increased liberalism toward the former. In modern China, however, these freedoms depend on political institutions that are fragile and so its growth cannot be yet regarded as robust. Indeed, interdependent as they are with the general level of development, Chinese economic freedoms are under threat from abroad and from the perceived necessity to depart from “export led” growth to a model driven by expanding consumption and home investment. Political and economic obstacles stand in the way of continued strong growth following this change of policy direction and a failure to deliver could cause a second shift in the core philosophy of the CCP and a future path on which both economic and political freedoms are lessened. While “soft resolutions” are available, they depend on the recognition abroad that global economic performance now depends importantly on continued economic growth in China.

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File URL: http://www.business.uwa.edu.au/__data/assets/pdf_file/0004/2068546/12-02-The-Rise-and-Robustness-of-Economic-Freedom-in-China.pdf
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Bibliographic Info

Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 12-02.

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Length: 27 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:uwa:wpaper:12-02

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  1. Jane Golley & Rod Tyers, 2011. "Contrasting Giants: Demographic Change and Economic Performance in China and India," Economics Discussion / Working Papers 11-04, The University of Western Australia, Department of Economics.
  2. C. Fred Bergsten & Charles Freeman & Nicholas R. Lardy, 2008. "China's Rise: Challenges and Opportunities," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4174.
  3. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery," NBER Working Papers 10626, National Bureau of Economic Research, Inc.
  4. Rod Tyers & Iain Bain, 2008. "American And European Financial Shocks: Implications For Chinese Economic Performance," CAMA Working Papers 2008-08, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
  6. Locke, John, 1690. "Two Treatises of Government," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number locke1690a.
  7. Corden, W. Max, 1994. "Economic Policy, Exchange Rates, and the International System," OUP Catalogue, Oxford University Press, number 9780198774099.
  8. Rod Tyers & Iain Bain, 2008. "American And European Financial Shocks: Implications For Chinese Economic Performance," CAMA Working Papers 2008-08, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  9. Peter E Robertson & Jessica Y Xu, 2010. "In China's Wake: Has Asia Gained From China's Growth?," Economics Discussion / Working Papers 10-15, The University of Western Australia, Department of Economics.
  10. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
  11. Golley, Jane & Meng, Xin, 2011. "Has China run out of surplus labour?," China Economic Review, Elsevier, vol. 22(4), pages 555-572.
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