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Credit expansion and development – A Schumpeterian and Keynesian view of the Chinese miracle

Listed author(s):
  • Hansjörg Herr

    ()

    (Berlin School of Economics and Law)

Registered author(s):

    In neoclassical thinking, insufficient development is considered the result of a lack of resources, and an inefficient allocation. Deregulated markets have to guarantee a better allocation of resources as well as a net resource inflow to augment the domestic physical capital stock. From a Schumpeterian-Keynesian perspective, it is not the lack of physical resources and optimal allocation which prevent development. It is first and foremost the lack of a sufficient credit-investment mechanism which leads to the perpetuation of underdevelopment. It is shown here that the Schumpeterian-Keynesian perspective gives a much more plausible interpretation of the Chinese development than the neoclassical perspective. It is also shown under which regulations and conditions a credit-investment process in developing countries is possible.

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    File URL: http://www.elgaronline.com/view/journals/ejeep/7-1/ejeep.2010.01.08.xml
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    Article provided by Edward Elgar Publishing in its journal Intervention.

    Volume (Year): 7 (2010)
    Issue (Month): 1 ()
    Pages: 71-89

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    Handle: RePEc:elg:ejeepi:v:7:y:2010:i:1:p:71-89
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    1. Gianni De Nicolo & Patrick Honohan & Alain Ize, 2003. "Dollarization of the Banking System; Good or Bad?," IMF Working Papers 03/146, International Monetary Fund.
    2. Stiglitz, Joseph E & Uy, Marilou, 1996. "Financial Markets, Public Policy, and the East Asian Miracle," World Bank Research Observer, World Bank Group, vol. 11(2), pages 249-276, August.
    3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    4. Lo, Dic, 1999. "Reappraising the Performance of China's State-Owned Industrial Enterprises, 1980-96," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 693-718, November.
    5. Stiglitz, Joseph E, 1996. "Some Lessons from the East Asian Miracle," World Bank Research Observer, World Bank Group, vol. 11(2), pages 151-177, August.
    6. Barry Naughton, 2007. "The Chinese Economy: Transitions and Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262640643.
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