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Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development

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  • Kun Duan
  • Plamen Ivanov
  • Richard Werner

Abstract

We offer an account of China’s unparalleled economic rise by considering evidence on public banks and their role in decentralizing the resource allocation task of a growing economy. Chinese economic and banking history since the post-Mao reforms reveals an ingenious integration by the local policymakers of Currency (public money supply) and Banking School (decentralized money creation) policy recommendations previously thought incompatible, resulting in a social democracy with Chinese characteristics. Our theoretical and historical discussions offer policy insights into the constructive role of quantitative public bank easing in economic development.

Suggested Citation

  • Kun Duan & Plamen Ivanov & Richard Werner, 2025. "Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development," Review of Political Economy, Taylor & Francis Journals, vol. 37(1), pages 202-226, January.
    • Handle: RePEc:taf:revpoe:v:37:y:2025:i:1:p:202-226
    DOI: 10.1080/09538259.2023.2180200
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