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The Chinese Alternative

In: Collected Works of Domenico Mario Nuti, Volume II

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

The contemporary economic system developed by China in the last two decades, supremely successful in achieving economic growth, defies traditional classification. It has been variously defined as socialist (by Chinese leaders), capitalist (Kornai), state socialist (Coase and Wang), political capitalism (Milanovic), a unique system with features of both socialism and capitalism not conforming to either system (Kolodko). This essay seeks to support, substantiate and develop Kolodko’s notion of the uniqueness of China, while expressing greater pessimism than Kolodko about the economic, social and political sustainability of that system, its merits as a beneficial engine of globalisation and growth, and its exportability to other countries in the developed West.

Suggested Citation

  • Domenico Mario Nuti, 2023. "The Chinese Alternative," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume II, chapter 10, pages 173-192, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-23167-4_10
    DOI: 10.1007/978-3-031-23167-4_10
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    More about this item

    Keywords

    Contemporary China; Comparative economic systems; Economic growth; Globalisation; Sustainability; Inequality;
    All these keywords.

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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