What was Behind the Chinese Miracle?

Luo, Yinghao (2016): What was Behind the Chinese Miracle?

Abstract

According to the International Monetary Fund, for the first time in decades, the U.S. is no longer the largest economy in the world, and China has become number one. Some economists think this is the chinese miracle. However, the chinese miracle raises some questions. The most important question is what was behind the chinese extraordinary performance? In this paper we provides social, political and economic insights into this issue. We find that the Han Chinese society in mainland China is a society full of animal spirit.

• Item Type: MPRA Paper
• Language: English
• Keywords: the chinese miracle, animal spirit
• Subjects: K - Law and Economics > K0 - General; K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies; P - Economic Systems > P2 - Socialist Systems and Transitional Economies; P - Economic Systems > P3 - Socialist Institutions and Their Transitions; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology

References

[1] FoxNews.com, December 06, 2014. China surpasses U.S. to become largest world economy. http://www.foxnews.com/world/2014/12/06/china-surpasses-us-to-become-largest-world-economy/

[2] Justin Yifu Lin, Fang Cai, and Zhou Li, The China Miracle: Development Strategy and Economic Reform, Hong Kong: Chinese University Press, 1996, 340 pp. Book Reviews in The China Journal, Volume 39, Jan., 1998, http://dx.doi.org/10.2307/2667712