Bücher von Peter Nolan

The widely held view of the Asian Financial Crisis is that it had no substantial impact on China. In fact, the country was far more vulnerable than most people realized, due to the high possibility of financial contagion entering the system from Hong Kong through Guangdong province. This book analyzes the severe policy challenge that it presented for China's leaders. The crisis in Guangdong's financial institutions provided a forewarning of the difficulties that lay ahead as China's integration with the global financial system deepened. The experience of Guangdong in the Asian Financial Crisis provided a profound lesson for China's policy-makers as they planned the country's strategy for financial reform in the following years. China was able to avoid disaster by astute and difficult policy choices, in the face of fierce pressure from outside the country, as well as from different domestic interests at many different levels. The successful resolution of the crisis provided a breathing space for the leadership. It gave it time to undertake necessary reforms in the country's financial system in the decade that followed the crisis.

This book analyzes the severe policy challenge that it presented for Chinäs leaders. The crisis in Guangdong¿s financial institutions provided a forewarning of the difficulties that lay ahead as Chinäs integration with the global financial system deepened.

Re-balancing China addresses three key sets of issues in Chinas political economy. Part One of the text provides an analysis of the profound impact of the global financial crisis on Chinas economy an economy deeply integrated in the global economic system through trade and foreign investment. It also examines the positive outcomes of the massive rescue package that constituted Chinas policy response to the crisis. The rescue package stimulated Chinese growth and helped to stabilize the global economy as a whole. Part Two focuses on the challenge of globalization for Chinas industrial policy. Since the 1980s, China has pursued an industrial policy aimed at nurturing a substantial group of globally competitive firms, most of which have become superficially successful. However, China still has a negligible number of large firms that are competitive in global markets. Chinas experience presents a fundamental challenge to traditional concepts of industrial policy and development. Finally, Part Three examines Chinas international relations, the focal point of which is its relationship with the United States. The US has made it clear that its principal challenge in international relations is the rise of China and has announced a tilt towards the Pacific in its military strategy. As a result, the core of this interaction spans the East and South China Seas and the countries that surround this area.

This remarkable, expansive text, explores the impact and ramifications this domineering economic phenomenon has had over our personal and social liberties. In this epoch of capitalist globalisation, Peter Nolan argues that capitalist freedom is a two-edged sword, and its contradictions have intensified, threatening the natural environment, and intensifying global inequality.

China is becoming ever more deeply integrated with global political economy. This book addresses critical issues in this process. The author examines the paradox of the global market economy that is presided over by 70 million members of the Chinese Communist Party, and analyses Chinas policy of 'innovation in an open environment', attempting to nurture a group of globally competitive, large-scale companies. In addition, the book analyses the challenges that Chinas political economy faces in the twenty-first century, identifying the way in which China is attempting to resolve these contradictions by building on its rich historical experience to regulate market forces. It further examines the wider context of global capitalism within which Chinese development is taking place. Capitalism is the key propulsive force in technical progress. The recent period has seen an unprecedented liberation of this force. However, this force is a two-edged sword. The unprecedented advances have come hand-in-hand with unprecedented challenges that threaten the very survival of the human species. Finally, it studies the relationship between the United States and China. Through cooperative behaviour, the US and China can help lead the world towards a sustainable future for mankind, with a global market economy regulated in the common interest of all human beings. In the absence of such a mechanism, the prospects for humanity are bleak.

This text is an attempt to analyze systematically the contrast in the results of post-Stalinist reform in China and Russia. It argues that there emerged a "transition orthodoxy" about how to reform the communist systems of political economy.

These essays both enhance an understanding of China's immense success in meeting these challenges in the past and provide an indication of the challenges that still lie ahead. China's system reforms have been described as 'groping for stones to cross the river'. The journey across the river is far from over, and the other bank is only dimly visible.