China's Unfinished Economic Revolution by Nicholas R. LardyChina's Unfinished Economic Revolution by Nicholas R. Lardy

China's Unfinished Economic Revolution

byNicholas R. Lardy

Paperback | July 1, 1998

Pricing and Purchase Info

$33.95

Earn 170 plum® points

Prices and offers may vary in store

Quantity:

In stock online

Ships free on orders over $25

Not available in stores

about

China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria.

Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive—permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population.

This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.

Nicholas R. Lardy is a senior fellow at the Institute for International Economics and a former senior fellow in the Foreign Policy Studies program at the Brookings Institution. His previous books include China in the World Economy (Institute for International Economics, 1994) and Foreign Trade and Economic Reform in China, 1978-199...
Loading
Title:China's Unfinished Economic RevolutionFormat:PaperbackDimensions:342 pages, 9 × 6 × 0.83 inPublished:July 1, 1998Publisher:Brookings Institution PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0815751338

ISBN - 13:9780815751335

Reviews