男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

Useful Chinese lessons for the world's economists

By David Blair | China Daily | Updated: 2019-09-30 09:51
Share
Share - WeChat

I started economics graduate school at UCLA in the fall of 1977, almost exactly one year before the famous Third Plenum in December 1978 officially kicked off China's reform and opening-up.

I must admit that neither I nor almost any other Western economists paid much attention to China at the time. No one predicted the 40-plus years of persistent and rapid growth that were to follow.

To me, long-term rapid growth in the real wages of average people is the most amazing factor. From 1995 to 2015, median wages grew at 11 percent per year - significantly faster than the growth rate of GDP. This means that an increasing portion of the national product went to workers.

In contrast, average American workers had not seen an increase in real wages since the late 1970s until the slight increases of the past three years.

The history of Chinese development has shown many things that I, and almost all other economists, believed in the 1980s were just wrong.

We should be re-writing all the textbooks. Many of these mistaken theories and the policies that followed from them have done serious damage to the US economy. Many of today's problems flow from these mistakes.

What have we learned from China's 40-plus years of reform and opening-up?

When I was in graduate school, most economists believed that a laissez-faire financial system would lead to the best allocation of resources. This meant that the banking and investment system should aim to get the highest returns for the owners of capital.

However, China's financial system was based on government-owned banks. Chinese individuals were led to save large portions of their incomes and the primary place they could put their money was in the banks, which paid low rates of interest. Most economists of 40 years ago would have predicted that this would lead to disaster.

It turns out that China's model solved the key problem of developing countries - it mobilized the capital needed for development and at the same time ensured that most of this capital went to productive uses.

Many industrial policies around the world have been abject failures. They created bloated, inefficient, crony-capitalist companies. What distinguishes China along with Japan and South Korea is that they were able to keep enough international or domestic competition in the system to discipline the recipients of capital.

Perhaps surprisingly, China has focused a lot less on highly directed "picking of winners" but has focused on making capital abundant. In South Korea, especially under president Park Chunghee, the government directly decided which investments would be made. Similarly, Japan's Ministry of International Trade and Industry directed investments.

The brilliance of China's model is that it combined a banking system that rapidly accumulated capital with highly competitive internal and external markets. That is, Chinese companies could get funding relatively easily, but they had to compete to make profits.

1 2 Next   >>|
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 六盘水市| 图木舒克市| 西乌珠穆沁旗| 泾源县| 司法| 蛟河市| 福海县| 大名县| 文登市| 柳林县| 桃江县| 长葛市| 麦盖提县| 姜堰市| 克拉玛依市| 镇康县| 翁源县| 开阳县| 交城县| 乌兰浩特市| 留坝县| 鄂托克旗| 沁阳市| 修文县| 神农架林区| 交口县| 玉树县| 河东区| 白城市| 淮北市| 凭祥市| 凌云县| 上思县| 揭阳市| 确山县| 泰和县| 永新县| 岳西县| 浪卡子县| 阿坝县| 永修县|