The Chinese Economic Miracle
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Authors
Arbour, Alexander E.
Issue Date
2011
Type
Thesis
Language
en_US
Keywords
Alternative Title
Abstract
Since the 1980's China has experienced a prolonged period of economic growth. Antithetical to
Mao Zedong 's original vision of a Chinese commune, Deng Xiaoping's economic liberalization
heralded new growth and enterprise throughout China. Since economic reform, the urbanization
rate in China has increased exponentially. Accompanying urbanization is a massive migration
from rural West China to the burgeoning East, further increasing China's available labor
reserve. As a result of China's abundant labor market, it is able to utilize a 24 hour workforce
to sustain the development of cities and infrastructure to accommodate its rapid population
growth. Amazingly, Deng Xiaoping was able to do this while maintaining an inherently
authoritarian political institution. In addition to the success of its internal expansion, China has
managed to accumulate enough production capabilities to become the world's number one
exporter of commodities and intermediate goods. Today economists still struggle with ana!yzing
the factors that led to the success of a national and economic framework that was thought to be
mutually destructive. So how has China managed such monumental success where even its role
models, Russia and the Soviet Union, have failed? The answer lies within the analysis of its
consumption habits, its internal and international policies, and the unique economic
characteristics that set the People 's Republic of China apart. Within this analysis is a guide to
the successes and failures of China's institutional and economic policies, its strengths and
weaknesses, and what factors and changes may result in the future prosperity or undermining of
their growth and stability.
Description
33 p.
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