Download full text
(6.750Mb)
Citation Suggestion
Please use the following Persistent Identifier (PID) to cite this document:
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-90304-3
Exports for your reference manager
Deciphering the Chinese Economic Miracle: Lessons for the Developing World
[journal article]
Abstract Despite enormous historical, demographic, geographical, and geopolitical adversities, China has enjoyed unprecedented economic success in world history. This article aims to decipher the formula behind China's historic economic success and distill policy lessons for developing countries in their end... view more
Despite enormous historical, demographic, geographical, and geopolitical adversities, China has enjoyed unprecedented economic success in world history. This article aims to decipher the formula behind China's historic economic success and distill policy lessons for developing countries in their endeavors to reach an advanced stage of economic development. Based on descriptive case study and statistics, the article suggests that the Chinese economic miracle can be explained by a four-fold formula: a) devising an autocentric economic model aspiring to improve national autonomy and cushion the impact of foreign interference, b) insisting on socialism and the leadership of the Communist Party of China (CPC), which allows for strategic coherence and long-term planning to overcome free-market anarchy, c) creating a state-driven industrial base fueled by national science and technology policies, and d) adopting a balanced approach to development centered on attaining a higher sociocultural and ecological quality of life. The findings also help to debunk the myths surrounding the Chinese miracle, particularly the "cheap labor thesis", the "technology theft thesis", the "foreign investment and capitalist integration theses", the "imperialism thesis", and the "Mao-the-monster thesis".... view less
Keywords
China; economic development (on national level); economic growth; economic policy; economic system; market socialism; Mao Tse-tung
Classification
Economic Policy
Free Keywords
Xi Jinping
Document language
English
Publication Year
2022
Page/Pages
p. 46-75
Journal
BRIQ Belt & Road Initiative Quarterly, 3 (2022) 2
Issue topic
Alternative Models of Development for Developing Countries
ISSN
2687-5896
Status
Published Version; peer reviewed