By M. DeWeaver
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Additional resources for Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant
State property and economically powerful localities can be found in every country. The associated inefficiencies are also not unusual. What is characteristically Chinese is simply the extent to which they dominate economic life. This page intentionally left blank Chapter 3 Socialist Booms and Busts Grey, dear friend, is all theory And green the golden tree of life. —Goethe One might think that China would be immune to booms and busts. Under capitalism, the investment cycle appears to be primarily the result of mistakes by the private sector.
More recent priorities are reflected in the resumes of the other eight members of the Politburo’s Central Committee during Hu’s term. Seven of them also had engineering backgrounds. Their specialties included electronics, chemistry, and geology. Precedents for Chinese-style state investment are quite common. They can be found not only throughout the country’s five millennia of recorded history but also in the former Soviet bloc countries and even in the “miracle” Asian economies of the 1960s, 1970s, and 1980s.
34 In some cases private companies have simply been forced to merge with their state sector competitors. 35 Similarly, in Shanxi Province, hundreds of private coal mine owners have been forced to sell to state-owned rivals. 36 The main justification for such policies is that they are efficiency enhancing. The Chinese economy, it is argued, needs larger companies to remain competitive. But if China’s industrial structure is to be changed by administrative fiat, it seems inevitable under current conditions that the private sector will lose out.
Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant by M. DeWeaver