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  1. CUHK Series:Friedman in China Milton Friedman
  2. American Economic Association
  3. Milton Friedman in China | by Bertrand Horwitz | The New York Review of Books

The fact that Britain had a hand in the development of that hybrid model is quite a salient point. It's a subject which deserves close attention.

I'd pre-order it on Amazon ; "the prevalent view in West that democracy has to be the prerequisite to economic prosperity not entirely convincing. It is not quite the same as your statement: political freedom is a prerequisite for economic freedom. This places political freedom as something that has to happen before economic freedom.

That is clearly false, which might explain why you disagree with it ; Rather, Friedman's view is that economic freedom causes political freedom. And the usual conclusion drawn from this assumption is that we needn't bother pressuring authoritarian governments to liberalize. That will just happen automatically if we make nice and trade with them.

Let's just say Friedmanite Economic Determinists don't get nervous when they hear about the sarcastic remark attributed to Lenin that "the capitalists will sell us the rope we'll use to hang them. But I wonder how you expect this to come about? Is it because the new middle class will demand political power ie. Or something else? Post a Comment. Saturday, May 09, Is there a China model? Speaking of interesting conferences, check out this one hour documentary on a recent meeting between Chinese and Western intellectuals.

The two most outspoken Chinese professors, Cui Tsinghua and Wang CUHK , are fairly aggressive in stating their view that the Chinese government is pragmatic and highly competent. However, they didn't fully address the issue of legitimacy in the absence of elections. Reliance on polls and performance indicators presupposes that they are instituted in an honest and effective way. It's odd that all the Chinese academics seem to agree on the main points -- I am sure it would not have been difficult for the organizers to find some dissident perspectives, highlighting problems like corruption, misallocation or resources, social unrest, etc.

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CUHK Series:Friedman in China Milton Friedman

Still, the overall impression is that few China experts doubt the stability of the current system. At one point Cui notes that extrapolating current trends by the per capita GDP of million urbanites on the eastern seaboard may equal that of Portugal, accounting for a total GDP roughly that of the EU.

His numbers seem a bit aggressive, but not totally crazy; see here and here. Is there a China model? Can we now speak of a Chinese model, an authoritarian capitalism, which perhaps can even inspire others, in particular now when the crisis that has emanated from the USA drives many people to a critical view of the West? No one saw any signs of China adopting liberal democracy.

American Economic Association

It was also evident that the Chinese participants considered China to have good prospects to overcome the global economic crisis. This documentation gives fascinating and thought-provoking insights into what may become the political landscape of the future. I was surprised by how confident they seemed. The consensus seemed to be that China would weather the global economic crisis better than most - and that the Chinese political system is sufficiently robust to withstand higher unemployment and slower growth. Another participant joked that China had discovered that whatever country it models itself on is doomed.

In the s China had modelled itself on the Soviet Union; in the s there was a fashion for imitiating Japan; and more recently, there has been a fascination with American capitalism.


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It was a nice joke that I think contained a broader insight. More democratic, more free-market; or more authoritarian and state-directed? The Chinese participants seemed to be arguing that their country was finding its own unique way to modernity. The new left generally believe that socialism remains a genuine ideal in China - and not just a rhetorical hangover from a bygone age. Others, in particular, Daniel Bell - a Canadian who teaches philosophy at Tsinghua - reckoned that the Confucian tradition was increasingly important in modern China.

If the government governs well, it is percieved as legitimate. I am sufficiently western to find this not entirely convincing. And I am not sure what kind of results the Chinese government will be able to produce, in the face of a world-wide slump. Danny Quah is head of department and professor of economics at LSE. Labels: China , credit crisis , globalization.


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Keynes, John Maynard. New York: Harcourt, Brace, Jovanovich, The Economic Consequences of the Peace. New York: Penguin Books, Lindsey, Lawrence B.

Milton Friedman in China | by Bertrand Horwitz | The New York Review of Books

Economic Puppetmasters: Lessons from the Halls of Power. Washington, D. Lowenstein, Roger. Ormerod, Paul. New York: Pantheon Books, O'Rourke, P. Eat the Rich: A Treatise on Economics. New York: Atlantic Monthly Press, Pendergast, Sara, and Tom Pendergast, ed. The Worldmark Encyclopedia of National Economies. Detroit: The Gale Group, Rubin, Robert E.

Milton Friedman Describes Hong Kong as an Example of the Free Market System

Sachs, Jeffrey D. Poland's Jump to the Market Economy. Shultz, George P. Economic Policy Beyond the Headlines. George J. Paper Money. New York: Summit Books, Solow, Robert M. Growth Theory: An Exposition. New York: Oxford University Press, Milton Friedman once argued that profits are the chief purpose of business. Profits do matter, but today we know more about how business contributes to society. Good firms bring innovation to the marketplace, which facilitates their growth. In this paper I argue that the main goal of business is to develop new and innovative goods and services that generate economic growth while delivering important benefits to society.

Steady economic growth generated through innovation plays a major role in producing increases in per capita income. Small changes in economic growth can yield very large differences in income over time, making firm growth particularly salient to societies. In addition to providing growth, innovative firms can supply important goods and services to consumers, particularly those at the base of the pyramid.

Through innovation and growth firms can do untold good for society. Keywords: Economic growth, Economic development, firm growth, innovation, base of the pyramid.