The book selected for The Night Watchman Society’s book club for August was “How China Became Capitalist” by Ronald Coase and Ning Wang. The meeting was followed by a talk + Q&A session on the book hosted in collaboration with Advocata Institute featuring Dr. Ning Wang.
The book club which took place on the 12th of August via Google Meet explored many interesting themes and topics related to China’s economic transformation from a largely closed economy to one that was much more open . The shift from a backward economy to its present achievement of being the world’s second largest economy, was discussed in extensive detail. China today is the “the largest industrial country, the largest foreign exchange reserve country, and the largest contributor to global economic growth; it is only apt that countries seeking the path to prosperity look into China’s remarkable journey.
Participants discussed how reforms were carried out within the socialist framework and how political reforms acted as a precursor to economic reform.
An interesting point brought up during the meeting was how China tackled the internal knowledge and skills deficit on the workings of the market economy by sending delegations of people abroad and allowing foreign experts into the country. Delegations were sent not only to capitalist countries but also socialist nations to understand the workings of other economies and to learn from best practices. On a different note, it was also pointed out that at present some of these reforms have been stalled as a result of numerous policy changes by the Xi Jinping leadership.
The session raised a great deal of thought-provoking insights! If you’d like to join our book club sessions and become a regular member, just drop us an email at email@example.com.