China’s advancement to the forefront of the global economy in just a matter of a few decades bears remarkable lessons for many. China’s reforms shed significant light onto how developing nations can achieve high economic growth. Understanding these policies that worked for China can be beneficial to countries seeking a path to prosperity. However, Dr. Ning Wang, co-author of the award winning book “How China Became Capitalist”, illustrates that there is no secret ingredient to success. The answer lies in people figuring out policies that can uplift them from poverty. The discussion hosted by The Night Watchman Society along with Advocata Institute also brought to light how China, which has an economy that is very much market driven now as opposed to its time under Chairman Mao, is also far from a democratised political system. He highlighted that the Chinese model cannot be directly applied to other countries. A key take away from China’s journey to prosperity is learning how the country opened its minds to the outside world – learning from other economies and trying to find ways to improve their domestic system.
Many other interesting topics including the expansion of Chinese influence through the Belt and Road initiative, China’s future progress as a non-democratic state and its means of addressing shortcomings in the market of ideas among others were discussed. The event was held on the 12th August 2021. If you missed it, the recordings of the session can be found on our YouTube channel and Facebook pages.
About the speaker
Dr. Ning Wang is Senior Fellow at the Ronald Coase Institute and editor-in-chief of Man and the Economy: Journal of the Coase Society. He has taught at the University of Chicago and Arizona State University. His main research interest includes new institutional economics and China’s ongoing market transformation. In 2012, he co-authored How China Became Capitalist with Ronald Coase, which won the 2012 Arthur Seldon Award in Excellence, the 2013 Sir Antony Fisher International Memorial Award, and the 2013 Best Book in Economics from Beijing News. The book is now available in nine languages. Dr. Wang received his B.S. from Beijing University and his Ph.D. from the University of Chicago. He now lives in San Jose, California with his family.