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The different approach taken by China and the West towards finance and the real economy rests upon philosophical foundations that have diverged fundamentally since the Ancient World. Since the Asian Financial Crisis in 1997-98 a tremendous transformation has taken place in the financial systems in both China and the West. China has persisted steadily with reform of its financial system but it remains heavily protected from international competition. In the West regulatory structures have been progressively dismantled, permitting an unprecedented secular expansion of asset prices and debt relative to GDP. The structure crashed to the ground with the collapse of asset prices in 2008-09. In the decade since the GFC asset prices and debt in the West have rebounded. The West's financial system stands on a knife- edge. In 2018 China announced the intention to accelerate the opening up of the country's capital markets. The way in which the Chinese and the West's financial system interact constitutes a central issue in global political economy in the years ahead.

Capitalist globalisation since the 1980s has produced immense benefits in terms of technical progress, poverty reduction and welfare improvement. However, it has been accompanied by profound contradictions, including ecological destruction, global warming, inequality, concentration of business power, and financial instability. Regulation of global political economy in the interests of the majority of the world's population is essential if the human species is to avoid a Darwinian catastrophe. This book explores China's rich history of regulating the market in the interests of the mass of the population. For over two thousand years the Chinese bureaucracy has sought pragmatically to find a Way in which to integrate the 'invisible hand' of market forces with the 'visible hand' of ethically guided government regulation. Instead of seeking confrontation with China, citizens and politicians in the West need to deepen their understanding of the contribution that China can make to globally sustainable development in the decades and centuries ahead.

1. China and the World Trade Organization : the challenge for China's large-scale industry / Peter Nolan -- 2. Technical change and firm-level catch-up in developing countries : the case of telecommunications / Peter Nolan And Jin Zhang -- 3. Globalization and industrial concentration : the challenge for firms from developing countries / Peter Nolan And Jin Zhang -- 4. Globalization and China's large firms / Peter Nolan And Jin Zhang -- 5. New technology development and green growth / Peter Nolan -- 6. Who are we? Who are they? US-China business relations in the age of globalization / Peter Nolan -- 7. Globalization and industrial policy in China / Peter Nolan.

"China has achieved remarkable, sustained economic growth under the policies of "reform and opening up" put into place since the late 1970s. China's industrial policies have nurtured a large group of firms with high profits and a high market capitalisation. However, few people in the West can name a single Chinese firm. During the modern era of capitalist globalisation firms from the high income countries have spread their business systems across the world. This has presented a profound challenge for industrial policy in developing countries, including even China, the world's second largest economy. China is unique among large latecomer developing countries in having reached the position of being a huge, fast-growing economy, with a tremendous impact on the rest of the world, but lacking a substantial group of globally competitive firms. This volume explores this paradox. Fully understanding the industrial policy challenge that the era of capitalist globalisation has produced for China is essential for harmonious international relations. Peter Nolan, leading expert on the Chinese economy, analyses the true nature of Chinese firms and their place in China's growing global economy in this book. Nolan argues that whilst Chinese films appear highly successful, in reality they are at a relatively early stage of development in contrast to Western firms, with comparatively low research and development expenditure, and high reliance on domestic markets. The book explores key sectors of the economy, and discusses the dilemmas for China in formulating the next stage of its industrial policy"--Provided by publisher

This concise and timely book, written by one of the world's leading authorities on China, argues that the country is at a crossroads in its development and explores the challenges that lie ahead. A concise and timely book about China and its future, which argues that the country it at a crossroads in its development. Written by one of the world's leading authorities on China. Explores the challenges facing China's leadership in the 21st Century, including poverty and inequality, the global business revolution, the environment, the capability and role of the stat