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Why Has China Grown So Fast For So Long?$
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Khalid Malik

Print publication date: 2012

Print ISBN-13: 9780198078838

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780198078838.001.0001

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Why Standard Explanations are Insufficient

Why Standard Explanations are Insufficient

(p.44) 3 Why Standard Explanations are Insufficient
Why Has China Grown So Fast For So Long?

Khalid Malik

Oxford University Press

Widely accepted neoclassical models lay out a set number of reasons for the progress of an economy. According to the neoclassical models, factor accumulation, factor reallocation, gains in productivity, establishment of property rights, and liberalization lead to enhanced long-term growth. These reasons and explanations are analysed in detail in this chapter. But none of them are able to explain China’s persistent progress. This chapter explains why orthodox theories are either inadequate or misleading in explaining the peculiar case of China. The problem lies, not in the uniqueness of China per se, but in the rigidness of neoclassical models.

Keywords:   China, neoclassical, factor accumulation, factor reallocation, productivity, property rights, liberalization, total factor productivity, East Asia, hukou

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