Overview

China’s Long and Winding Road to Modernization: Uncertainty, Learning, and Policy Change interprets contemporary China’s economic transformation from Austrian and evolutionary perspectives. Fu-Lai Tony Yu and Diana S. Kwan incorporate culture, institutions, government agents and entrepreneurship to understand economic change in China. In this book, Yu and Kwan emphasize the roles of uncertainty, learning and experimentation in policy making. Topics discussed range from a presentation of theoretical frameworks to understand China’s economic transformation, an account of China’s economic management during 1950-1978, the economic reformation after 1979 concurrent with Deng Xiaoping’s Open Door Policy, and China’s rise as a global power. These topics culminate in the final section of the book which suggests a path for China’s modernization.

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9781666934403

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Decoding China's unprecedented economic rising has drawn wide attention. Unlike the common interpretation from the neoclassical model, China's Long and Winding Road to Modernization emphasizes the importance of human agents and their interaction with cultural and institutional influence. Reading through vivid explanation of critical events and interesting cases, academics, business leaders, and policymakers would benefit from the book's fresh and profound perspective and rethink the underlying causes and challenges behind the rapid transformation in China.--Ho-Don Yan, Feng Chia University

"Decoding China's unprecedented economic rising has drawn wide attention. Unlike the common interpretation from the neoclassical model, China's Long and Winding Road to Modernization emphasizes the importance of human agents and their interaction with cultural and institutional influence. Reading through vivid explanation of critical events and interesting cases, academics, business leaders, and policymakers would benefit from the book's fresh and profound perspective and rethink the underlying causes and challenges behind the rapid transformation in China. Fu-Lai Tony Yu and Diana S. Kwan have produced a compelling account of China's road to modernization, one that stresses the themes of uncertainty and learning. More importantly, they have advanced an interpretive approach to social scientific understanding, one superior to the neoclassical alternative bereft of culture, history, and institutions. Yu and Kwan investigate China's rising economic power and social development from an Austrian perspective instead of mainstream, neoclassical economic theories. Their approach is ""interpretative and storytelling"" instead of ""quantitative and mathematical."" They emphasize the impact of culture and institutions. After they contrast neoclassical economics with Austrian economics, the authors look at Chinese history, particularly after the Communist Party took over in 1949. The authors conclude the book by suggesting that China should adopt a path similar to the Meiji Restoration. The title is accessible to most audiences. It can be used as an undergraduate textbook for the Chinese economy from the perspective of Austrian economics. Recommended. All readership levels, especially undergraduates."

Author Information

Fu-Lai Tony Yu is adjunct professor in the Department of Land Management at Feng Chia University. Diana S. Kwan is a teaching and learning administrator at the University College London.

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