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The Chairman of the State Planning Commission of the PRC, in 1955, attributed the economic problems countering the development of the socialist economy to 'the anarchy of capitalist economy. ' However, after three decades of central planning, the President of the Chinese Academy of Social Sciences exclaimed, 'Today we are all recognizing the irrationality of an economic structure that has built up over the years.'The author of this book examines the economic policies and performances that brought such a radical transformation to the world outlook of China's leaders.The book contains three parts. The first part traces the historical roots of China's chaotic economic condition and hyperinflation in the 1940s and the early 1950s. The second part deals with how the ""irrational"" economic system was formed. The third part deals with the reasons for the emergence of economic ""irrationality"", resource misallocation, the necessity of economic reforms, and industrial restructuring.

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9781036406271

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Abdol Soofi, Emeritus Professor of Economics at the School of Business, the University of Wisconsin, Platteville, USA, holds a doctoral degree from the Economics Department of the University of California, Riverside, USA. He has taught at several universities in the United States and the People's Republic of China.Soofi's articles appeared in journals such as the Journal of Royal Statistical Society, Series A, Quantitative Finance, and Economic and Political Studies, among others.Soofi has co-edited several books, including Modeling and Forecasting Financial Data: Techniques of Nonlinear Dynamics, Science and Innovation in Iran: Development, Progress, and Challenges, Technology and Economic Development in Iran: Institutions, Policies, and Practices, and has co-authored Global Mergers & Acquisitions: Combining Companies across Borders, 2nd Edition, Vol. I and II.Soofi was a co-guest editor of a Special Issue of the Journal of Science and Technology Policy Management and a Special Issue of the Technological Forecasting and Social Change on the development of science and technology in Iran. He has served on the editorial boards of several academic journals.

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