- Hardcover: 224 pages
- Publisher: Palgrave Macmillan
- Language English
- ISBN-10: 0230285511
- ISBN-13: 978-0230285514
- Product Dimensions: 19.6 x 12.7 x 2 cm
- Amazon Bestsellers Rank: 5,794,067 in Books (See Top 100 in Books)
- See Complete Table of Contents
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6 of 6 people found the following review helpful
A Titan of Economics
22 May 2012
Format:Hardcover|Amazon Verified Purchase
Few scholars have changed the face of economics like Ronald Coase. His work brought a very rare commodity to the economics profession - clarity. His observations, based on empirical evidence and "old-fashioned" fact-finding, have unearthed a body of work that has transformed the way we think about simple, but crucial, facts. The ways individuals and firms organize and his work on property rights had a profound impact on how we comprehend issues from the inner working of organizations to the use of market tools to address environmental problems. On the latter, his work provide the academic underpinning for the establishment of the Acid Rain program in the United States in the early 1990s, which was so successful that it virtually wiped out the problem of acid rain in America.
At a 101 and not a man to avoid challenges, he now braces himself on an issue that many in the West are puzzled by -"How China Became Capitalist". Again, he brings clarity to a confused picture. Without embracing dogmas from either left or right, he traces the history of Chinese reforms from the rise of Deng Xiaoping to the present. In Coase and co-author Ning Wang's recounting and interpretation, we learn about the unleashing of China's experiment with capitalism. Rather than a top-down approach as many believe, the Chinese government fostered competition between cities and provinces; allowed for experiments and pilots to take place in certain sectors, industries and regions. China after Mao had a blank slate from which to experiment. Throughout this, Coase's work on property rights was critical to many Chinese policy makers. It is no coincidence that alongside Marx and Friedman, Coase is one of the most revered Western economists in China.
Coase is the finest of scholars. The Nobel committee (belatedly) understood his contribution as a thought leader, not just a servant of mathematical tools and creator of theorems. Teaching is much about pointing the obvious that surrounds us. That he has always done masterfully and does it again in "How China Became Capitalist". A must-read from anyone interested in economics, and in a clear analysis of Chinese political economy.
At a 101 and not a man to avoid challenges, he now braces himself on an issue that many in the West are puzzled by -"How China Became Capitalist". Again, he brings clarity to a confused picture. Without embracing dogmas from either left or right, he traces the history of Chinese reforms from the rise of Deng Xiaoping to the present. In Coase and co-author Ning Wang's recounting and interpretation, we learn about the unleashing of China's experiment with capitalism. Rather than a top-down approach as many believe, the Chinese government fostered competition between cities and provinces; allowed for experiments and pilots to take place in certain sectors, industries and regions. China after Mao had a blank slate from which to experiment. Throughout this, Coase's work on property rights was critical to many Chinese policy makers. It is no coincidence that alongside Marx and Friedman, Coase is one of the most revered Western economists in China.
Coase is the finest of scholars. The Nobel committee (belatedly) understood his contribution as a thought leader, not just a servant of mathematical tools and creator of theorems. Teaching is much about pointing the obvious that surrounds us. That he has always done masterfully and does it again in "How China Became Capitalist". A must-read from anyone interested in economics, and in a clear analysis of Chinese political economy.
1 of 38 people found the following review helpful
Let Me Guess
9 May 2012
Format:Hardcover
They became Capitalists when they found out they could charge exorbitant amounts for simple objects? Here it is, come one come all!
0 of 36 people found the following review helpful
An antique voice for an antique economic theory
9 May 2012
Format:Hardcover
The author, Ronald Coase seems to be another right-wing Chicago-school economist. I heard a recent interview with him on NPR. When asked for an example of the public good at public (government) expense the only thing he thought of was the Army. Some of us don't think that the Army offers much public good. He thought that private light-houses make a lot of sense. This man is just a standard - though remarkably old - Libertarian.
Despite the title of his book, the fact is that China is still a socialist state in many, many ways that the US would do well to copy. Qiu Baoxing, vice-minister of construction in China, says the government should be the main investor in construction projects in the public transportation sector. It calls on the government to set up investment, subsidy and compensation systems to promote its development.
Medical care is also rapidly becoming socialized. Soaring medical fees, lack of access to high-quality medical services, the widening rural-urban gap, and poor doctor-patient relationships since 1980 have all sparked public outcry. With healthcare becoming the public's top concern, Beijing has learned that privatization can negatively impact the health of citizens and that government involvement is essential.
So after years of incremental change, the Chinese government recently announced a $124 billion, three-year overhaul of its healthcare system that aims to provide safe, effective, convenient and affordable health services to all of the country's 1.3 billion people. By 2020, the world's most populous country will have a basic health-care system that can provide "safe, effective, convenient and affordable" health services to urban and rural residents.
I have read enough of the book to know where Coase is coming from. As an economist he extolls the virtues of capitalism at the same time as China's leaders are rediscovering the virtues of socialism. And healthcare reformers elsewhere, including the United States, may soon be looking to steal a page or two from China's book.
Reference: [...]
Despite the title of his book, the fact is that China is still a socialist state in many, many ways that the US would do well to copy. Qiu Baoxing, vice-minister of construction in China, says the government should be the main investor in construction projects in the public transportation sector. It calls on the government to set up investment, subsidy and compensation systems to promote its development.
Medical care is also rapidly becoming socialized. Soaring medical fees, lack of access to high-quality medical services, the widening rural-urban gap, and poor doctor-patient relationships since 1980 have all sparked public outcry. With healthcare becoming the public's top concern, Beijing has learned that privatization can negatively impact the health of citizens and that government involvement is essential.
So after years of incremental change, the Chinese government recently announced a $124 billion, three-year overhaul of its healthcare system that aims to provide safe, effective, convenient and affordable health services to all of the country's 1.3 billion people. By 2020, the world's most populous country will have a basic health-care system that can provide "safe, effective, convenient and affordable" health services to urban and rural residents.
I have read enough of the book to know where Coase is coming from. As an economist he extolls the virtues of capitalism at the same time as China's leaders are rediscovering the virtues of socialism. And healthcare reformers elsewhere, including the United States, may soon be looking to steal a page or two from China's book.
Reference: [...]
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