Deng Xiaoping

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Chinese Spies: From Chairman Mao to Xi Jinping by Roger Faligot

active measures, Albert Einstein, anti-communist, autonomous vehicles, Ayatollah Khomeini, Berlin Wall, British Empire, business intelligence, Deng Xiaoping, disinformation, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, Great Leap Forward, housing crisis, illegal immigration, index card, information security, megacity, Mikhail Gorbachev, military-industrial complex, new economy, offshore financial centre, Pearl River Delta, Port of Oakland, RAND corporation, Ronald Reagan, Shenzhen special economic zone , Silicon Valley, South China Sea, special economic zone, stem cell, union organizing, young professional, éminence grise

It was also one of three shareholders of Asia Satellite Telecommunications Ltd, which managed communication satellites in the region. Among the CITIC’s senior executives were several Red Princes, including Deng Zhifang, Deng Xiaoping’s second son, who also owned several real estate companies, a growing sector in both Hong Kong and the PRC. Wang Jun, president of the CITIC, was also head of Poly Technologies, one of the principal companies owned by the PLA, which under Deng Xiaoping had also became involved in the private sector. His father, Wang Zhen, was a former vice-president of the PRC, a close friend of Deng Xiaoping, and one of the most hard-line of those within the conservative faction of the CCP. This dogmatist, head of the Central Party School since 1980, was one of the most fervent supporters of the harsh crackdown on the Tiananmen protesters.

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Zhou guaranteed the decent treatment of some jailed functionaries. This was the case for some political figures, including Deng Xiaoping, and for some intelligence agents. The collapse of the Diaochabu After the death of Kang Sheng’s rival Li Kenong in 1961, Kong Yuan, who had been Kang’s secretary at the CCP’s Shanghai Organization Department in the 1930s, took over as head of the Diaochabu, the CCP’s intelligence department. Kong was a close friend of Zhou Enlai and Deng Xiaoping—so close indeed that in September 1939 Kong and Deng had married two women who were themselves close friends in a joint celebration at Yan’an, with a small party organized by Mao.

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The following month, October 1976, the moderate group supporting Wang Dongxing and Deng Xiaoping was responsible for the arrest of the Gang of Four. Hua Guofeng succeeded Zhou Enlai as prime minister and Mao as party chairman, and eventually became head of the military commission that commanded the PLA, with the support of the indomitable Marshal Ye. Even before this transition, however, another leader vilified by Kang Sheng had re-emerged. On 12 April 1973, after six years under house arrest and being sent with his wife to work in a factory in Jiangxi, Deng Xiaoping had made an appearance at a dinner given by Zhou Enlai, in honour of Prince Norodom Sihanouk of Cambodia.

Strange Rebels: 1979 and the Birth of the 21st Century by Christian Caryl

Alvin Toffler, anti-communist, Ayatollah Khomeini, Berlin Wall, Boeing 747, Bretton Woods, British Empire, colonial rule, Deng Xiaoping, disinformation, export processing zone, financial deregulation, financial independence, friendly fire, full employment, Future Shock, Great Leap Forward, household responsibility system, income inequality, industrial robot, Internet Archive, Kickstarter, land reform, land tenure, Les Trente Glorieuses, liberal capitalism, liberation theology, Mahatma Gandhi, means of production, Mikhail Gorbachev, Mohammed Bouazizi, Mont Pelerin Society, Neil Kinnock, new economy, New Urbanism, oil shock, open borders, open economy, Pearl River Delta, plutocrats, price stability, rent control, road to serfdom, Ronald Reagan, Shenzhen special economic zone , single-payer health, special economic zone, The Chicago School, union organizing, upwardly mobile, Winter of Discontent, Xiaogang Anhui farmers, Yom Kippur War

East Gate Books, Armonk, NY, 1998. Deng Xiaoping: Chronicle of an Empire, Ruan Ming, translated and edited by Nancy Liu, Peter Rand, and Lawrence R. Sullivan. Westview Press, Boulder, CO, 1994. Deng Xiaoping: My Father, Deng Maomao. Basic Books, New York, 1995. Deng Xiaoping: Portrait of a Chinese Statesman, David Shambaugh. Oxford University Press, New York, 1995. Deng Xiaoping and the Chinese Revolution: A Political Biography, David S. G. Goodman. Routledge, New York, 1994. Deng Xiaoping and the Cultural Revolution: A Daughter Recalls the Critical Years, Deng Rong. Doubleday, New York, 2005. Deng Xiaoping and the Making of Modern China, Richard Evans.

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For a more detailed discussion of these Islamist thinkers, see Chapter 16. 8. An Islamic Utopian: A Political Biography of Ali Shariati, Ali Rahnema, 226. 9. Ibid., 325–326. CHAPTER 10: TRUTH FROM FACTS 1. Deng Xiaoping Shakes the World, Yu Guangyuan, 21. 2. Deng Xiaoping and the Transformation of China, Ezra F. Vogel, 193. 3. Ezra Vogel, Deng Xiaoping and the Transformation of China, 103–109. 4. “The 1979 Truth Criterion Controversy,” Michael Schoenhals. The Chinese Quarterly, no. 126 (June 1991). 5. The Deng Xiaoping Era: An Inquiry into the Fate of Chinese Socialism, 1978–1994, Maurice Meisner, 91. 6. Ibid. 7. The China Reader: The Reform Era, edited by Orville Schell and David Shambaugh, 158. 8.

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“China’s Winds of Change,” David Butler, Holger Jensen, and Lars-Erik Nelson. 10. Coming Alive!, Garside, 220–221. 11. Ibid., 219. 12. Ibid., 221. 13. Ibid., 215. 14. Deng Xiaoping Shakes the World: An Eyewitness Account of China’s Party Work Conference and the Third Plenum (November-December 1978), Yu Guangyuan, 21. 15. Deng Xiaoping and the Transformation of China, Vogel, 233. 16. Ibid. 17. How the Farmers Changed China: Power of the People, Kate Xiao Zhou, 53–54. 18. Deng Xiaoping Shakes the World, Yu, 52. 19. Ibid., 44, 46. 20. Deng Xiaoping and the Transformation of China, Vogel, 234. 21. Ibid., 234–235. 22. Hu Yaobang, who made those daring remarks about agriculture at the conference, also worked with Yu on the final version of Deng’s speech. 23.

The Long Game: China's Grand Strategy to Displace American Order by Rush Doshi

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We now turn to that institution and the role of nationalism and Leninism in shaping the Party, and in turn, China’s grand strategy. 2 “The Party Leads Everything” Nationalism, Leninism, and the Chinese Communist Party “The Soviets can do something after just one Politburo meeting. Can the Americans do that?”1 —Deng Xiaoping to China’s Politburo, early 1980s In June 1987, China’s de facto leader Deng Xiaoping was in a meeting with Yugoslav officials, and he was worried. China was in the midst of “reform and opening,” a series of market reforms propelling China’s economy forward and ultimately laying the foundation for its rise to superpower status. But the journey was far from smooth.

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“Fortunately for us,” Scowcroft later recounted, “the call went right through and Yang advised them it was a very important mission and they should hold their fire.”8 When the plane landed in the afternoon on July 1, it was hidden behind an old terminal away from prying eyes. The next morning, Scowcroft met with Deng Xiaoping, Li Peng, and other officials, as well as a photographer who happened to be the son of President Yang. Before Scowcroft’s visit, President George H. W. Bush had sent an apologetic and solicitous secret letter to Deng Xiaoping on the importance of bilateral ties; now, Scowcroft would carry a similar message in person to reassure China’s paramount leader that despite the tough measures the United States was forced by public opinion to take in response to China’s crackdown, Washington would keep its actions limited to preserve the relationship.

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Several Chinese sources, including articles on the website of the Party newspaper People’s Daily, recount the guideline’s history: [Tao Guang Yang Hui] was put forward by Deng Xiaoping during the “special period” of drastic changes in Eastern Europe and the disintegration of the socialist camp there in the late 1980s and early 1990s. At that time, China faced questions about “what to do” and “in what direction to go” as well as others that it urgently needed to answer, and Deng Xiaoping put forward a series of important thoughts/ideology and countermeasures.70 Another article on the People’s Daily site says the same, dating the concept after Tiananmen: “At the beginning of the end of the Cold War, when China was sanctioned by Western countries, Comrade Deng Xiaoping put forward . . .

Red Flags: Why Xi's China Is in Jeopardy by George Magnus

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That they will have trenchant consequences for China and the world is not in doubt. They point to a brittleness in Xi Jinping’s China which is not apparent when considering only the supposed omnipotence of the leader and the Party. That places Xi’s China in jeopardy. ENDNOTES Introduction 1. There are few better insights into Deng Xiaoping than Deng Xiaoping: Portrait of a Chinese Statesman, ed. David Shambaugh, Oxford University Press, 1995. 2. Henry Kissinger, On China, Penguin Books, 2012, p. 443. 3. The first foreign company to set up in Shenzhen in 1981 was a joint venture between a Thai agricultural company, Charoen Pokphand Group, and Continental Grain of the US.

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–China Strategic and Economic Dialogue (i) Hua Guofeng (i) Huangpu district (Shanghai) (i) Huawei (i), (ii), (iii), (iv) hukou (i), (ii), (iii), (iv) Human Freedom Index (i) Human Resources and Social Security, Ministry of (i) Hunan (i) Hungary (i), (ii), (iii), (iv) ICORs (incremental capital-output ratios) (i), (ii), (iii) n4 IMF Article IV report (i) on broadening and deepening of financial system (i) China urged to devalue (i) China’s integration and (i) concern over smaller banks (i) concern over WMPs (i) credit gaps (i) credit intensity (i) GP research (i) ICOR (i) n4 laissez-faire ideas (i) pensions, healthcare and GDP research (i), (ii), (iii) Renminbi reserves (i) risky corporate loans (i) Special Drawing Rights (i), (ii), (iii), (iv), (v) WAPs (i) immigrants see migrants income inequality (i) India Adam Smith on (i) ASEAN (i) BRI misgivings (i) BRICS (i), (ii) comparative debt in (i) demographic dividend (i) economic freedom level (i) frictions with (i) Nobel Prize (i) 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If his health holds and his opponents stay subdued, he could remain a strongman president for life. Whilst economists and China-watchers have been well aware of the global consequences of a rising China for some time, Xi’s China is going to resonate much more for all of us in future. If, as several Chinese thinkers now assert, China stood up under Mao Zedong and got rich under Deng Xiaoping, it is becoming powerful again under Xi Jinping, who articulates that China’s troubled twentieth century now lies firmly in the past as the Communist Party under his leadership pursues the great rejuvenation of the Chinese nation, based around ‘socialism with Chinese characteristics’. Under Xi, China has become more controlling, more confident and more assertive.

Super Continent: The Logic of Eurasian Integration by Kent E. Calder

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Zbigniew Brzezinski, The Grand Chessboard: American Primacy and Its Geostrategic Imperatives (New York: Basic Books, 1997), 31. 2. For the classic study of Deng Xiaoping and his key role in making Chinese politicaleconomic history, see Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Belknap Harvard, 2011). 3. On the early genesis of the Four Modernizations, see Immanuel Chung-yueh Hsu, China without Mao: The Search for a New Order, 2nd ed. (New York: Oxford University Press, 1990); and Vogel, Deng Xiaoping, 184 –248. 4. Hsu, China Without Mao, 92 –93. 5. Ibid., 94. 6. Hua thus, in Vogel’s view, deserves more credit for China’s opening than conventionally given, especially for instituting the SEZ concept.

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For China’s response to this, see John Garver, China’s Quest: The History of the Foreign Relations of the People’s Republic of China (New York: Oxford University Press, 2016), 416 –19. 11. Calder, The New Continentalism, 67. 12. Ibid. 13. Ibid. 14. Shenzhen and Zhuhai were picked in August 1980, followed by Xiamen in October 1980 and Guangdong in October 1981. Hainan did not become an SEZ until April 1988. 15. Vogel, Deng Xiaoping, 403. 16. See Vogel, Deng Xiaoping, Chapter 14; and Barry Naughton, “China’s Emergence and Prospects as a Trading Nation,” Brookings Papers on Economic Activity 2 (1966): 273 –344. 17. On the Soviet decline, see David Remnick, Lenin’s Tomb: The Last Days of the Soviet Empire (New York: Random House, 1993). 18.

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(New York: Oxford University Press, 1990), 92 –126; and Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 184 –248. 2. Along the way, China moved to seventh in 1997, sixth in 2000 (passing Italy), fifth in 2005 (passing France), third in 2007 (past Germany), and second in 2010 (eclipsing Japan). Only the US remains larger in nominal terms; in 2013 China passed even the US, accord- Notes to Chapter 5 273 ing to PPP criteria. See World Bank, “GDP (current US$),” World Development Indicators, accessed December 21, 2018. 3. Vogel, Deng Xiaoping and the Transformation of China, 406. 4.

China's Future by David Shambaugh

Berlin Wall, capital controls, demographic dividend, demographic transition, Deng Xiaoping, facts on the ground, financial intermediation, financial repression, Gini coefficient, Great Leap Forward, guns versus butter model, high net worth, high-speed rail, Kickstarter, knowledge economy, low skilled workers, market bubble, megacity, middle-income trap, Mikhail Gorbachev, military-industrial complex, New Urbanism, offshore financial centre, open economy, Pearl River Delta, rent-seeking, secular stagnation, short selling, South China Sea, special drawing rights, too big to fail, urban planning, Washington Consensus, working-age population, young professional

.), Interest Groups in Soviet Politics (Princeton: Princeton University Press, 1971). 3. Ibid. 4. See Deng Xiaoping Wenxuan (1975–1982) [Collected Works of Deng Xiaoping], (Beijing: Renmin chubanshe, 1983), pp. 302–25. 5. See Harry Harding, China’s Second Revolution: Reform After Mao (Washington, DC: Brookings Institution Press, 1987). 6. For Zhao’s background, see David Shambaugh, The Making of a Premier: Zhao Ziyang’s Provincial Career (Boulder, CO: Westview Press, 1983). 7. Bruce Gilley, “Deng Xiaoping and His Successors,” in William A. Joseph (ed.), Politics in China: An Introduction (New York: Oxford University Press, 2014), p. 135. 8.

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After more than three decades of successful reforms, the nation has reached critical junctures in its economic, social, political, environmental, technological, and intellectual development, as well as in national security, foreign affairs, and other realms of policy. Diminishing returns have set in and it has become plainly evident that the main elements of the broad reform program first launched by Deng Xiaoping in 1978 are no longer applicable or sustainable for spurring China’s continued modernization over the coming decades. Change is required. Indeed, China’s own contemporary leaders have evinced their deep concerns. In 2007, former Premier Wen Jiabao bluntly described the nation’s economy as characterized by the “four ‘uns’”: “unstable, unbalanced, uncoordinated, and unsustainable.”1 And this came from the man in charge of the national economy.

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See David Shambaugh, “The Coming Chinese Crack-Up,” Wall StreetJournal, March 7, 2015. 3 China’s Society No dimension of China has changed as rapidly or as thoroughly during the reform era as has society, and no society in history has experienced such profound transformations in such an abbreviated period: from an agrarian, pre-industrial, poor, uneducated, closed, conformist, and sedentary society entirely dependent on the state for basic provisions to an urbanized, industrial, increasingly wealthy, educated, open, variegated, and mobile society able to purchase most of life’s necessities in the marketplace. Anyone who has been traveling through China annually over the past (almost) four decades, as I have, can testify to the extraordinary transformations in the lives of one-fifth of humanity. I recall when I first visited in the late 1970s, the reforms were getting under way, Deng Xiaoping invoked the notion “to get rich is glorious,” and Chinese urbanites aspired to possess the “four rounds” (things that went around: a bicycle, a wristwatch, a sewing machine, a washing machine) and “three electrics” (a television, refrigerator, and private telephone). Nowadays Chinese nouveaux riches travel and buy property abroad (in 2014 Chinese tourists took 109 million trips abroad), pay exorbitant foreign tuition prices for their children’s education, own their own luxury cars, live in privately purchased homes, and have huge disposable incomes.

Red Roulette: An Insider's Story of Wealth, Power, Corruption, and Vengeance in Today's China by Desmond Shum

Asian financial crisis, call centre, currency manipulation / currency intervention, Deng Xiaoping, Donald Trump, family office, glass ceiling, Gordon Gekko, Great Leap Forward, greed is good, high-speed rail, Korean Air Lines Flight 007, land reform, military-industrial complex, old-boy network, pirate software, plutocrats, race to the bottom, rolodex, Silicon Valley, SoftBank, South China Sea, special economic zone, walking around money, WikiLeaks

My eight-year-old classmates and I had little understanding of what it meant. When the school announced it, our teachers began crying, so we started crying, too. The rule came down that we weren’t allowed to play or smile. Several of us were reprimanded for making too much noise. About a year later, a senior Chinese leader named Deng Xiaoping returned to power after years in internal exile. Deng masterminded the arrest of the Gang of Four, a group of ultra-leftists who’d gathered around Mao. And in 1979 he launched historic reforms that would transform China into the economic power it is today. But my family wasn’t going to live through those epochal changes.

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Her father had spoken Cantonese to her when she was young, so she passed as a local. She parlayed her math major into a job as an accountant at a textile plant and boosted her skills with bookkeeping classes at night. My mother returned to Shanghai several times to plead with the authorities to let my dad join us. The cost of those trips all but bankrupted her. Thanks to Deng Xiaoping, the authorities in Shanghai were done prosecuting people for having relatives or living overseas. Still, the Chinese government was loath to allow families to leave together, wanting to maintain leverage over people abroad by making family reunification hard. Finally, after two years, my mom succeeded in nagging so tenaciously that the authorities relented.

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Following the Tiananmen Square crackdown in 1989, a reactionary wing of the Chinese Communist Party, led by Premier Li Peng, had rolled back market-oriented reforms, cracked down on private businesses, and poured money into the inefficient state-owned sector. China’s economy slowed dramatically. But in 1992, China’s paramount leader, Deng Xiaoping, impatient with the conservatives, left Beijing and traveled to the southern city of Shenzhen on Hong Kong’s border to urge a resumption of market-oriented changes. Deng’s “southern journey” unleashed a new round of capitalist zeal. Hong Kong was the prime beneficiary. In 1993, Wall Street visionary Barton Biggs came to the territory after six days in China and pronounced himself, “tuned in, overfed, and maximum bullish” on China.

Modern China: A Very Short Introduction by Rana Mitter

banking crisis, British Empire, corporate social responsibility, credit crunch, Deng Xiaoping, global reserve currency, Great Leap Forward, invention of gunpowder, land reform, Mahatma Gandhi, Mikhail Gorbachev, Nelson Mandela, new economy, purchasing power parity, reserve currency, South China Sea, special economic zone, stem cell, urban planning

In 1979, full diplomatic relations were finally established between China and the US, and from the early 1980s, foreign tourists and students began to visit China in large numbers, just as a new generation of Chinese began to study and do business abroad. Deng Xiaoping was indubitably the senior figure in the party, and he made it clear that he favoured economic reform at the fastest possible speed. In the 1980s, the USSR was still intact, but the West regarded that country as a stagnant and hostile giant, at least until the arrival of Mikhail Gorbachev to the leadership in 1985. In contrast, China seemed to be the communist giant that the West loved to love. Keen to grow the economy, friendly towards the US, Deng Xiaoping even visited Texas and wore a Stetson at a rodeo. At home, cowboys of a different sort also found their moment as the economy grew by leaps and bounds.

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Timeline 1368 Foundation of the Ming dynasty 1644 Fall of the Ming, foundation of the Qing dynasty 1842 Treaty of Nanjing ends the first Opium War 1850–64 Taiping War 1900 Boxer Uprising 1911 Revolution causes collapse of the Qing dynasty 1919 May Fourth demonstrations 1925 May Thirtieth Movement 1926–8 Northern Expedition by the Nationalists and Communists 1928 Establishment of Nationalist government at Nanjing 1934–5 Long March by Communists: Mao begins rise to power 1937 Outbreak of war with Japan: Nationalists retreat to Chongqing 1945 End of war with Japan 1946–9 Civil War ends with Communist victory 1958–62 Great Leap Forward causes massive famine 1966–76 Cultural Revolution: Mao at war with his own party 1976 Death of Mao 1978 Deng Xiaoping solidifies position as paramount leader 1989 Demonstrations in Tian’anmen Square end in bloodshed 1989 Jiang Zemin chosen as new Communist Party general secretary 1992 Deng’s ‘southern tour’ energizes reforms 1997 Death of Deng Xiaoping: Jiang Zemin reconfirmed as leader 2001 Beijing awarded the 2008 Olympics 2001 China enters World Trade Organization 2002 Leadership passes to Hu Jintao 2008 Summer Olympic Games held in Beijing 2012 Leadership passes to Xi Jinping 2015 Major commemorations of the 70th anniversary of the end of the War of Resistance against Japan (World War II in China) 2017 19th Congress of the Chinese Communist Party 2022 Beijing to hold Winter Olympic Games References Chapter 1: What is modern China?

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This argument followed the CCP’s rhetoric of a ‘new China’ (although, as the quotation at the start of this chapter shows, this was not the first nor last usage of the term ‘new China’): that the old, ‘feudal’, ‘traditional’, and ‘semicolonial’ China, a world of cruel social hierarchies, foot-binding, torture, and poverty, had been finally brushed aside for a more egalitarian, industrial, and just China. The second explanation, common in the early 20th century, but banished for a while after 1949, has become commonplace again today. This argument is that China has not essentially changed. Even figures such as Mao and Deng Xiaoping (the reformist leader of the 1980s), despite their coating of communist ideology and mass mobilization politics, were essentially ‘emperors’ reverting to type. In the countryside today, traditional superstitions, religions (such as the Falun Gong cult banned by the party), and hierarchies reign supreme, just as they have done for hundreds of years.

The Party: The Secret World of China's Communist Rulers by Richard McGregor

activist lawyer, banking crisis, corporate governance, credit crunch, Deng Xiaoping, financial innovation, Gini coefficient, glass ceiling, global reserve currency, Great Leap Forward, haute couture, high-speed rail, hiring and firing, income inequality, invisible hand, kremlinology, land reform, Martin Wolf, megaproject, Mikhail Gorbachev, military-industrial complex, old-boy network, one-China policy, Panopticon Jeremy Bentham, pre–internet, reserve currency, risk/return, Shenzhen special economic zone , South China Sea, sovereign wealth fund, special economic zone, Upton Sinclair

It wasn’t until the western financial crisis that the confidence of the likes of Wang Qishan spread through the system and burst to the surface like never before. Many Chinese leaders were beginning to voice out loud the sentiments expressed privately by Wang: what on earth have we to learn from the west? China’s post-Maoist governing model, launched by Deng Xiaoping in the late seventies, has endured many attempts to explain it. Is it a benevolent, Singapore-style autocracy? A capitalist development state, as many described Japan? Neo-Confucianism mixed with market economics? A slow-motion version of post-Soviet Russia, in which the elite grabbed productive public assets for private gain?

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Bush, had arrived in office with an aggressive, competitive posture towards China. Before she landed, Ms Clinton publicly downplayed the importance of human rights. At a press conference ahead of leaving, she beamingly implored the Chinese government to keep buying US debt, like a travelling saleswoman hawking a bill of goods. Deng Xiaoping’s crafty stratagem, laid down two decades before, about how China should advance stealthily into the world–‘hide your brightness; bide your time’–had been honoured in the breach long before Ms Clinton’s arrival. China’s high-profile tours through Africa, South America and Australia in search of resources, the billion-dollar listings of its state companies on overseas stock markets, its rising profile in the United Nations and its sheer economic firepower had made China the new focus of global business and finance since the turn of the century.

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One Chinese commentator likened his policy pronouncements to a duck walking, with one foot pointed to the right and the other to the left, maintaining an ungainly balance which looked stable only from a distance. Hu’s severe image-management might have seemed like a conservative throwback to an earlier age of more authoritarian communism. In fact, compared to his predecessors, Hu was a bland figure, determinedly drained of flesh and blood. Deng Xiaoping, by contrast, had a revolutionary prestige, overlaid by the battle scars of years of struggle against Mao Zedong’s insane political campaigns. He proudly displayed his earthy Sichuanese roots, notoriously expectorating loudly into his spittoon while delivering to Margaret Thatcher an intimidating lecture about Hong Kong at a meeting in the early eighties in Beijing.

Transcending the Cold War: Summits, Statecraft, and the Dissolution of Bipolarity in Europe, 1970–1990 by Kristina Spohr, David Reynolds

anti-communist, bank run, Berlin Wall, Bretton Woods, computer age, conceptual framework, cuban missile crisis, Deng Xiaoping, failed state, Fall of the Berlin Wall, guns versus butter model, Kickstarter, Kitchen Debate, liberal capitalism, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nixon shock, oil shock, open borders, Ronald Reagan, Ronald Reagan: Tear down this wall, shared worldview, Strategic Defense Initiative, Thomas L Friedman, Yom Kippur War, zero-sum game

When Gorbachev broached the subject of reforms, arguing that while China was ahead economically, the Soviet Union led politically, Li answered with reserve: ‘Every country has its circumstances, every man walks his own road.’35 As with Bush’s visit, the height of the summit was Gorbachev’s meeting with Deng Xiaoping, which, the Chinese indicated, marked the official moment of Sino-Soviet normalization. The meeting also symbolized for many protestors the course they hoped to take. ‘Gorbachev 58, Deng Xiaoping 85’, read some of the banners in the streets, denoting their respective ages and highlighting the contrast between the dynamism of one and the conservatism of the other. Gorbachev came from the generation of the Soviet shestidesyatniki—those who had politically matured during the atmosphere of relative openness of Khrushchev’s de-Stalinization.

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GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting Deng Xiaoping, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Xiaoping.pdf. 28. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting with Zhao Ziyang, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Ziyang.pdf. 29. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting with Zhao Ziyang, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Ziyang.pdf. 30. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting Deng Xiaoping, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Xiaoping.pdf. 31.

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Oleg Troyanovskii, Cherez Gody i Rasstoyaniya: Istoriya Odnoi Sem’yi (Over Years and Distances) (Moscow, 1997), 373. 37. Excerpts from the conversation between Mikhail Gorbachev and Deng Xiaoping, 16 May 1989, http://digitalarchive.wilsoncenter.org/document/116536. 38. Ibid. 39. George Bush, The President’s News Conference, 30 May, 1989, APP website, http://www.presidency.ucsb.edu/ws/index.php?pid=17077&st=Hungary&st1=1956. 40. GBPL, Scowcroft Papers on China 2 of 5 Tiananmen Square Crisis [2], White House Situation Room Files, From Washington to American Embassy Beijing, Letter from President Bush to Deng Xiaoping, 27 May 1989. 41. Lilley, China Hands, 309. 42. GBPL, Telcon: Kohl to Bush, 15 June 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-06-15--Kohl.pdf. 43.

The Rare Metals War by Guillaume Pitron

Albert Einstein, Berlin Wall, carbon footprint, circular economy, clean tech, cloud computing, collapse of Lehman Brothers, commodity super cycle, connected car, David Attenborough, decarbonisation, degrowth, deindustrialization, dematerialisation, Deng Xiaoping, Donald Trump, driverless car, dual-use technology, Elon Musk, energy transition, Fairphone, full employment, green new deal, green transition, industrial robot, Internet of things, invisible hand, Jeff Bezos, Kickstarter, knowledge economy, Lyft, mittelstand, offshore financial centre, oil shale / tar sands, planetary scale, planned obsolescence, Silicon Valley, smart cities, smart grid, smart meter, South China Sea, spinning jenny, Tesla Model S, Yom Kippur War

‘One of them was the “Red Princeling” [the heir to one of the top officials of the Chinese Communist Party]. It was none other than Deng Xiaoping’s son-in-law.’ It is public knowledge that Deng Xiaoping handed the reins of the China Nonferrous Metal Mining Group Corporation (CNMC) — a formidable state-owned mining company — to his son-in-law Wu Jianchang to ensure the longevity of the strategic nonferrous metal sector.15 It was the very same Wu Jianchang who, through CNMC’s New York branch, was directly involved in the sale of Magnequench. Peter Leiter later discovered that not one, but two of Deng Xiaoping’s sons-in-law were involved. Zhang Hong, married to Xiaoping’s daughter Deng Nan, was chairman of Beijing San Huan New Materials High Tech Inc. — Magnequench’s final buyer.

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As a student in France, Deng Xiaoping worked in an iron foundry of Le Creusot.7 As for his successors: ‘The last six presidents and prime ministers — apart from the current prime minister [Li Keqiang], who read law — were all trained in engineering — electrical, hydroelectrical, geology — and in process chemistry,’ a natural resources strategist tells me.8 Wen Jiabao — Hu Jintao’s prime minister from 2003 to 2013 — was a geologist by training. Consequently, and with the support of a stable authoritarian political system that values patient and consistent decision-making, Deng Xiaoping and his successors were able to lay the foundations of an ambitious policy to secure the nation’s supplies.

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‘La Chine met les matières premières sous pression’ [‘China Puts Raw Materials Under Pressure’], Les Echos, 7 July 2015. See also ‘Metals Shine on China Demand’, China Daily, 19 June 2018. Interview with Andrew Peaple, journalist writing on commodities for the Hong Kong office of The Wall Street Journal, 2016. Geneviève Barman and Nicole Dulioust, ‘Les années françaises de Deng Xiaoping’ [‘Deng Xiaoping’s French Years’], Vingtième Siècle. Revue d’histoire, 1988, vol. 20, no. 1, pp. 17–34. ‘Le singe et la souveraineté des ressources’ [‘The Monkey and the Sovereignty of Resources’], Le Cercle – Les Échos, 12 February 2016. Information report no. 349 (2010-2011) on the security of France’s strategic supplies, prepared for the French Committee on Foreign Affairs, Defence and Armed Forces by Jacques Blanc, 2011.

The Cold War: A New History by John Lewis Gaddis

Able Archer 83, American ideology, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, colonial rule, cuban missile crisis, Deng Xiaoping, European colonialism, full employment, Great Leap Forward, guns versus butter model, land reform, long peace, means of production, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Potemkin village, Ronald Reagan, Ronald Reagan: Tear down this wall, Sinatra Doctrine, Strategic Defense Initiative

[Friedberg, In the Shadow of the Garrison State, p. 82n; Gaddis, Strategies of Containment, p. 393; International Institute for Strategic Studies, The Military Balance, 1979–1980 (London: IISS, 1979), p. 9.] 44 Arbatov, The System, p. 206. 45 Baum, Burying Mao, pp. 11, 56–65; Richard Evans, Deng Xiaoping and the Making of Modern China (New York: Penguin, 1997), pp. 184–89, 212–43. The quote from Mao is in Li Zhisui, The Private Life of Chairman Mao: The Memoirs of Mao’s Personal Physician, translated by Tai Hung-chao (New York: Random House, 1994), p. 577. I have also benefited from reading Bryan Wong, “The Grand Strategy of Deng Xiaoping,” International Studies Senior Essay, Yale University, 2005. 46 “The ‘Two Whatevers’ Do Not Accord with Marxism,” March 24, 1977, http://English.people.com.cn/dengxp/vol2/text/b1100.html. 47 For the relevant statistics, see Baum, Burying Mao, p. 391. 48 Mikhail Gorbachev and Zdeněk Mlynář, Conversations with Gorbachev: On Perestroika, The Prague Spring, and the Crossroads of Socialism, translated by George Schriver (New York: Columbia University Press, 2002), p. 189. 49 William I.

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“How many divisions has he got?”90 John Paul II, during the nine days he spent in Poland in 1979, provided the answer. This too was a development, as Dobrynin might have put it, “totally beyond the imagination of the Soviet leadership.” CHAPTER SIX ACTORS Be not afraid! —JOHN PAUL II1 Seek truth from facts. —DENG XIAOPING 2 We can’t go on living like this. —MIKHAIL GORBACHEV3 THE POPE HAD BEENan actor before he became a priest, and his triumphant return to Poland in 1979 revealed that he had lost none of his theatrical skills. Few leaders of his era could match him in his ability to use words, gestures, exhortations, rebukes—even jokes—to move the hearts and minds of the millions who saw and heard him.

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There was Lech Wałęsa, the young Polish electrician who stood outside the locked gate of the Lenin shipyard in Gdansk one day in August, 1980—with the pope’s picture nearby—to announce the formation of Solidarność, the first independent trade union ever in a Marxist-Leninist country. There was Margaret Thatcher, the first woman to become prime minister of Great Britain, who relished being tougher than any man and revived the reputation of capitalism in Western Europe. There was Deng Xiaoping, the diminutive, frequently purged, but relentlessly pragmatic successor to Mao Zedong, who brushed aside communism’s prohibitions on free enterprise while encouraging the Chinese people to “get rich.” There was Ronald Reagan, the first professional actor to become president of the United States, who used his theatrical skills to rebuild confidence at home, to spook senescent Kremlin leaders, and after a young and vigorous one had replaced them, to win his trust and enlist his cooperation in the task of changing the Soviet Union.

The Last Kings of Shanghai: The Rival Jewish Dynasties That Helped Create Modern China by Jonathan Kaufman

anti-communist, Berlin Wall, British Empire, Charles Lindbergh, colonial rule, company town, cotton gin, Deng Xiaoping, Fall of the Berlin Wall, Ford Model T, gentleman farmer, Great Leap Forward, Honoré de Balzac, indoor plumbing, joint-stock company, life extension, Mahatma Gandhi, Mark Zuckerberg, Mikhail Gorbachev, old-boy network, opioid epidemic / opioid crisis, plutocrats, rent control, Steve Jobs, trade route

Thatcher then invited Lawrence to London to attend a state dinner in honor of Mao’s handpicked successor, Hua Guofeng, who was visiting Europe for the first time. Lawrence was “very well impressed” meeting the titular Chinese leader, though Deng Xiaoping was already maneuvering to replace him. Lawrence found Hua “very well informed as to what is going on in the world” and eager to “preserve and maintain the prosperity that we now have, and to enlarge and help it to grow.” At a private meeting with a senior Chinese leader in Guangdong, Lawrence was told that the entire Chinese leadership, including Deng Xiaoping, was eager to see the project succeed. “It could be the future of Hong Kong we are talking about,” Lawrence told Thatcher.

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Elly and Laura’s eldest son. Sturdy, with powerful shoulders and a love for fast cars, Lawrence had dreams of becoming a lawyer but was forced into the family business by his father. Refusing to abandon China after the Communists seized Shanghai, he rebuilt the family fortune in Hong Kong and was embraced by Deng Xiaoping and the Chinese when China emerged from isolation in the 1970s. Horace Kadoorie (1902–1995). Lawrence’s younger brother. Shy where his brother was gregarious; tall and thin where his brother was five-foot-nine and built like a boxer. A lifelong bachelor, Horace lived with his father in Shanghai’s largest mansion and then in a country house away from the center of Hong Kong.

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The Chinese Communist revolutionary was a tenant of Silas Hardoon. Mao Zedong loved Shanghai for its radicalism and hated it for its capitalism, and the city played a pivotal role for him and his wife, Jiang Qing, as they transformed China. His death paved the way for the return of the Kadoories to Shanghai and the city’s reevaluation of the Sassoons. Deng Xiaoping (1904–1997). The leader of China from 1978 to 1992, he was determined to modernize China. He ordered officials to reach out to Lawrence Kadoorie to build China’s first nuclear plant and welcomed the Kadoories back into the circle of power at the Great Hall of the People. The Bund in Shanghai in the 1930s Introduction It was a muggy late-summer day in 1979 when I stepped out of the Shanghai heat into the cool marble lobby of the Peace Hotel.

How Asia Works by Joe Studwell

affirmative action, anti-communist, Asian financial crisis, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collective bargaining, crony capitalism, cross-subsidies, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Deng Xiaoping, failed state, financial deregulation, financial repression, foreign exchange controls, Gini coefficient, glass ceiling, Great Leap Forward, high-speed rail, income inequality, income per capita, industrial robot, Joseph Schumpeter, Kenneth Arrow, land reform, land tenure, large denomination, liberal capitalism, low interest rates, market fragmentation, megaproject, non-tariff barriers, offshore financial centre, oil shock, open economy, passive investing, purchasing power parity, rent control, rent-seeking, Right to Buy, Ronald Coase, South China Sea, The Wealth of Nations by Adam Smith, TSMC, urban sprawl, Washington Consensus, working-age population

Joseph Schumpeter, A Theory of Economic Development, translated by Redvers Opie (Cambridge, MA: Harvard University Press, 1934), p. 74. Part 4 – Where China Fits In 1. Li Xiangqian and Han Gang, ‘Xin faxian Deng Xiaoping yu Hu Yaobang deng sanci tanhua jilu’ (‘Newly Discovered Record of Three of Deng Xiaoping’s Talks with Hu Yaobang and Others’), Bainianchao, n0. 3 (1999): 4–11, reprinted in Xie Chuntao, ed., Deng Xiaoping xiezhen (A Portrait of Deng Xiaoping) (Shanghai: Shanghai cishu chubanshe, 2005), p. 192. 2. The hugely polluting cement kilns developed in China are a form of vertical kiln into which ingredients are loaded by hand before ignition.

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Deininger, Land Policies and Land Reform (Washington DC: World Bank Publications, 2004). Klaus W. Deininger, Land Policies for Growth and Poverty Reduction (Washington DC: World Bank Publications, 2003). Klaus Deininger and Lyn Squire, ‘New Ways of Looking at Old Issues: Inequality and Growth’, Journal of Development Economics, vol. 57, no. 2 (1998). Deng Xiaoping, Selected Works of Deng Xiaoping, vol. 3 (1982–1992) (Beijing: People’s Publishing House, 1993). Department of Agrarian Reform, Republic of the Philippines, ‘Philippine Agrarian Reform: Partnerships for Social Justice, Rural Growth and Sustainable Development’, 3 March 2006. Marleen Dieleman, How Chinese are Entrepreneurial Strategies of Ethnic Chinese Business Groups in Southeast Asia?

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Unless otherwise noted, exchange rates are those that applied in the year or period that is being discussed. Finally, pretty much every country in Asia has produced competing systems of romanisation of Asian languages. In writing names of people and places, I have attempted to use the romanised forms that are most familiar to contemporary English language readers. Hence Deng Xiaoping is rendered in the mainland Chinese pinyin system, whereas Chiang Kai-shek is rendered in the Wade-Giles system favoured in Taiwan. In South Korea, a degree of romanisation anarchy reigns. The McCune-Reischauer system, the Yale system, the new Revised Romanisation system and more exist concurrently and Koreans take their pick when romanising their names.

China's Disruptors: How Alibaba, Xiaomi, Tencent, and Other Companies Are Changing the Rules of Business by Edward Tse

3D printing, Airbnb, Airbus A320, Asian financial crisis, barriers to entry, bilateral investment treaty, business process, capital controls, commoditize, conceptual framework, corporate governance, creative destruction, crowdsourcing, currency manipulation / currency intervention, David Graeber, Deng Xiaoping, disruptive innovation, experimental economics, global supply chain, global value chain, Great Leap Forward, high net worth, high-speed rail, household responsibility system, industrial robot, Joseph Schumpeter, Lyft, Masayoshi Son, middle-income trap, money market fund, offshore financial centre, Pearl River Delta, reshoring, rising living standards, risk tolerance, Silicon Valley, Skype, Snapchat, SoftBank, sovereign wealth fund, special economic zone, speech recognition, Steve Jobs, thinkpad, trade route, wealth creators, working-age population

Many of today’s most successful Chinese entrepreneurs, most of them now in their 40s, 50s, and 60s, had no experience in business when they started their companies. They had to learn things as they went along through a continual process of trial and error. They were “crossing the river by feeling the stones,” as Deng Xiaoping, China’s paramount leader from 1978 to 1998, characterized his approach to economic reform. Among those who started businesses in the period from the 1980s through the early 2000s, not one could have foreseen the China of 2014. Yet these are the people who have played the single biggest role in creating the wealth that exists in China today.

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First, in Chapter 1, I look at what drives China’s entrepreneurs to push beyond the normal boundaries expected of even the most successful businesspeople. This chapter examines the features that characterize their approach to business by looking at the various waves of entrepreneurship in China since Deng Xiaoping launched his program of economic reform at the end of the 1970s. An understanding of recent Chinese history is necessary to grasp how a socialist, centrally planned economy became home to the world’s most powerful private sector in just three decades, and I provide a primer here. In Chapter 2, I explore the environment that is producing and shaping these entrepreneurs.

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Partly this will call for integrating their China operations into their global operations—indeed, making them a core part of their global operations—and partly this will require a reworking of their organizational and conceptual frameworks to integrate management practices now taking shape in China. Finally, in this book’s conclusion, I look at the wider implications of Chinese entrepreneurship, beyond business, in the realms of political and social disruption. Ever since Deng Xiaoping launched his country’s economic-reform program in the late 1970s, and even more so after he relaunched them in 1992, the entire country has been moving forward on a tide of innovation and risk taking. As a result, I believe that China has embarked on a renaissance that could not just rival its greatest era in history—the Tang dynasty of the seventh through the tenth centuries—but could go a step further and lead to it playing a crucial role in shaping global governance.

China's Superbank by Henry Sanderson, Michael Forsythe

"World Economic Forum" Davos, addicted to oil, Asian financial crisis, Bretton Woods, BRICs, Carmen Reinhart, Credit Default Swap, deindustrialization, Deng Xiaoping, Dutch auction, failed state, financial innovation, financial repression, fixed income, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, invisible hand, joint-stock company, junk bonds, Kenneth Rogoff, land bank, London Interbank Offered Rate, low interest rates, megacity, new economy, New Urbanism, price mechanism, race to the bottom, reserve currency, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Solyndra, South Sea Bubble, sovereign wealth fund, special drawing rights, special economic zone, too big to fail, urban renewal, urban sprawl, work culture

Ibid. 5. “.” “Chen Yuan: Being a Real Banker,” Economic Observer, October 31, 2009. 6. For more on Chen Yun’s disagreements with Deng Xiaoping, see Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge: Harvard University Press, 2011). 7. “.” “Chen Weihua: Reading My Father Chen Yun,” China Youth Daily, September 5, 2011. 8. “Chen Yun, Who Slowed China’s Shift to Market, Dies at 89,” New York Times, April 12, 1995. 9. Ezra F. Vogel, Deng Xiaoping and the Transformation of China, p. 412. Chen Yun said: “Now every province of China wants to set up special economic zones. If they are allowed to do so, foreign capitalists as well as domestic speculators at home will come out boldly and engage in speculation and profiteering.

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CDB Capital, funded by 35 billion yuan in seed money from the bank, is investing in an array of projects around the country. Armed with a monopoly among banks for direct investments, CDB is attracting an array of global partners, including TPG Capital, whose cofounder Jim Coulter passed by the bronze busts of Chen Yun, Mao Zedong, and the late paramount leader Deng Xiaoping at CDB Capital’s Beijing headquarters in May 2011 before inking a cooperative deal. And that is China Development Bank in a nutshell. If the Communist Party is God, CDB is its prophet, extending the power of the Chinese state across the globe and cementing its power at home. Acknowledgments Henry Sanderson Thanks to my parents, my sister Vanessa, and Gu Bo for their support and encouragement during this project as well as for reading drafts.

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But the result has led the state banking system to hold trillions of yuan of questionable debt with little accountability for its repayment. Even the authorities don’t know how much debt is out there. What does all this investment have to do with China Development Bank (CDB)? Everything. The bank invented the secret sauce. The Wuhu Model Deng Xiaoping, the short, squat, chain-smoking paramount leader of China in the early 1990s, decided that the country needed to accelerate growth and build momentum for reform just over a decade after China had started to open up its economy and as it faced international isolation for killing student demonstrators in Tiananmen Square.

Age of Ambition: Chasing Fortune, Truth, and Faith in the New China by Evan Osnos

conceptual framework, crony capitalism, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, East Village, Evgeny Morozov, fake news, financial independence, Gini coefficient, Great Leap Forward, high-speed rail, income inequality, indoor plumbing, information asymmetry, land reform, Lao Tzu, low skilled workers, market fundamentalism, Mohammed Bouazizi, plutocrats, prosperity theology / prosperity gospel / gospel of success, rolodex, scientific worldview, Silicon Valley, South China Sea, sovereign wealth fund, special economic zone, Steve Jobs, transcontinental railway, Washington Consensus, Xiaogang Anhui farmers, young professional

In 1979 the Party announced that it would no longer tag people as “landlords” and “rich peasants,” and later Deng Xiaoping removed the final stigma: “Let some people get rich first,” he said, “and gradually all the people should get rich together.” The Party extended the economic experiment. Officially, private businesses were permitted to hire no more than eight employees—Marx had believed that firms with more than eight workers were exploitative—but eventually small enterprises began popping up so fast that Deng Xiaoping told a Yugoslav delegation that it was “as if a strange army had appeared suddenly from nowhere.”

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Rawnsley, and Ming-Yeh T. Rawnsley, The Clandestine Cold War in Asia, 1945–65: Westrern Intelligence, Propaganda and Special Operations (New York: Routledge, 2000). For background on the relationship between senior leaders at the advent of reform, see Barry Naughton, “Deng Xiaoping: The Economist,” China Quarterly 135, Special Issue: Deng Xiaoping: An Assessment (Sept. 1993): 491–514; Jonathan Spence, The Search for Modern China (New York: W. W. Norton and Company, 1990); Zhao Ziyang, Prisoner of the State: The Secret Journal of Premier Zhao Ziyang (New York: Simon & Schuster, 2009); and Kate Xiao Zhou, How the Farmers Changed China: Power of the People (Boulder, CO: Westview Press, 1996). 2.

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Mao’s Great Leap Forward resulted in the world’s worst famine, which killed between thirty and forty-five million people, more than World War I. By the time Captain Lin defected from Taiwan, the People’s Republic was poorer than North Korea; its per capita income was one-third that of sub-Saharan Africa. Deng Xiaoping had been China’s paramount leader for less than six months. At seventy-five, he was a persuasive but plainspoken statesman, and a survivor—repeatedly purged from the leadership by Chairman Mao, twice rehabilitated. In the years since, he has often been described as the sole architect of the boom that followed, but that view is the handiwork of Party historians.

Zero-Sum Future: American Power in an Age of Anxiety by Gideon Rachman

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, bank run, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Bretton Woods, BRICs, capital controls, carbon tax, centre right, clean water, collapse of Lehman Brothers, colonial rule, currency manipulation / currency intervention, deindustrialization, Deng Xiaoping, Doha Development Round, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, Glass-Steagall Act, global reserve currency, Global Witness, Golden arches theory, Great Leap Forward, greed is good, Greenspan put, Hernando de Soto, illegal immigration, income inequality, invisible hand, It's morning again in America, Jeff Bezos, laissez-faire capitalism, Live Aid, low interest rates, market fundamentalism, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, moral hazard, mutually assured destruction, Naomi Klein, Nelson Mandela, offshore financial centre, Oklahoma City bombing, open borders, open economy, Peace of Westphalia, peak oil, pension reform, plutocrats, popular capitalism, price stability, RAND corporation, reserve currency, rising living standards, road to serfdom, Ronald Reagan, Savings and loan crisis, shareholder value, Sinatra Doctrine, sovereign wealth fund, special economic zone, Steve Jobs, Stewart Brand, Tax Reform Act of 1986, The Chicago School, The Great Moderation, The Myth of the Rational Market, Thomas Malthus, Timothy McVeigh, trickle-down economics, Washington Consensus, Winter of Discontent, zero-sum game

The notion of a win-win world did not seem incredible in the heyday of globalization, for this was also an Age of Optimism in much of Asia and in the European Union. Predictions that the Chinese miracle would be ended by the Tiananmen Square massacre of 1989 proved wide of the mark. Instead Chinese growth was relaunched at an even faster pace, after Deng Xiaoping’s “southern tour” of the country’s manufacturing heartlands in 1992. Almost two more decades of rapid economic growth led the Chinese cheerfully to embrace the idea of a win-win world. Hu Jintao, China’s president, even used the phrase when he toured a Boeing plant near Seattle in 2006, saying that “Boeing’s co-operation with China is a vivid example of mutually beneficial co-operation and a win-win outcome.”5 By the mid-1990s it was clear that India too was growing rapidly, and the rise of the Indian information technology (IT) industry became one of the clichés of globalization.

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—Manmohan Singh, India’s finance minister, July 1991 The Age of Transformation began in December 1978 in Beijing at the third plenary session of the eleventh Central Committee of the Chinese Communist Party. It ended on Christmas Eve, 1991, when the flag of the Soviet Union was lowered for the last time over the Kremlin. In late 1978, Deng Xiaoping laid the foundations for the opening of China and his country’s emergence as an economic superpower. By contrast, the economic and political reforms initiated by Mikhail Gorbachev in the mid-1980s brought about the breakup of the Soviet Union. But while the domestic political effects of Russian and Chinese economic reforms were very different, their global significance was similar.

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By the end of the Age of Transformation, the world was no longer divided into two rival political and economic camps. The celebration of capitalism and wealth creation seemed all but universal. In the United States, President Ronald Reagan insisted that “what I want to see above all is that this country remains a country where someone can always get rich.” In China, Deng Xiaoping agreed. “To get rich is glorious,” he famously proclaimed. While the period was bookended by events in the Soviet Union and the People’s Republic of China, it was not just the communist world that was transformed between 1978 and 1991. In the United States and Britain, the Reagan revolution and Margaret Thatcher’s radical reforms heralded a resurgence of free-market ideas and private enterprise, and a rethinking of the role of the state.

Post Wall: Rebuilding the World After 1989 by Kristina Spohr

"World Economic Forum" Davos, Alan Greenspan, American Legislative Exchange Council, Andrei Shleifer, anti-communist, banking crisis, Berlin Wall, Bonfire of the Vanities, bread and circuses, Bretton Woods, central bank independence, colonial exploitation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Doomsday Clock, facts on the ground, failed state, Fall of the Berlin Wall, foreign exchange controls, Francis Fukuyama: the end of history, G4S, Japanese asset price bubble, Kickstarter, mass immigration, means of production, Mikhail Gorbachev, military-industrial complex, open economy, operational security, Prenzlauer Berg, price stability, public intellectual, rising living standards, Ronald Reagan, Ronald Reagan: Tear down this wall, software patent, South China Sea, special economic zone, Thomas L Friedman, Transnistria, uranium enrichment, zero-coupon bond

On Deng’s reform course, see Ezra F. Vogel Deng Xiaoping and the Transformation of China Harvard UP 2013 pp. 377–476 Back to text 55. Arne Westad ‘The Great Transformation: China in the Long 1970s’ in Niall Ferguson et al. (eds) The Shock of the Global: The 1970s in Perspective Belknap Press 2011 p. 77; see also Vogel Deng Xiaoping pp. 333–48 Back to text 56. United States–People’s Republic of China Agreements Remarks at the Signing Ceremony 17.9.1980 APP. See also Dong Wang ‘US–China Trade, 1971–2012’ Asia-Pacific Journal 11, 24 (June 2013) Back to text 57. Meeting with Deng Xiaoping US Embassy Secret – Cable 16.6.1981 pp. 1–5, DNSA collection: China, 1960–1998; Arne Westad Restless Empire pp. 372–80.

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GHWBPL NSC – SitRoom TSCF China – part 2 of 5 [2] (OA/ID CF01722–007) Am. embassy Beijing to Baker Cable – Subj: Sitrep. No. 18 Central party organs endorse Deng line 27.5.1989 pp. 1–2; Vogel Deng Xiaoping pp. 625–7 Back to text 144. Nicholas D. Kristof ‘Troops Attack and Crush Beijing Protest – Thousands Fight Back, Scores Are Killed, Square Is Cleared’ NYT 4.6.1989 Back to text 145. Ibid.; Vogel Deng Xiaoping pp. 625–32; Heather Saul ‘Tiananmen Square: What happened to tank man? What became of the unknown rebel who defied a column of tanks?’ Independent 4.6.2014. See also GHWBPL NSC – SitRoom TSCF China – part 3 of 5 [1] (OA/ID CF01722–011) Am. embassy Beijing to Baker Cable – Subj: Siterep No. 32 The morning of 6.4.1989, 4.6.1989 pp. 1–4; and Am. embassy Beijing to Baker Cable – Subj: Chaos within China 4.6.1989 pp. 1–5; Baker to Am. embassy Beijing Cable – Subj: SSO TF3–3: China Task Force Situation 4.6.1989 p. 1.

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GHWBPL NSC – SitRoom TSCF China (OA/ID CF01722–007) Sec State WashDC to US amb. in Beijing Cable RE: China matters – Letter from President to Deng Xiaoping 27.5.1989 pp. 1–2 Back to text 153. Engel & Radchenko ‘Beijing and Malta, 1989’ p. 195 Back to text 154. James R. Lilley & Jeffrey Lilley China Hands: Nine Decades of Adventure, Espionage, and Diplomacy in Asia Public Affairs 2004 p. 309; Kristof ‘Crackdown in Beijing’ Back to text 155. Vogel Deng Xiaoping pp. 648–52; David M. Lampton Same Bed, Different Dreams Univ. of California Press 2002 pp. 21–2; Engel When the World Seemed New pp. 175–81.

Brilliant, Crazy, Cocky: How the Top 1% of Entrepreneurs Profit From Global Chaos by Sarah Lacy

Asian financial crisis, barriers to entry, Benchmark Capital, BRICs, clean tech, clean water, cloud computing, Deng Xiaoping, digital divide, Donald Trump, Elon Musk, fear of failure, Firefox, Great Leap Forward, Huaqiangbei: the electronics market of Shenzhen, China, income per capita, intangible asset, Jeff Bezos, knowledge economy, knowledge worker, M-Pesa, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, Max Levchin, McMansion, megacity, Network effects, off-the-grid, One Laptop per Child (OLPC), paypal mafia, QWERTY keyboard, risk tolerance, Salesforce, Skype, social web, Steve Jobs, Tony Hsieh, urban planning, web application, women in the workforce, working-age population, zero-sum game

Contents Acknowledgments Chapter 1: Nothing to Lose Chapter 2: The Death of Risk in America Too Much Cash End of a High-Tech Era The Curse of Short-Term Thinking Too Little Reward Israel Chapter 3: How Israel Became a Startup Powerhouse China Chapter 4: Deng Xiaoping, for the Win Chapter 5: Revenge of the Copycats India Chapter 6: India’s Invisible Infrastructure Connections Education Telecommunications The Service Economy Chapter 7: India’s Mighty Microeconomy Brazil Chapter 8: Do You Know Who You Are Talking To? Indonesia Chapter 9: The Emerging World’s Big Secret Rwanda Chapter 10: Africa’s Hottest and Riskiest Startup Epilogue: Beyond Greed and Fear Notes Author’s Note Index Praise for Brilliant, Crazy, Cocky “Anyone who thinks they know entrepreneurship should read Sarah Lacy’s Brilliant, Crazy, Cocky.

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Israel proved that an almost intangible spirit of risk taking could make up for limitations like market size and access to capital. So what happens when you apply a spirit of risk to a domestic market with 1.3 bil ion people? You get modern-day China. Unlike Israel, China doesn’t have to depend on the United States or Silicon Val ey’s money to take off. China Chapter 4 Deng Xiaoping, for the Win It’s a balmy May Saturday night on one of a dozen rooftop bars in between the Drum and Bel Towers. New York native Yan Zhang is in his element. Wearing a crisp white shirt neatly tucked into his low-slung jeans, Zhang is introducing his dozen or so friends—again. He’s excited and slurring his words just enough to show this Saturday night has been just like any other in Beijing.

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Despite massive infrastructure projects and a vast government-employed workforce, China has put tril ions of dol ars of its GDP into one of the safest investments—U.S. Treasury Bonds. In terms of industry, China’s economic growth is hardly just about government spending. Every industry you can imagine is developing at the same time in modern China. And it al started some 30 years ago with Deng Xiaoping. The powerful leader of China’s communist party was known more for his practicality than for his communist dogma. In the 1970s, Deng almost single-handedly converted a then-closed, backwards, sleeping monolith into a surging 21st-century capitalist superpower. To understand the unique pistons of the Chinese economy, think about the difference between an economy developing in serial—or one wave of modernization at a time, organical y—and an economy where industries that should be at different stages develop al at once, or in parallel.

China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle by Dinny McMahon

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, American Society of Civil Engineers: Report Card, Andrei Shleifer, Asian financial crisis, bank run, business cycle, California gold rush, capital controls, crony capitalism, dark matter, Deng Xiaoping, Donald Trump, Edward Glaeser, eurozone crisis, financial innovation, fixed income, Gini coefficient, Global Witness, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, industrial robot, invisible hand, low interest rates, megacity, middle-income trap, military-industrial complex, money market fund, mortgage debt, new economy, peer-to-peer lending, Ponzi scheme, Ronald Reagan, short selling, Silicon Valley, subprime mortgage crisis, too big to fail, trickle-down economics, urban planning, working-age population, zero-sum game

Classification: LCC HJ8811 (ebook) | LCC HJ8811 .M36 2018 (print) | DDC 336.3/40951—dc23 LC record available at https://lccn.loc.gov/2017045344 Cover design by David Drummond Author photograph © Jean Lachat/University of Chicago eISBN 978-1-328-84602-0 v1.0218 To my mum and dad, for choosing Chinese Introduction: Fear and Greed IN 1985, HU YAOBANG, the general secretary of the Chinese Communist Party and the second-most important man in China, after Deng Xiaoping, visited Australia. In an action that was somewhat unusual for a world leader, Hu didn’t head straight for Canberra, the capital, or any of the major cities. He started his visit by flying into Paraburdoo. Paraburdoo, or “Para” to the locals, is a small mining town just inside the southern edge of the Pilbara, a sprawling band of red earth that starts at the Indian Ocean and stretches deep into the Australian interior.

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It’s also one of the hottest places in Australia, and home to swarms of flies—a major concern for the advance team of Chinese officials who visited three weeks ahead of their boss. What drew Hu to this remote, inaccessible corner of Australia was, in fact, the red dirt. Paraburdoo, and the Pilbara more generally, is one of the richest sources of iron ore anywhere in the world. Soon after consolidating power, in 1978, Deng Xiaoping launched a major program to modernize the Chinese economy after decades of stagnation under Mao Zedong. To do so required resources. Hu had flown into Paraburdoo to visit Mount Channar twenty kilometers down the road, an ore-rich hill that would become the first overseas-resources investment by the Chinese state.

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He alleges that his incarceration was the result not of “independent state action, but rather by Silvercorp exerting its influence over the local” police. Put another way, he is claiming that Chinese authorities acted not in the interest of justice or the law but explicitly to help a private company discredit him and to visit retribution upon him. The Chinese government no longer controls the economy as it once did. Before Deng Xiaoping set about reforming the economy, in the 1980s, the price of most things was set by the government, whereas today, only energy prices and a few freight rates are state controlled. Whereas once everyone was employed by the government, these days state firms account for less than 15% of the urban workforce.

China's Good War by Rana Mitter

"World Economic Forum" Davos, 9 dash line, Admiral Zheng, anti-communist, Berlin Wall, Bretton Woods, British Empire, colonial rule, COVID-19, Deng Xiaoping, do well by doing good, Donald Trump, Great Leap Forward, high-speed rail, Internet Archive, land reform, liberal capitalism, Mahatma Gandhi, Mikhail Gorbachev, Nelson Mandela, New Journalism, sexual politics, South China Sea, Washington Consensus

Like the other Allies, China also seeks to legitimize its own behavior and give itself prestige by virtue of its contributions to the wartime victory. Yet the international aspect of China’s engagement with its World War II history should not be separated from the domestic dimension. Memory of the war has also reshaped China’s internal political culture. During the Mao era, class identity was central to China’s self-definition; under Deng Xiaoping, class distinctions were blurred with the restoration of capitalism. A new form of non-class-based national identity was needed: World War II, with its message of shared anti-Japanese struggle across class lines, proved to be a powerful vehicle for that new nationalism. The war-based narrative that has emerged during the past four decades is not the only historical narrative that has shaped modern China.

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From 1949 on, Mao’s China was determined to separate itself from most of the Nationalist record, and as a result, during the Cold War, discussion of the conflict against Japan was restricted mostly to the Communist contributions to a “people’s war” of anti-Japanese resistance. The next four chapters deal with post–Cold War China’s turn toward a new embrace of the memory of the war. The academic world in China, discussed in Chapter 2, was one of the first sectors to take advantage of the relatively nondoctrinaire view of research encouraged by paramount leader Deng Xiaoping and the reformists he appointed, including Hu Yaobang and Zhao Ziyang, as well as the new stress on nationalist discourse encouraged by figures such as the ideologically conservative Hu Qiaomu. One aspect of the new openness was a willingness to encourage research on a variety of previously forbidden areas of historical study, including the Nationalist war effort.

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Looking to the past is problematic because so many events cannot be discussed. Chinese president Xi Jinping’s proscription against “historical nihilism” points to a new desire to close off discussion of sensitive issues such as the Cultural Revolution. It is also still immensely difficult to talk in a full and frank way about figures such as Mao Zedong and Deng Xiaoping. The Second World War, on the other hand, provides a useful episode to look back to. It provides China with the opportunity to present itself, both at home and abroad, as being a victim of circumstances outside its control (invasion by a hostile power), but also as having been able to resist those circumstances and having contributed to international security (the global antifascist alliance).

Superpower Interrupted: The Chinese History of the World by Michael Schuman

Admiral Zheng, British Empire, crony capitalism, Deng Xiaoping, European colonialism, Great Leap Forward, land bank, moveable type in China, Pearl River Delta, place-making, Rubik’s Cube, Shenzhen special economic zone , South China Sea, special economic zone, trade route, urban planning, urban sprawl, women in the workforce

—Xi Jinping, president of China In February 1979, Deng Xiaoping found himself in an unlikely setting for a career Communist—a Texas rodeo. The longtime revolutionary luminary would probably have been much more comfortable marching with peasant soldiers or maneuvering in Beijing’s cloistered halls of power. But unlike most other party brass, the personable and open-minded Deng knew how to play to the crowd, whoever might be in it. Donning a ten-gallon cowboy hat, Deng earned himself a hearty whoop from these otherwise red-blooded, anti-Red spectators. “Deng Xiaoping not only went west, but went Western,” one television reporter quipped approvingly.1 The rodeo was just one stop on a nationwide campaign for American hearts and minds.

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US President Jimmy Carter and China’s paramount leader Deng Xiaoping forged a partnership in a 1979 summit in Washington that underpinned the success of Beijing’s capitalist reforms and the country’s economic rejuvenation. Universal History Archive/UIG / Bridgeman Images But would anybody come? On the face of it, China had little to offer the world. The empire that had once been the beating heart of the global economy, the source of the silk and porcelain the world craved, and home to the eye-popping wealth that dumbfounded Marco Polo was long gone. The China of Deng Xiaoping had been disconnected from the world for decades.

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Born in the mid-sixth century BC, he is considered China’s greatest thinker, whose ideas came to shape everything from China’s imperial governing system to education to family life. Daoguang, Emperor of the Qing Dynasty. Reigning from 1821 to 1850 AD, he lost the Opium War with the British in the early 1840s and was forced to agree to the “unequal” Treaty of Nanjing. Deng Xiaoping, Politician. A luminary of the Chinese Communist Party, he led the economic reform movement in the 1980s that rebuilt Chinese global power, but he also ordered the infamous crackdown on pro-democracy protesters on Beijing’s Tiananmen Square in 1989. Faxian, Buddhist Monk. His travels between China and India around the turn of the fifth century AD left us an early account of pan-Asian trading routes.

The Cold War: A World History by Odd Arne Westad

Able Archer 83, Albert Einstein, American ideology, anti-communist, Ayatollah Khomeini, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, capital controls, collective bargaining, colonial rule, continuous integration, cuban missile crisis, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, energy security, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, financial deregulation, full employment, Great Leap Forward, household responsibility system, imperial preference, Internet Archive, land reform, Les Trente Glorieuses, liberal capitalism, long peace, means of production, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nelson Mandela, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, oil shock, out of africa, post-industrial society, Ronald Reagan, Ronald Reagan: Tear down this wall, South China Sea, special economic zone, Strategic Defense Initiative, Suez crisis 1956, union organizing, urban planning, War on Poverty, women in the workforce, Yom Kippur War, young professional, zero-sum game

Ambassador Wu Jianmin in conversation with the author, London, October 2013. 2. Selected Works of Deng Xiaoping, 1982–1992 (Beijing: Foreign Languages Press, 1994), 174. 3. Ezra F. Vogel, Japan as Number One: Lessons for America (Cambridge, MA: Harvard University Press, 1979), vii. 4. Paul Kennedy, The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000 (New York: Random House, 1987), 467–68. 5. “Cable from Ambassador Katori to the Foreign Minister, ‘Prime Minister Visit to China (Conversation with Chairman Deng Xiaoping),’” 25 March 1984, CWIHP-DA, http://digitalarchive.wilsoncenter.org/document/118849. 6.

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The steady progress of the first Five Year Plan was good, but it was not sufficient, Mao thought. China could do better if it relied on its own strength and initiative. Other Communist leaders, who ought to have known better—such as President Liu Shaoqi, Premier Zhou Enlai, and the head of the party apparatus, Deng Xiaoping—got caught up in increasingly harebrained development plans that would, the Chairman promised, catapult China into Communism. The Great Leap was based on Mao’s preoccupation with the power of the human will. Never properly materialist in a Marxist sense, Mao always believed that all progress depended on the willingness and ability of people to carry out socialist transformation.

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Even those who had worked with Mao for almost a generation did not understand that the break with the Soviets would take China in a disastrous direction. Even less did they see that it sealed their own fate. The public hero-worship of the Chairman was intense. Mao was clever enough to push the leaders whom he suspected of wanting a return to the safety of 1950s-style economic planning, like Liu Shaoqi or Deng Xiaoping, to the fore in criticizing the Soviets. By publicly attacking moderation, gradualism, and traditional Marxist economics, these leaders helped dig their own graves, in a few cases quite literally, as China descended into another round of internecine bloodletting in the 1960s. In the meantime China’s foreign policy floundered.

When China Rules the World: The End of the Western World and the Rise of the Middle Kingdom by Martin Jacques

Admiral Zheng, An Inconvenient Truth, Asian financial crisis, Bear Stearns, Berlin Wall, Bob Geldof, Bretton Woods, BRICs, British Empire, classic study, credit crunch, Dava Sobel, deindustrialization, Deng Xiaoping, deskilling, discovery of the americas, Doha Development Round, energy security, European colonialism, failed state, Fall of the Berlin Wall, flying shuttle, Francis Fukuyama: the end of history, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, income per capita, invention of gunpowder, James Watt: steam engine, joint-stock company, Kenneth Rogoff, land reform, land tenure, lateral thinking, Malacca Straits, Martin Wolf, Meghnad Desai, Naomi Klein, Nelson Mandela, new economy, New Urbanism, one-China policy, open economy, Pearl River Delta, pension reform, price stability, purchasing power parity, reserve currency, rising living standards, Ronald Reagan, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, spinning jenny, Spread Networks laid a new fibre optics cable between New York and Chicago, the scientific method, Thomas L Friedman, trade liberalization, urban planning, Washington Consensus, Westphalian system, Xiaogang Anhui farmers, zero-sum game

Notwithstanding his colossal abuses of power, which resulted in the deaths of millions, as the architect of the revolution and the founder of an independent and unified China, he played the central role in sustaining the popularity and legitimacy of the new regime, and he remains, even today, a venerated figure in the eyes of many Chinese, even more than Deng Xiaoping, who presided over the reform period from 1978. Prior to 1949, the Communist Party’s main base of support lay amongst the peasantry, who constituted the overwhelming majority of the population, rather than in the cities, where the Nationalists were strong. This was very different from the Bolsheviks in the USSR, whose support was concentrated in the cities and was very weak in the countryside.92 The underlying strength and resilience of the new regime was demonstrated by the ability of the Communist Party to renew itself after the death of Mao.93 Despite the calamities of the Great Leap Forward and the Cultural Revolution, both of which Mao had been responsible for, the Communist Party succeeded in restoring its legitimacy amongst the people and then embarking on a very different kind of economic policy, which led to a sustained period of extremely rapid economic growth and a remarkable transformation in China’s situation and prospects.

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It is clear from the exchange that maintaining a distinct Chinese core was non-negotiable as far as these students were concerned: the two women, Gao Yi and Huang Yongyi, were shortly off to do doctorates at American universities, while the young men, Wang Jianxiong and Zhang Xiaoming, had landed plum jobs with American firms in Shanghai.111 They were the crème de la crème, the ultimate beneficiaries of Deng Xiaoping’s open-door policy, Chinese winners from globalization. Wang: In the last century Chinese culture became marginal while Western culture became dominant. The Chinese have been much more preoccupied with the past, with their history, than the West. We have to understand why we are behind other countries, why we haven’t been able to develop our country.

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There were brand-new motorways, bridges, factories, warehouses, and a lot more cars; and little sign of the juxtaposition of eras that had so fascinated me two years earlier. I enlisted the help of a couple of officials, but as I described the scenes I wanted to recapture on film they shrugged as if to suggest that they lay in the distant past. For me it was just two years ago; for them it could have been a different century. Guangdong, the brainchild of Deng Xiaoping, was well on the way to becoming the industrial centre of China, full of factories, many Hong Kong-owned, making cheap, mass-produced goods for the global market. This is how and where China’s economic transformation started. Now Guangdong, just fifteen years after that first volcanic eruption, is turning over a new page in its history.

Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace by Matthew C. Klein

Alan Greenspan, Albert Einstein, Asian financial crisis, asset allocation, asset-backed security, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, British Empire, business climate, business cycle, capital controls, centre right, collective bargaining, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, deglobalization, deindustrialization, Deng Xiaoping, Donald Trump, Double Irish / Dutch Sandwich, Fall of the Berlin Wall, falling living standards, financial innovation, financial repression, fixed income, full employment, George Akerlof, global supply chain, global value chain, Great Leap Forward, high-speed rail, illegal immigration, income inequality, intangible asset, invention of the telegraph, joint-stock company, land reform, Long Term Capital Management, low interest rates, Malcom McLean invented shipping containers, manufacturing employment, Martin Wolf, mass immigration, Mikhail Gorbachev, Money creation, money market fund, mortgage debt, New Urbanism, Nixon triggered the end of the Bretton Woods system, offshore financial centre, oil shock, open economy, paradox of thrift, passive income, reserve currency, rising living standards, Robert Shiller, Ronald Reagan, savings glut, Scramble for Africa, sovereign wealth fund, stock buybacks, subprime mortgage crisis, The Nature of the Firm, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, Wolfgang Streeck

Instead, they have everything to do with the distribution of income and the structure of the global monetary system. F•O•U•R From Tiananmen to the Belt and Road Understanding China’s Surplus The Chinese economy has grown at a breakneck pace for four decades. Initially, this was because Maoism had been replaced with the moderate reformism of Deng Xiaoping and his colleagues after they took over the leadership of the Communist Party in 1978. After nearly a century of war and repression, the latent entrepreneurial energies of the Chinese people were finally allowed to flourish. This produced significant gains in living standards in the decade or so after the start of the 1978 reforms.

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The only way to prevent this is to rebalance the Chinese economy so that household consumption is prioritized over investment. That means reversing all of the existing mechanisms transferring purchasing power from Chinese workers and retirees to companies and the government—reforms at least as dramatic and politically difficult as the reforms implemented by Deng Xiaoping beginning in 1978. Unfortunately for China, the choices of the past few decades have become politically entrenched. It is easy for an antidemocratic authoritarian regime to suppress workers’ rights and shift spending power from consumers to large companies. Stalin did it, after all. The problem is that years of state-sponsored income concentration creates a potent group of “vested interests”—Premier Li Keqiang’s preferred term—that will fiercely resist any reforms that would shift spending power back to consumers.

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To understand why China got into this situation and why it has been so hard to reverse this process, it is necessary to understand China’s growth trajectory over the past four decades. One of the biggest mistakes analysts make in their understanding of China’s development is to conflate the nearly four decades since Deng Xiaoping began his historic reforms into a single, consistent growth model from whose success we can draw conclusions about the policymaking process. It is much more useful to think about this period as consisting of four very different stages, the last of which, with great difficulty, we are just beginning.

Overbooked: The Exploding Business of Travel and Tourism by Elizabeth Becker

airport security, Asian financial crisis, barriers to entry, Berlin Wall, BRICs, car-free, carbon footprint, clean water, collective bargaining, colonial rule, computer age, corporate governance, Costa Concordia, Deng Xiaoping, European colonialism, Exxon Valdez, Fall of the Berlin Wall, Frank Gehry, global village, Global Witness, Great Leap Forward, happiness index / gross national happiness, haute cuisine, high-speed rail, indoor plumbing, Kickstarter, Masdar, Murano, Venice glass, open borders, out of africa, race to the bottom, Ralph Nader, Scramble for Africa, Silicon Valley, statistical model, sustainable-tourism, the market place, union organizing, urban renewal, wage slave, young professional, éminence grise

All those decades of revolution competed with the traditional image of China, with its Confucian scholars, blue and white porcelain, scroll paintings, shimmering silk robes and the snaking Great Wall. In the 1980s, Chinese leaders radically changed direction and jumped into the global economy. The goal was nothing less than to make China one of the world’s new superpowers. The Chinese leader Deng Xiaoping declared that “poverty is not socialism. To be rich is glorious.” Factories sprang up along the coast and then in the interior. They made automobiles, computers, televisions, furniture, toys and clothing, especially clothing. Whole cities were devoted to the manufacturing of socks or underwear or sweaters.

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From the beginning of the seismic economic reforms, China’s leaders believed that tourism would be critical to its economic development and play a major “diplomatic” role, winning over foreign tourists with China’s preeminence as one of the world’s greatest ancient cultures and wowing them with its modern transformation. They would control that message by overseeing nearly every aspect of tourism. China took to heart the boast of the tourism industry that every foreign visitor was a potential citizen ambassador to the world. No one better exemplifies this approach than Deng Xiaoping, China’s supreme leader who opened up the country to the world. Shortly after he wrested power in late 1978, Deng gave five talks on the central role of tourism. The titles don’t translate well: “Tourism Should Become a Comprehensive Industry,” and “There’s a Lot To Be Achieved Through Tourism.”

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“The sheer number of people in those cities was unbelievable. I started calling the cities and their apartment buildings concrete forests. I know, I had read about China’s modernization, but to see it in reality is a different experience. . . . Now I know it in my bones.” Those reactions, transforming tourists into political emissaries, are what Deng Xiaoping had in mind thirty years earlier when he summoned his aides and told them tourism could change his country’s image. China is the new center of the universe, the new Middle Kingdom. Mention China and experts spew superlatives. The country is skyrocketing in popularity, and the Chinese people are becoming the most sought-after tourists of the twenty-first century, spending lots of money and taking full advantage of their new ability to travel the world.

Destined for War: America, China, and Thucydides's Trap by Graham Allison

9 dash line, anti-communist, Berlin Wall, borderless world, Bretton Woods, British Empire, capital controls, Carmen Reinhart, conceptual framework, cuban missile crisis, currency manipulation / currency intervention, Deng Xiaoping, disruptive innovation, Donald Trump, Dr. Strangelove, escalation ladder, facts on the ground, false flag, Flash crash, Francis Fukuyama: the end of history, game design, George Santayana, Great Leap Forward, guns versus butter model, Haber-Bosch Process, Herman Kahn, high-speed rail, industrial robot, Internet of things, Kenneth Rogoff, liberal world order, long peace, Mark Zuckerberg, megacity, megaproject, middle-income trap, Mikhail Gorbachev, Monroe Doctrine, mutually assured destruction, Nelson Mandela, one-China policy, Paul Samuelson, Peace of Westphalia, public intellectual, purchasing power parity, RAND corporation, Ronald Reagan, Scramble for Africa, selection bias, Silicon Valley, Silicon Valley startup, South China Sea, special economic zone, spice trade, Suez canal 1869, synthetic biology, TED Talk, the rule of 72, The Wealth of Nations by Adam Smith, too big to fail, trade route, UNCLOS, Washington Consensus, zero-sum game

David was by this point leaning forward across the table as I opened a report from someone whose incisive, far-sighted understanding could inform Washington’s response to the greatest geopolitical challenge of our lifetime. As I said to the new director, this individual had succeeded beyond all expectations. He had seen up close China’s convulsions from the Great Leap Forward and Cultural Revolution in the 1960s to Deng Xiaoping’s capitalist pivot in the 1980s. Indeed, he had established serious working relationships with many of the people who governed China, including China’s future president, Xi Jinping. I began reading the first set of questions from fifty pages of Q&A with this asset: Are China’s current leaders serious about displacing the United States as the number-one power in Asia in the foreseeable future?

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In the late 1970s, when Deng began to think about leading China on a fast march to the market, Chinese leaders looked to Singapore as a laboratory in not only economic but also political development. Lee spent thousands of hours in direct conversations with Chinese presidents, prime ministers, cabinet officers, and rising leaders of his “neighbor to the North.”2 Every Chinese leader from Deng Xiaoping to Xi Jinping has called him “mentor,” a term of ultimate respect in Chinese culture. My biggest takeaway from Lee for the new CIA director addresses the most troubling question about China’s trajectory: What does its dramatic transformation mean for the global balance of power? Lee answered pointedly: “The size of China’s displacement of the world balance is such that the world must find a new balance.

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In the Chinese language, the word for China, zhong guo (中国), means “Middle Kingdom.” “Middle” refers not to the space between other, rival kingdoms, but to all that lies between heaven and earth. As Lee summarized the world view shared by hundreds of Chinese officials who sought his advice (including every leader since Deng Xiaoping), they “recall a world in which China was dominant and other states related to them as supplicants to a superior, as vassals came to Beijing bearing tribute.”8 In this narrative, the rise of the West in recent centuries is a historical anomaly, reflecting China’s technological and military weakness when it faced dominant imperial powers.

The Great Surge: The Ascent of the Developing World by Steven Radelet

Admiral Zheng, agricultural Revolution, Asian financial crisis, bank run, Berlin Wall, biodiversity loss, Boeing 747, Branko Milanovic, business climate, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, clean water, colonial rule, creative destruction, demographic dividend, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, Erik Brynjolfsson, European colonialism, export processing zone, F. W. de Klerk, failed state, Francis Fukuyama: the end of history, Gini coefficient, global pandemic, global supply chain, Great Leap Forward, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), invention of the steam engine, James Watt: steam engine, John Snow's cholera map, Joseph Schumpeter, Kenneth Arrow, land reform, low interest rates, low skilled workers, M-Pesa, megacity, middle-income trap, Mikhail Gorbachev, Nelson Mandela, off grid, oil shock, out of africa, purchasing power parity, race to the bottom, randomized controlled trial, Robert Gordon, Robert Solow, Second Machine Age, secular stagnation, Shenzhen special economic zone , Sheryl Sandberg, Simon Kuznets, South China Sea, special economic zone, standardized shipping container, Steven Pinker, The Wealth of Nations by Adam Smith, Thomas Malthus, three-masted sailing ship, trade route, women in the workforce, working poor

A remarkable 98 percent of registered voters turned out over five days to select delegates to a constituent assembly that would draft a new constitution and set the stage for presidential elections and the formation of a new government.1 The Namibians lining up that day had no way of knowing it, but their actions would reverberate far beyond their borders and mark the beginning of a slow but steady sweep of democracy across Africa. They could not know that exactly as they were voting, forces were under way that would bring about some of the most important changes in world history. Far to the east that same day, Deng Xiaoping was resigning as chairman of China’s Central Military Commission, his last formal post in the Communist Party leadership. Deng had transformed the Chinese economy by abandoning Mao Tse-tung’s rigid Communism and adopting a more mixed, market-based economy. His resignation marked a key political change: It effectively ended the tradition of Chinese leaders ruling like emperors until death.2 It also shifted power from a single supreme leader to the group leadership of the party and effectively marked the beginning of de facto term limits.

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In 1976 Mao single-handedly and dramatically changed the direction of global poverty with one simple act: he died. While Mao had overseen some economic growth alongside dramatic improvements in health, he left China a poor country. In 1981 there were 838 million Chinese living in extreme poverty—fully 84 percent of its population. But as Deng Xiaoping began to introduce wide-ranging economic reforms in the 1980s, starting with the decollectivization of agriculture, economic growth accelerated and the number of extreme poor began to fall. By 1993—just twelve years later—the number of extreme poor had dropped to 646 million, and the share of the population in extreme poverty had dropped to 55 percent.

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The Meiji Restoration was a political revolution that ended the Tokugawa shogunate and consolidated control of Japan under the emperor Meiji, resulting in enormous political, social, and economic changes in Japan in the decades that followed. THREE THE WEALTH OF A NEW GENERATION To get rich is glorious. —Deng Xiaoping WHEN MOZAMBIQUE’S CIVIL WAR ENDED in 1992, the country was in ruins.1 ARMED rebellion against Portuguese colonial rule started in the 1960s, but conflict intensified significantly after the 1974 coup in Lisbon led to Portugal’s withdrawal. When the Portuguese pulled out, “they did so with spite, sabotaging vehicles and pouring concrete down wells, elevator shafts, and toilets, leaving the country in disarray,” according to David Smith of the Guardian.2 The new government in Maputo established one-party rule, aligned itself with the Soviet Union, and provided support to the liberation movements in South Africa and Rhodesia, while the governments of South Africa and Rhodesia countered by financing an armed rebellion to fight the Mozambican government.

The End of the Free Market: Who Wins the War Between States and Corporations? by Ian Bremmer

"World Economic Forum" Davos, affirmative action, Asian financial crisis, banking crisis, Berlin Wall, BRICs, British Empire, centre right, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, cuban missile crisis, Deng Xiaoping, diversified portfolio, Doha Development Round, Exxon Valdez, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Glass-Steagall Act, global reserve currency, global supply chain, household responsibility system, invisible hand, joint-stock company, Joseph Schumpeter, Kickstarter, laissez-faire capitalism, low skilled workers, mass immigration, means of production, megacity, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Naomi Klein, Nelson Mandela, new economy, offshore financial centre, open economy, race to the bottom, reserve currency, risk tolerance, Savings and loan crisis, shareholder value, Shenzhen special economic zone , South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, trade route, tulip mania, uranium enrichment, Washington Consensus, Yom Kippur War, zero-sum game

On December 25, 1991, a dazed Mikhail Gorbachev looked deeply into the lens of a single television camera and told his people that they were living in a new world. Proud that he had helped guide the Soviet people “toward the market economy,” he resigned as Soviet president, shuffled the papers before him, and waited for aides to signal that he was off the air. Six days later, the Soviet Union went out of business. Within three weeks, Chinese leader Deng Xiaoping had embarked on his famous “southern tour,” which created new momentum behind free-market reform in China. Within a year, even Fidel Castro had accepted the need for a little capitalist experimentation. Former Warsaw Pact states began the march toward membership in NATO and the European Union.

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We have one important piece of experience of the past thirty years, that is to ensure that both the visible hand and invisible hand are given full play in regulating the market forces.”11 Three decades ago, the invisible hand was truly invisible in China. When Mao Zedong died in 1976, he left behind a society in turmoil, an economy in ruins, and a ruling party in real danger of irrelevance. Within two years, paramount leader Deng Xiaoping and his premier, Zhao Ziyang, overcame considerable resistance from senior Communist Party officials to launch a slow but deliberate plan to experiment with capitalism. For China’s economy and the ruling party’s future, it was a matter of necessity, and without Deng’s personal and political talents, the changes might never have been made.

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In the process, it has leveraged its enormous population and low labor costs to become a fast-emerging economic powerhouse. But it has also created internal vulnerabilities that Mao Zedong-era bureaucrats could never have imagined. Over the centuries, China has endured extended periods of chaos and self-destruction. It’s possible that as Deng Xiaoping weighed the decision to send tanks into Tiananmen Square, he thought of the Cultural Revolution, the Mao-inspired decade of violence that crippled his son, drove his brother to suicide, and temporarily cost him his freedom. When future Chinese leaders face the threat of large-scale disorder, they may well remember the costs of Tiananmen Square itself.

A History of Future Cities by Daniel Brook

Berlin Wall, British Empire, business process, business process outsourcing, call centre, carbon footprint, Celtic Tiger, collateralized debt obligation, collective bargaining, company town, Credit Default Swap, credit default swaps / collateralized debt obligations, Deng Xiaoping, desegregation, Edward Glaeser, Fall of the Berlin Wall, financial innovation, glass ceiling, high-speed rail, indoor plumbing, joint-stock company, land reform, Mikhail Gorbachev, New Urbanism, open economy, Parag Khanna, Pearl River Delta, Potemkin village, profit motive, rent control, Shenzhen special economic zone , SimCity, sovereign wealth fund, special economic zone, starchitect, Suez canal 1869, trade route, urban planning, urban renewal, working poor

Not only were the symbols of a century of foreign domination eradicated but so, too, were relics of China’s thousands of years of civilization before the unequal treaties, now tarred as a “feudal” pre-Communist culture irrelevant to New China. Rather than come to terms with its past, China erased it. With Mao’s death in 1976, a nation exhausted and impoverished after a decade adrift sought pragmatic leadership. In 1978, Deng Xiaoping, whose cosmopolitan youth studying in France and working as a Party organizer in Jazz Age Shanghai had led to his tarring as a “capitalist roader” during the Cultural Revolution, took power. For all his Shanghai values—his gaze fixed on the market and the outside world—Deng was wary of Shanghai itself.

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As Yeltsin struggled with the massive task of moving a vast nation dotted with collective farms and unproductive state-owned factories toward a market economy, Mayor Sobchak rushed ahead with his vision for St. Petersburg. He called his city “the only Russian door to Europe” and dreamed of a St. Petersburg restored to its prerevolutionary role as Russia’s banking and financial hub. Sobchak hoped to turn St. Petersburg into a Special Economic Zone (SEZ) of the type he had seen on a trip to Deng Xiaoping’s China in his days as a professor—a city with special business regulations to woo foreign investment. The appeal of the SEZ concept for Sobchak was obvious: his West-facing city could finally be decoupled from Russia’s backward hinterlands. Under Sobchak’s leadership, the city privatized its local businesses much faster than the rest of Russia.

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Petersburg—a city where even at midnight, a glimmer of sunlight still peeks out over the horizon—there is hope. 9 THE HEAD OF THE DRAGON Shanghai, 1989–Present Pudong skyline, seen from a demolition site in the former French Concession When Shanghai’s leaders looked out over the new New China born of Deng Xiaoping’s economic reforms, it seemed history had gone off the rails. It wasn’t Shanghai, the city that invented Chinese capitalism, but Deng’s new experimental instant metropolis, Shenzhen, on the border with Hong Kong, that was brimming with factories and drawing thousands of ambitious young people from across the country.

The Capitalist Manifesto by Johan Norberg

AltaVista, anti-communist, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, Boris Johnson, business climate, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Charles Babbage, computer age, coronavirus, COVID-19, creative destruction, crony capitalism, data is not the new oil, data is the new oil, David Graeber, DeepMind, degrowth, deindustrialization, Deng Xiaoping, digital map, disinformation, Donald Trump, Elon Musk, energy transition, Erik Brynjolfsson, export processing zone, failed state, Filter Bubble, gig economy, Gini coefficient, global supply chain, Google Glasses, Greta Thunberg, Gunnar Myrdal, Hans Rosling, Hernando de Soto, Howard Zinn, income inequality, independent contractor, index fund, Indoor air pollution, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of the printing press, invisible hand, Jeff Bezos, Jeremy Corbyn, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, lockdown, low cost airline, low interest rates, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, means of production, meta-analysis, Minecraft, multiplanetary species, Naomi Klein, Neal Stephenson, Nelson Mandela, Network effects, open economy, passive income, Paul Graham, Paul Samuelson, payday loans, planned obsolescence, precariat, profit motive, Ralph Nader, RAND corporation, rent control, rewilding, ride hailing / ride sharing, Ronald Coase, Rosa Parks, Salesforce, Sam Bankman-Fried, Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, Snapchat, social distancing, social intelligence, South China Sea, Stephen Fry, Steve Jobs, tech billionaire, The Spirit Level, The Wealth of Nations by Adam Smith, TikTok, Tim Cook: Apple, total factor productivity, trade liberalization, transatlantic slave trade, Tyler Cowen, Uber and Lyft, uber lyft, ultimatum game, Virgin Galactic, Washington Consensus, working-age population, World Values Survey, X Prize, you are the product, zero-sum game

Observers often date the start of the reform process to the Eleventh Central Committee’s third plenary session in December 1978, in which Deng Xiaoping took power. But as one of Deng’s closest advisors, Bao Tong, later acknowledged: ‘In fact, reform wasn’t discussed. Reform wasn’t listed on the agenda, nor was it mentioned in the work reports.’10 As we have seen, many reforms were initiated informally, by brave villagers, such as land privatization and the opening of small businesses. Deng Xiaoping’s greatest achievement with his Reform and Opening Up programme was to acknowledge the development and not to punish the pioneers, since it turned out that they produced results superior to the planned economy.

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Therefore, people said that Chinese and Indians will be successful all over the world – except in China and India. But then, in 1976, China’s dictator Mao Zedong, as the US economist Steven Radelet put it, ‘single-handedly and dramatically changed the direction of global poverty with one single act: he died’. His successor, Deng Xiaoping, began to accept the private enterprise that peasants and villagers secretly engaged in and extended it to the entire economy. All the restrained creativity and ambition was finally let loose and China grew at record speed. Ironically, intellectuals around the world – modern-day Max Webers – soon explained that this is itself not that strange, as Confucianism made it easy to modernize the economy.

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Strongmen who complain that growth takes too long to provide results are like the farmer who has no patience with the harvest and quickly makes himself popular by letting everyone gorge on the seed. Fewer seeds means you will have less to eat next season. Sooner or later, you’ll run out of other people’s harvests, as Thatcher would have said. Some long for a dictator like Chile’s Pinochet or China’s Deng Xiaoping who they assume will establish order and create economic development in a poor country. However, they are rare exceptions, not the rule. It is far more likely that an authoritarian will destroy the economy than save it. Contrary to popular myth, low-income democracies have had higher growth than low-income dictatorships since 1960.39 It is just that the more capricious policies of dictators create a wider variety of outcomes, so at each given moment there is always a couple of despots who can report superior growth and can be applauded at Davos.

Belt and Road: A Chinese World Order by Bruno Maçães

"World Economic Forum" Davos, active measures, Admiral Zheng, autonomous vehicles, Branko Milanovic, BRICs, cloud computing, deindustrialization, demographic dividend, Deng Xiaoping, different worldview, Donald Trump, energy security, European colonialism, eurozone crisis, export processing zone, Francis Fukuyama: the end of history, global supply chain, global value chain, high-speed rail, industrial cluster, industrial robot, Internet of things, Kenneth Rogoff, land reform, liberal world order, Malacca Straits, middle-income trap, one-China policy, Pearl River Delta, public intellectual, smart cities, South China Sea, sovereign wealth fund, special economic zone, subprime mortgage crisis, trade liberalization, trade route, zero-sum game

But its logic and structure are also a natural—almost inevitable—development of the recent trajectory in China’s development and cannot be understood in isolation from that context. The Belt and Road did not spring from the earth fully formed, ready to take on the world. It has a history or, better put, a story. That must be the starting point for our exploration. * * * As China embarked on its watershed “reform and opening up” under Deng Xiaoping, Chinese foreign policy had to adapt to the new focus on economic development. The possibility—always present with Mao—of a coming war with the Soviet Union or the United States receded from view. Deng’s main political achievement was to convince the Chinese Communist Party that the country’s national interest now lay in developing peaceful and even friendly relations with the capitalist world.

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Founded in 1873, its primary purpose was to compete with foreign companies that operated steamships in Chinese waters. Its founder, Li Hongzhang, saw an opportunity to draw Chinese capital invested in foreign firms to a new company. By 1877 it owned thirty steamships and could boast the highest tonnage among steamship companies in China—just the achievement Deng Xiaoping would have envied at the beginning of his efforts to modernize China’s merchant navy a hundred years later. Remarkably, having survived for almost 150 years through a number of radical transformations—in 1951 the Central Government reorganized the Shanghai Head Office of China Merchants into the People’s Navigation Company and merged it with the General Navigation Office under the Ministry of Communications—China Merchants has emerged as a core company of the Belt and Road, whose main presuppositions are those held by Li Hongzhang in the nineteenth century: the global economy embodies deep structures of power and if China wants to occupy the center of the system and infuse it with its own ideas, it needs to think and act globally and compete with foreigners on the same scale.

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In an essay published in the Guangzhou journal Open Times in January 2018, the Peking University constitutional lawyer Jiang Shigong tries to show why Xi Jinping’s thought provides the right framework for a new historical period when China will occupy the center of the world system. ‘Standing up’, ‘getting rich’, and ‘becoming powerful’ are ways to divide the histories of the Party and the Republic, referring respectively to the Mao Zedong era, the Deng Xiaoping era, and the Xi Jinping era that we are currently entering. History does not unfold naturally; it is created by “leaders leading people.” Western thought may attempt to obscure this truth, in which case it is Western thought that must be overcome. As Jiang puts it, the construction of China’s rule of law gradually fell into the erroneous zone of Western concepts in the process of studying the Western rule of law, and consciously or not, the notions of ‘rule of law’ and ‘rule of man’ came to be seen as antagonistic.

China into Africa: trade, aid, and influence by Robert I. Rotberg

barriers to entry, BRICs, colonial rule, corporate governance, Deng Xiaoping, energy security, European colonialism, export processing zone, failed state, global supply chain, global value chain, income inequality, Khartoum Gordon, land reform, low interest rates, megacity, megaproject, microcredit, offshore financial centre, one-China policy, out of africa, Pearl River Delta, profit maximization, purchasing power parity, RAND corporation, Scramble for Africa, Shenzhen special economic zone , South China Sea, special economic zone, structural adjustment programs, subprime mortgage crisis, trade route, Washington Consensus, zero-sum game

Li Liqing, “Chinese Communist Party’s Contacts with African Political Parties: History and Present,” West Asia and Africa, Issue 3 (2006), 16–19. 13. Collection of Documents of the Twelfth Assembly of the Communist Party of China (Beijing, 1982), 50. 14. China hosted the Third Asian Parties International Conference in 2004. See also Huang Wendeng, “Deng Xiaoping Theory and Sino-Latin American Party Relations,” Journal of Latin American Studies, Issue 6 (1998), 1–7. 15. Jiang, Records on Visits to Foreign Parties, 670–671. As the vice minister of the International Department of the CPC, Jiang recorded his eleven visits to sub-Saharan African countries in the book. 16.

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The attraction of diaspora Chinese capital from Hong Kong and Taiwan led to the integration of these economies with the mainland, despite the political separation and differences between the respective governments in Beijing, Hong Kong, and Taipei. SEZs also served as the model for market liberalization across China. This process of rapid liberalization continues to be introduced across western, southwestern, and northeastern China. The success of the SEZs gave credibility to Deng Xiaoping’s reform program and laid the foundation for the commitment to liberal market forces that the PRC continues to pursue to this day. China’s SEZ Model Moves Offshore It is nearly three decades since the inception of SEZs, and China is currently establishing SEZs in targeted foreign economies. Adapted from China’s own domestic experience in running preferential economic zones, the PRC’s Ministry of Commerce (MOFCOM) is encouraging Chinese enterprises to “go global” by locating their foreign operations in designated Chinese SEZs in the global economy.

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One is the aforementioned Zambian SEZ. Beijing continues to hold former Zambian President Kenneth Kaunda in high regard. During his twenty-seven years in the presidency (1964–1991), Kaunda cemented a close political relationship with a number of generations of China’s leadership including Mao Zedong, Zhou Enlai, and Deng Xiaoping. He visited China four times as president of Zambia. The same long relationship was built between the PRC and Tanzania. Julius Nyerere visited China as president of Tanzania five times from 1964 to 1985 and on eight occasions as chairman of the South Commission between 1987 and 1997. Like Kaunda, Nyerere had a special relationship with China, and this contributed to China constructing the Tanzania-Zambia Railway (Tanzam Railway) in the 1970s.

Breakout Nations: In Pursuit of the Next Economic Miracles by Ruchir Sharma

"World Economic Forum" Davos, 3D printing, affirmative action, Alan Greenspan, Albert Einstein, American energy revolution, anti-communist, Asian financial crisis, banking crisis, Berlin Wall, book value, BRICs, British Empire, business climate, business cycle, business process, business process outsourcing, call centre, capital controls, Carmen Reinhart, central bank independence, centre right, cloud computing, collective bargaining, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, deindustrialization, demographic dividend, Deng Xiaoping, eurozone crisis, financial engineering, Gini coefficient, global macro, global supply chain, Goodhart's law, high-speed rail, housing crisis, income inequality, indoor plumbing, inflation targeting, informal economy, junk bonds, Kenneth Rogoff, knowledge economy, labor-force participation, land reform, low interest rates, M-Pesa, Mahatma Gandhi, Marc Andreessen, market bubble, Masayoshi Son, mass immigration, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Nelson Mandela, new economy, no-fly zone, oil shale / tar sands, oil shock, open economy, Peter Thiel, planetary scale, public intellectual, quantitative easing, reserve currency, Robert Gordon, rolling blackouts, Shenzhen was a fishing village, Silicon Valley, software is eating the world, sovereign wealth fund, The Great Moderation, Thomas L Friedman, trade liberalization, Tyler Cowen, Watson beat the top human players on Jeopardy!, working-age population, zero-sum game

Many Asian countries still depend on exports to the West, while several eastern European countries rely more on lending from the West to fund growth. Not All Trees Grow to the Sky There has also been a halt to the reforms that set many developing countries on the “emerging” path in the first place. After Deng Xiaoping began experimenting with free-market reform in the early 1980s, China went on to launch a “big bang” reform every four to five years, and each new opening—first to private farming, then to private businesses, then to foreign businesses—set off a new spurt of growth. But that cycle has run its course.

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Yet such is the overblown faith in China’s economic stewards that the China bulls seem to think Beijing can achieve growth targets the country itself no longer aims to achieve. The amazing story of China’s relentless reform—which had persisted in good times and bad since the landmark reign of paramount leader Deng Xiaoping and his immediate successors—appears to have exhausted itself in the last few years. China boomed the old-fashioned way, by building roads to connect factories to ports, by developing telecommunication networks to connect business to business, and by putting underemployed peasants to work in better jobs at urban factories.

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Outsiders who think Chinese leaders care only about fast growth overlook their mounting concern about the anger over inflation, and the threats to social stability. Beijing recently banned billboards advertising luxury goods, not to restrain spending but to avoid stirring up resentment. Whereas Deng Xiaoping proclaimed that “it’s glorious to be rich,” his successors are making sure no one gets too rich. Not a single billionaire in China has a net worth of more than $10 billion; compare that to eleven billionaires with a net worth of more than $10 billion in Russia and six in India, which have far smaller economies.

Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu, James Robinson

Admiral Zheng, agricultural Revolution, Albert Einstein, Andrei Shleifer, Atahualpa, banking crisis, Bartolomé de las Casas, Berlin Wall, blood diamond, bread and circuses, BRICs, British Empire, central bank independence, clean water, collective bargaining, colonial rule, conceptual framework, Corn Laws, Cornelius Vanderbilt, creative destruction, crony capitalism, Deng Xiaoping, desegregation, discovery of the americas, en.wikipedia.org, European colonialism, failed state, Fall of the Berlin Wall, falling living standards, financial independence, financial innovation, financial intermediation, flying shuttle, Francis Fukuyama: the end of history, Francisco Pizarro, full employment, Great Leap Forward, household responsibility system, Ida Tarbell, income inequality, income per capita, indoor plumbing, invention of movable type, invisible hand, James Hargreaves, James Watt: steam engine, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kickstarter, land reform, low interest rates, mass immigration, Mikhail Gorbachev, minimum wage unemployment, Mohammed Bouazizi, Paul Samuelson, price stability, profit motive, Robert Solow, Rosa Parks, Scramble for Africa, seminal paper, Simon Kuznets, spice trade, spinning jenny, Steve Ballmer, Steve Jobs, Suez canal 1869, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, W. E. B. Du Bois, Washington Consensus, working poor

In the 1960s, he propagated the Cultural Revolution, which led to the mass persecution of intellectuals and educated people—anyone whose party loyalty might be doubted. This again led to terror and a huge waste of the society’s talent and resources. In the same way, current Chinese growth has nothing to do with Chinese values or changes in Chinese culture; it results from a process of economic transformation unleashed by the reforms implemented by Deng Xiaoping and his allies, who, after Mao Zedong’s death, gradually abandoned socialist economic policies and institutions, first in agriculture and then in industry. Just like the geography hypothesis, the culture hypothesis is also unhelpful for explaining other aspects of the lay of the land around us today.

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China, for example, is one of the countries that made the switch from economic policies that caused poverty and the starvation of millions to those encouraging economic growth. But, as we will discuss in greater detail later, this did not happen because the Chinese Communist Party finally understood that the collective ownership of agricultural land and industry created terrible economic incentives. Instead, Deng Xiaoping and his allies, who were no less self-interested than their rivals but who had different interests and political objectives, defeated their powerful opponents in the Communist Party and masterminded a political revolution of sorts, radically changing the leadership and direction of the party. Their economic reforms, which created market incentives in agriculture and then subsequently in industry, followed from this political revolution.

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Though scholars debate the role of Mao’s policy compared with the impact of droughts at the same time, nobody doubts the central role of the Great Leap Forward in contributing to the death of between twenty and forty million people. We don’t know precisely how many, because China under Mao did not collect the numbers that would have documented the atrocities. Per capita income fell by around one-quarter. One consequence of the Great Leap Forward was that a senior member of the Communist Party, Deng Xiaoping, a very successful general during the revolution, who led an “anti-rightist” campaign resulting in the execution of many “enemies of the revolution,” had a change of heart. At a conference in Guangzhou in the south of China in 1961, Deng argued, “No matter whether the cat is black or white, if it catches mice, it’s a good cat.”

The Return of Marco Polo's World: War, Strategy, and American Interests in the Twenty-First Century by Robert D. Kaplan

"World Economic Forum" Davos, Admiral Zheng, always be closing, California gold rush, collective bargaining, Deng Xiaoping, Donald Trump, Dr. Strangelove, failed state, Francis Fukuyama: the end of history, friendly fire, Great Leap Forward, Haight Ashbury, high-speed rail, kremlinology, load shedding, mass immigration, megacity, military-industrial complex, no-fly zone, oil-for-food scandal, one-China policy, Parag Khanna, Pax Mongolica, Ronald Reagan, South China Sea, sovereign wealth fund, the long tail, trade route, Westphalian system, Yom Kippur War

George McGovern was possibly a more ethical man than either Nixon or Kissinger. But had he been elected president in 1972, would he have acted so wisely and so decisively during the 1973 Middle East war? The fact is, individual perfection, as Machiavelli knew, is not necessarily synonymous with public virtue. Then there is the case of Deng Xiaoping. Deng approved the brutal suppression of students at Beijing’s Tiananmen Square in 1989. For that he is not respected among humanitarians in the West. But the consolidation of Communist Party control that followed the clampdown allowed for Deng’s methodical, market-oriented reforms to continue for a generation in China.

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By dropping the notion that Taiwan was the real China, by giving China protection against the Soviet Union, and by providing assurances against an economically resurgent Japan, the two men helped place China in a position to devote itself to peaceful economic development; China’s economic rise, facilitated by Deng Xiaoping, would lift much of Asia out of poverty. And as more than one billion people in the Far East saw a dramatic improvement in living standards, personal freedom effloresced. Pundits chastised Kissinger for saying, in 1973, that Jewish emigration from the Soviet Union was “not an American concern.”

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More generally, Mearsheimer’s very cold, mathematical, states-as-billiard-balls approach ignores messy details—like the personalities of Adolf Hitler, Mao Zedong, Franklin Delano Roosevelt, and Slobodan Milošević—that have had a monumental impact in deciding how wars and crises turn out. International relations is as much about understanding Shakespeare—and the human passions and intrigues that Shakespeare exposes—as it is about understanding political science theories. It matters greatly that Deng Xiaoping was both utterly ruthless and historically perceptive, so that he could set China in motion to become such an economic and military juggernaut in the first place. Manifest Destiny owes as much to the canniness of President James K. Polk as it does to Mearsheimer’s laws of historical determinism.

Why geography matters: three challenges facing America : climate change, the rise of China, and global terrorism by Harm J. De Blij

agricultural Revolution, airport security, Anton Chekhov, Ayatollah Khomeini, Berlin Wall, British Empire, colonial exploitation, complexity theory, computer age, crony capitalism, demographic transition, Deng Xiaoping, Eratosthenes, European colonialism, F. W. de Klerk, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Great Leap Forward, high-speed rail, illegal immigration, Internet Archive, John Snow's cholera map, Khyber Pass, manufacturing employment, megacity, megaproject, Mercator projection, MITM: man-in-the-middle, Nelson Mandela, Oklahoma City bombing, out of africa, RAND corporation, risk tolerance, Ronald Reagan, social distancing, South China Sea, special economic zone, Thomas Malthus, trade route, transatlantic slave trade, UNCLOS, UNCLOS

Mao adamantly opposed changing the political or the economic system that had made the People's Republic what it was. Zhou was in no position to change Mao's mind, but as premier he was able to promote party leaders who took a more pragmatic view of China's needs. One of those leaders was the man would guide post-Mao China from torpor to tiger: Deng Xiaoping. In the fateful year of 1976, when power struggles and natural disasters buffeted the state, Deng readied policies that would combine continued communist dictatorship with market-driven economics. Within decades, not distant generations, China was a power to be reckoned with on the global stage.

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Gleaming new airports, high-speed intercity highways, multilane urban ringroads, state-of-the-art suspension bridges, hydroelectric projects, vast factory complexes, and modern container-port facilities reflected China's burgeoning economic power. Foreign investment from Japan, the United States, even (indirectly) from Taiwan propelled the process, and on the insatiable American market Chinese goods sold in quantities unimag-ined before, creating a huge trade surplus for Beijing and financial reserves undreamed of even by Deng Xiaoping himself. With economic strength comes political clout, and by the turn of the century the outlines of a new geopolitical relationship between the United States and China were visible. After the Second World War, the Japanese had become allies of the United States; after the Korean War, South Korea achieved democracy as well as economic success.

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Mao often referred to any control of population growth as a capitalist plot to weaken communist societies, and, like his cohorts in Moscow, he encouraged mothers to have numerous children (in the 1960s, Soviet women bearing ten children or more were designated "Heroines of the State"). As a result, following the end of the Great Leap Forward, population growth in China during the 1960s and 1970s was as high as 3 percent, and while the official figures are unreliable, China was adding as many as 20 million per year, rushing toward 1 billion. When Deng Xiaoping's pragmatists took over following Mao's death, one of their priorities was to get this spiral under control, and they instituted their infamous "One Child Only" policy to achieve this. Today, China's official growth rate is 0.7 percent, which, on a base of more than 1.3 billion, still results in an annual increase of 9 million. 138 WHY GEOGRAPHY MATTERS The second Maoist initiative was to try to erase the legacies of China's most influential philosopher and teacher, Confucius (Kongfuzi or Kongzi in modern Chinese).

The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality by Bhaskar Sunkara

Affordable Care Act / Obamacare, agricultural Revolution, Bernie Sanders, British Empire, business climate, business cycle, capital controls, centre right, Charles Lindbergh, collective bargaining, Deng Xiaoping, deskilling, Donald Trump, equal pay for equal work, fake news, false flag, feminist movement, Ferguson, Missouri, Francis Fukuyama: the end of history, full employment, gig economy, Great Leap Forward, Gunnar Myrdal, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, income inequality, inventory management, Jeremy Corbyn, labor-force participation, land reform, land value tax, Mark Zuckerberg, means of production, Meghnad Desai, Mikhail Gorbachev, Neil Kinnock, new economy, Occupy movement, postindustrial economy, precariat, race to the bottom, Ralph Waldo Emerson, self-driving car, Silicon Valley, SimCity, single-payer health, Steve Bannon, telemarketer, The Wealth of Nations by Adam Smith, too big to fail, union organizing, Upton Sinclair, urban renewal, We are all Keynesians now, We are the 99%

His was a kind of anti-Stalinist Stalinism, eager to take risks for ideological reasons, confident that he was one with the masses and that the masses demanded not peace but constant upheaval. Mao’s ally, defense minister Lin Biao, started things off by encouraging students to criticize “bourgeois liberalism and Khrushchevism” in late 1965, though the real targets appeared to be head of state Liu Shaoqi and Deng Xiaoping. Earlier that year, Mao also had his wife, Jiang Qing, and future Gang of Four member Yao Wenyuan denounce key Beijing officials. Wrestling control of press organs in early 1966, Mao established the Cultural Revolution Group. He used state media and a May politburo meeting to announce that the bourgeoisie had snuck “into the Party, the government, the army, and various spheres of culture.”

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Mao no longer had to apologize: he was exalted as a demigod, with “Marxism-Leninism–Mao Zedong Thought” now constitutionally enshrined. Liu, once the second most important person in China, was arrested and subjected to public beatings and denunciations, contributing to his November 1969 death. He wouldn’t be allowed to do to Mao what Khrushchev had done to Stalin. Deng Xiaoping was a Red Guard victim, too. He was forced to reeducate himself through manual labor at a tractor factory in Jiangxi, where he once helped the party survive in the 1930s. That Deng—China’s Bukharin—wasn’t executed outright like the real Bukharin suggests another, admittedly small difference between Mao and Stalin, but he suffered for years.

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The CPC had begun to see its neighbor, the Soviet Union, as its primary rival and sought any advantage against it, while dressing up its new course in dogmatic Marxist language. A party dedicated to national development above all else now had a nationalist foreign policy to match. AFTER MAO’S DEATH in 1976, the hard-line Gang of Four were his most zealous defenders and tried to carry on the “continuous revolution.” Yet Deng Xiaoping eventually won a power struggle with them and challenged Maoist policies. Pro-market experiments to restore productivity were expanded, but the Great Helmsman himself could not be repudiated. As Deng would say in 1978, “We will never do to Mao what the Soviets did to Stalin.” Mao’s body lies embalmed in Tiananmen Square, and his portrait is still on the Gate of Heavenly Peace and Chinese currency.

The Great Race: The Global Quest for the Car of the Future by Levi Tillemann

Affordable Care Act / Obamacare, An Inconvenient Truth, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, banking crisis, Bear Stearns, car-free, carbon footprint, clean tech, creative destruction, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, driverless car, electricity market, Elon Musk, en.wikipedia.org, energy security, factory automation, Fairchild Semiconductor, Ford Model T, foreign exchange controls, gigafactory, global value chain, high-speed rail, hydrogen economy, index card, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, Joseph Schumpeter, Kanban, Kickstarter, manufacturing employment, market design, megacity, Nixon shock, obamacare, off-the-grid, oil shock, planned obsolescence, Ralph Nader, RFID, rolodex, Ronald Reagan, Rubik’s Cube, self-driving car, shareholder value, Shenzhen special economic zone , short squeeze, Silicon Valley, Silicon Valley startup, skunkworks, smart cities, Solyndra, sovereign wealth fund, special economic zone, Steve Jobs, Tesla Model S, too big to fail, Unsafe at Any Speed, zero-sum game, Zipcar

Its early trucks were based on the Soviet ZIS 150—a four-ton military vehicle produced at the Stalin Auto Plant in Moscow.4 And the ZIS design had actually been copied from Ford years earlier.5 The plush government limousines that Chairman Mao Zedong and Premier Zhou Enlai commuted in were also knockoffs—based on an old Mercedes. During the 1960s, while Japan was feverishly consolidating its automotive producers to gain scale and technological competence, China was building miniature clones of Soviet auto factories throughout the country’s interior to protect its industry from foreign military attack. When Deng Xiaoping began his economic reforms in the 1970s, China’s government arranged for a manufacturing partnership between a struggling American Motors Company—the maker of Hummer and Jeep—and the Beijing Automotive Industrial Corporation. It set the stage for many more Sino-foreign joint ventures to come. This kind of manufacturing partnership—where foreigners supplied automotive technology and manufacturing expertise in exchange for access to mainland markets—dominated Chinese auto production from the 1980s through the 2010s.

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China was a wild new world, completely uncharted, and everyone wanted in on the game. There were Jeeps, VWs, and Citroëns, but also a number of oddballs. One, called Panda Motor Corporation, was funded through a $250 million investment from the Korean reverend Sun Myung Moon’s Unification Church.6 As Deng Xiaoping’s reforms took hold and the country’s central government released the reins of economic control, cities and provinces shook off the shackles of central planning and became increasingly entrepreneurial. Many local governments started to build their own automotive concerns—some of them based around the carcasses of Leninist factory relics.7 They did not produce quality vehicles.

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The unsurprising assessment was still an embarrassment to the state—and its critique of the Chinese system was a serious risk for its authors. But the China of 1986 was far more open to criticism than it had been under Mao. So, instead of muzzling the scientists and shunning the technology manifesto, Deng Xiaoping and his reformers embraced it. The State Council ordered a vigorous research and commercialization program to be undertaken to target key industrial sectors. These would come to include biotechnology, robotics, deep sea exploration, optical computing, and, eventually, automobiles.10 One of the key goals of the 863 Program was not just to develop new technologies, but to develop them domestically without borrowing from abroad.

The End of Cheap China: Economic and Cultural Trends That Will Disrupt the World by Shaun Rein

business climate, credit crunch, Deng Xiaoping, Donald Trump, facts on the ground, glass ceiling, high net worth, high-speed rail, illegal immigration, income per capita, indoor plumbing, job-hopping, Maui Hawaii, middle-income trap, price stability, quantitative easing, Silicon Valley, Skype, South China Sea, Steve Jobs, thinkpad, trade route, trickle-down economics, upwardly mobile, urban planning, women in the workforce, young professional, zero-sum game

Despite Marshal Ye’s power, or perhaps because of it, his children were jailed during the Cultural Revolution, some in solitary confinement. As soon as Mao died, Marshal Ye led the arrest of the Gang of Four. He acted as the president of the country in the 1980s when he was Chairman of the Standing Committee of the Politburo, China’s highest governing body. Deng Xiaoping was another leader at the time; he ranked behind Marshal Ye in the Party chain of command and had also suffered at the hands of tyranny. His son, Deng Pufang, was paralyzed after the Red Guards threw him out of a three-story window at Peking University during the Cultural Revolution. Red Guards denied him medical treatment, which doctors later said might have saved his ability to walk, because his father had been denounced as a capitalist.

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First, wealth creation makes it a lot easier for people to stop dwelling on the suffering they faced in earlier years, and less likely to push for violent change. Second, countries that push for gender equality generally develop more quickly and foster more vibrant economies and cultures. During the Cultural Revolution, being labeled a capitalist was a heinous crime, as Deng Xiaoping and his paralyzed son knew all too well. Now that notion has been turned upside down. People who are not making money are too often looked down on because they lack ambition, potential, and social status. In many cases, the drive to make money has resulted in excesses, including many unscrupulous businessmen who lie, cheat, and cut corners as they try to get rich.

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Parent after parent tells me the main reason they send their child abroad is their lack of faith in the Chinese educational system. Even China’s top leaders send their children abroad. The daughter of Xi Jinping, China’s presumptive next president after Hu Jintao, is an undergraduate at Harvard. The grandchildren of past leaders like Hu Yaobang, Chen Yun, Deng Xiaoping, and Bo Yibo all studied at Yale, Harvard, and Duke. Can you imagine Barack Obama sending his daughters abroad for their undergraduate studies? If the very top of Chinese society is looking abroad for education, it is clear something is lacking at home, no matter what the test scores, or alarm by pundits like Wadhwa, indicate.

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

"World Economic Forum" Davos, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, driverless car, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, financial engineering, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, global macro, Goodhart's law, guns versus butter model, hiring and firing, hype cycle, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Japanese asset price bubble, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, Larry Ellison, lateral thinking, liberal capitalism, low interest rates, Malacca Straits, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, megacity, megaproject, Mexican peso crisis / tequila crisis, middle-income trap, military-industrial complex, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, open immigration, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, tacit knowledge, tech billionaire, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, work culture , working-age population

The first big shock to postwar prosperity came in the 1970s, when much of the world felt leaderless in the face of stagflation—stagnant economic growth coupled with high inflation, triggered by a complex of forces including the excess spending of the welfare states and sharp oil price hikes engineered by the OPEC cartel and the petrostates. The widespread sense that their countries were coming apart prepared many nations to accept the idea of radical change and led to the rise of pioneering free market reformers: Margaret Thatcher in Britain, Ronald Reagan in the United States, and Deng Xiaoping in China. As is often the case in crisis periods, the promise of these leaders was often obscured by the gloom of the times; early on many observers dismissed Reagan as an ex-actor, Thatcher as a grocer’s daughter, and Deng as a faceless member of China’s collective leadership. China circa 1978 was too shell shocked by the recent mob violence of the Cultural Revolution to harbor high expectations for any leader.

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Within months, however, she began moving to grant amnesty to her brother, triggering a new revolt and a coup that toppled her in May 2014. The renewed turmoil took a toll on Thailand’s economy, and the country’s growth rate slumped from 5 percent in early 2013 to 2 percent in 2015. A particularly auspicious mix of personality traits in a leader is a combination of public charisma and private earnestness. Deng Xiaoping was a visionary reformer and magnetic public personality, yet in private he could also surprise visitors like Henry Kissinger with his capacity for going on about the affairs of the department of metallurgy. India’s new prime minister Narendra Modi is a bit like that—shockingly nuts and bolts in the flesh.

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For years, China reported much less volatile economic growth than other developing nations, creating suspicion that it was manipulating the numbers to make the economy look like a smoothly running machine, and to foster social harmony. For a long time, I thought that suspicion was overblown. When Deng Xiaoping took power in 1979, one of the first things he told his underlings was that he wanted honest data—not the inflated numbers they had been feeding Mao to stroke his ego. Even in 1990, after the fallout from the events in Tiananmen Square, the Deng regime reported growth of less than 4 percent, way below the official target of 8 percent.

The Great Firewall of China by James Griffiths;

A Declaration of the Independence of Cyberspace, activist fund / activist shareholder / activist investor, Albert Einstein, anti-communist, bike sharing, bitcoin, Black Lives Matter, borderless world, call centre, Cambridge Analytica, Chelsea Manning, Citizen Lab, Deng Xiaoping, digital divide, digital rights, disinformation, don't be evil, Donald Trump, Edward Snowden, end-to-end encryption, Evgeny Morozov, fake news, gig economy, Great Leap Forward, high-speed rail, jimmy wales, John Gilmore, John Perry Barlow, Mark Zuckerberg, megacity, megaproject, microaggression, Mikhail Gorbachev, Mitch Kapor, mobile money, Occupy movement, pets.com, profit motive, QR code, race to the bottom, RAND corporation, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Silicon Valley startup, Skype, Snapchat, South China Sea, Steve Jobs, Stewart Brand, Stuxnet, technoutopianism, The future is already here, undersea cable, WikiLeaks, zero day

The next day, Premier Li Peng declared martial law in Beijing. On the square in late May, as numbers were dropping in the face of seemingly inevitable violence, student leaders discussed how to proceed even as the Party seemed to dither on taking action. Only years later did it emerge that paramount leader Deng Xiaoping and others who supported a crackdown faced defiance from within the Party leadership and the military, staying their hand for a time. Finally, on 3 June, more than 10,000 armed troops moved towards Beijing. “Their large numbers, the fact that they are helmeted, and the automatic weapons they are carrying suggest that the force option is real,” a US State Department cable warned.

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Those who could afford it drove gleaming Japanese cars (or at least cheaper domestic knock-offs), and tourists thronged the city’s ancient sites, as new developments of gleaming glass and chrome sprang up among the dreary Stalinist architecture that dominated the centre of the city.3 In the Great Hall of the People, the blocky white palace to Party bureaucracy overlooking Tiananmen Square, Mao’s successor Deng Xiaoping welcomed 150 leading academics from fifty countries to the second conference of the Third World Academy of Sciences.4 A tiny man – at under five feet he was regularly dwarfed by other world leaders – Deng had a round, lined face with deep-set eyes and a mischievous smile that gave him an elfin quality.

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The mood among the protesters was tense and noisy. Many leaders of the movement and older intellectuals had already urged the students to vacate the square, to consolidate their victories and prepare for the next stage of the struggle, before the government moved to wipe them out completely. There were signs that such a decision was coming: Deng Xiaoping had declared martial law two weeks earlier, and throughout 3 June state television broadcast warnings to stay off the streets, saying that troops would use “any and all means” to enforce order.5 Thousands of People’s Liberation Army troops were already at the outskirts of the city, and scuffles were breaking out between them and local residents.

After the Fall: Being American in the World We've Made by Ben Rhodes

Affordable Care Act / Obamacare, Alan Greenspan, Asian financial crisis, Berlin Wall, Bernie Sanders, Big Tech, British Empire, centre right, COVID-19, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, drone strike, Edward Snowden, fake news, Fall of the Berlin Wall, gentrification, geopolitical risk, George Floyd, Glass-Steagall Act, global pandemic, global supply chain, Great Leap Forward, illegal immigration, independent contractor, invisible hand, late capitalism, lockdown, Mark Zuckerberg, Mikhail Gorbachev, Nelson Mandela, new economy, obamacare, open economy, Ponzi scheme, profit motive, QAnon, quantitative easing, Ralph Waldo Emerson, Ronald Reagan, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, South China Sea, the long tail, too big to fail, trade route, Washington Consensus, young professional, zero-sum game

He had worked to repair relations between the Soviet and Chinese Communist Parties, which had suffered over the last three decades. That initiative was set to culminate in the visit of the reformist Gorbachev, and Deng didn’t want to distract from that achievement. “In Deng Xiaoping’s mind,” Bao told me, “Mao parted with the Soviet Communists. I’m the one who brought the two big Communist parties together. This is my historical accomplishment. So because of that timing constraint, Deng Xiaoping had to wait until May 18, after Gorbachev left Beijing, to deal with the student protests. That allowed for a whole month of occupying Tiananmen, giving the illusion that the Communist Party had no power to contain the protests.”

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A 1950s effort to modernize China’s economy—the so-called Great Leap Forward intended to grow China’s economy to the size of Great Britain’s—had instead initiated the Great Famine that killed tens of millions of Chinese by the early 1960s. That horror had been followed by the Cultural Revolution. After Mao’s death in 1976, China’s new leader—Deng Xiaoping—opened up China’s economy to capitalism, shaping the world in which Bao Pu would come of age. Through the 1980s, as China began to plug into the grid of global capitalism, the nascent debates described by Bao Pu addressed China’s political model—a different version of debates happening across the Communist bloc.

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It was an accident because the protests started after the untimely death of a reformer and endured for weeks because of the impending visit of the reformist leader of the Soviet Union. At the time, Bao Pu’s father was a close aide to Zhao Ziyang, the general secretary of the Communist Party. The two of them wanted to have a dialogue with the students, to recognize the legitimacy of their concerns, to accept that China should move in a reformist direction. Deng Xiaoping had different ideas. “Basically, Deng believed that politically they could not open up,” Bao said. Deng himself had experience with this kind of debate. Decades earlier, Nikita Khrushchev had written a secret report criticizing Stalin and his more repressive tactics, setting in motion the Soviet Union’s distancing itself from Stalinism and ultimately embracing détente with the United States.

Grave New World: The End of Globalization, the Return of History by Stephen D. King

"World Economic Forum" Davos, 9 dash line, Admiral Zheng, air freight, Alan Greenspan, Albert Einstein, Asian financial crisis, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Sanders, bilateral investment treaty, bitcoin, blockchain, Bonfire of the Vanities, borderless world, Bretton Woods, Brexit referendum, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collateralized debt obligation, colonial rule, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, currency risk, David Ricardo: comparative advantage, debt deflation, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Snowden, eurozone crisis, facts on the ground, failed state, Fall of the Berlin Wall, falling living standards, floating exchange rates, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, global value chain, Global Witness, Great Leap Forward, hydraulic fracturing, Hyman Minsky, imperial preference, income inequality, income per capita, incomplete markets, inflation targeting, information asymmetry, Internet of things, invisible hand, Jeremy Corbyn, joint-stock company, Kickstarter, Long Term Capital Management, low interest rates, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, middle-income trap, moral hazard, Nixon shock, offshore financial centre, oil shock, old age dependency ratio, paradox of thrift, Peace of Westphalia, plutocrats, post-truth, price stability, profit maximization, quantitative easing, race to the bottom, rent-seeking, reserve currency, reshoring, rising living standards, Ronald Reagan, Savings and loan crisis, Scramble for Africa, Second Machine Age, Skype, South China Sea, special drawing rights, technology bubble, The Great Moderation, The Market for Lemons, the market place, The Rise and Fall of American Growth, trade liberalization, trade route, Washington Consensus, WikiLeaks, Yom Kippur War, zero-sum game

Its increasing presence behind the Iron Curtain – Hungary and Yugoslavia in 1968, Poland in 1972 and the first Soviet bottling plant in 1985 – only served to emphasize the remarkable dominance of the world’s most famous secret recipe. The Chinese got their first taste of the ‘Real Thing’ in 1978, while Deng Xiaoping was still in the middle of consolidating his power base. By 2015, Coke was selling 1.7 billion ‘products’ to its thirsty customers each and every day. Roughly half those sales were outside North America.12 Disney, meanwhile, increasingly invested abroad, most visibly in Disneyland Paris, Hong Kong Disneyland and Disney Resorts in both Tokyo and Shanghai.

…

Thereafter, France adopted the so-called franc fort policy, a largely successful attempt to emulate the German Bundesbank’s pre-existing commitment to monetary rigour. Indeed, without the French commitment to a strong and stable franc, it is doubtful that the euro would ever have become a reality. A decade or two later, it was easy to believe that ‘free-market capitalism’ – if not liberal democracy – had triumphed. The evidence seemed to be everywhere: Deng Xiaoping’s reforms had paved the way for Western and Japanese capital to pour into China; the Berlin Wall had come down; Latin American economies had embarked on ‘free-market’ and ‘sound-money’ reforms which were bringing hitherto excessive inflation to heel; Western Europe was completing the ‘single market’, built on the so-called ‘four freedoms’ (free movement of goods, services, capital and labour – principles first established, if not acted upon, in the 1957 Treaty of Rome); and the ‘commanding heights’ of industry were, in the majority of countries, rapidly being privatized.

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THE LATE TWENTIETH-CENTURY REVOLUTION Late twentieth-century globalization changed all that. Political upheavals helped. The collapse of the Soviet Empire and its satellites allowed a large number of Eastern European countries to join the European Union: their citizens headed west, while capital from Western European countries headed east. Deng Xiaoping’s decision to open China for business was, in economic terms, even more momentous. Economic reforms also did their bit: as we saw in Chapter 4, the gradual abolition of capital controls in the 1980s and beyond meant that capital previously ‘trapped’ within national boundaries was suddenly free to go in search of the best combination of low wages, long hours and high productivity.

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"there is no alternative" (TINA), "World Economic Forum" Davos, 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Alfred Russel Wallace, Anthropocene, Anton Chekhov, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, bitcoin, bond market vigilante , Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, digital divide, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial engineering, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, geopolitical risk, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, Great Leap Forward, Greenspan put, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, Kevin Roose, knowledge economy, knowledge worker, Les Trente Glorieuses, light touch regulation, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, middle-income trap, Mikhail Gorbachev, military-industrial complex, Minsky moment, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, PalmPilot, passive income, peak oil, peer-to-peer lending, pension reform, planned obsolescence, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Robert Solow, Ronald Reagan, Russell Brand, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, Stephen Fry, systems thinking, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, uber lyft, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

This paved the way for the reintegration of these economies into Western Europe and the global trading system, although former German chancellor Willy Brandt feared that the mental barriers would outlast the concrete wall.3 In a parallel development, China cautiously embraced market-based reforms. The objective was to improve the living standards of ordinary Chinese, some of whom remained desperately poor as the result of Mao Zedong's failed Great Leap Forward and Cultural Revolution of the late fifties and sixties. Deng Xiaoping, China's “Paramount Leader,” embraced a change in philosophy: “Poverty is not socialism. To be rich is glorious.” India too embarked on economic reforms in the nineties. Countries affected by the 1980s debt crisis gradually recovered, assisted by debt forgiveness and the recovery of the global economy.

…

These actions paved the way for the economy to quadruple in size, growing at an average rate of about 7 percent per annum and over 9 percent from 2005 to 2007. Mr. Singh quoted French author Victor Hugo: “No power on earth can stop an idea whose time has come.”7 The emergence of India as a major economic power seemed within reach. Under Deng Xiaoping, leader of the Communist Party from 1978, China implemented Gaige Kaifang (Reforms and Openness), a program of domestic social, political, and economic policy changes combining socialism and elements of the market economy. It reversed the traditional policy of self-reliance and a lack of interest in trade.

…

Emerging market growth led to improved living standards, at least for some. As momentum increased, foreign businesses invested to take advantage of the growth and rising spending power of a nascent middle class. Opportunities encouraged nationals living, studying, and working in advanced economies to return to their native lands, as Deng Xiaoping had predicted: “When our thousands of Chinese students abroad return home, you will see how China will transform itself.” Expansion brought hubris. An editorial in an official Chinese publication boasted: “High-level figures from the Western political and economic spheres…envy China's superb performance…as well as ‘China's spirit’—the kind of solid, unbreakable ‘Great Wall’ at heart…”9 Much ink was spilled over culture, values, and the merits of different political systems.

Every Nation for Itself: Winners and Losers in a G-Zero World by Ian Bremmer

airport security, banking crisis, barriers to entry, Berlin Wall, blood diamond, Bretton Woods, BRICs, capital controls, clean water, creative destruction, Deng Xiaoping, Doha Development Round, energy security, European colonialism, failed state, global rebalancing, global supply chain, Global Witness, income inequality, informal economy, information security, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, Kickstarter, Martin Wolf, mass immigration, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nelson Mandela, Nixon shock, Nixon triggered the end of the Bretton Woods system, no-fly zone, nuclear winter, Parag Khanna, purchasing power parity, reserve currency, Ronald Reagan, smart grid, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, trade route, uranium enrichment, Washington Consensus, WikiLeaks, Yom Kippur War

A year later, China still accounted for just 0.6 percent of world trade.36 In 2010, it surpassed Japan to become the world’s second largest economy, and Western bankers and economists are now taking bets on just how soon China will claim the title of the world’s largest trading nation.37 Beginning in the late 1970s, Mao’s successor as paramount leader, Deng Xiaoping, began the reform process by establishing four “special economic zones,” coastal enclaves that served as capitalist laboratories where foreign companies were invited to invest on favorable terms. Spurred by early success, Deng gradually expanded the experiment. In 1984, fourteen coastal cities were opened to a surge of foreign investment.

…

The willingness of successive U.S. presidents to pull punches on Beijing’s human rights record in favor of better trade relations created the makings of, if not a beautiful friendship, at least a profitable partnership. Despite the delay imposed by events in Tiananmen Square, the death of European and Soviet communism helped the aging Deng Xiaoping persuade China’s elite that only a rising standard of living would save the country’s one-party system and that a more ambitious experimentation with market-driven capitalism was the only way to get there. To create jobs, Beijing worked to open consumer markets around the world, especially in America and Europe, to Chinese exports.

…

., China’s Growth and Integration into the World Economy: Prospects and Challenges, Occasional Paper 232 (Washington, DC: International Monetary Fund, 2004), http://prasad.dyson.cornell.edu/doc/books/ChinasGrowthAndIntegrationWithTheWorldEconomy-ProspectsAndChallenges_IMFOP232_2004.pdf. 43. When Deng Xiaoping died in 1997, China’s foreign-exchange reserves stood just below $140 billion. By 2004, they were estimated above $650 billion. Eswar Prasad and Shang-Jin Wei, “The Chinese Approach to Capital Inflows: Patterns and Possible Explanations,” in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, Consequences, ed.

War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt by Kwasi Kwarteng

accounting loophole / creative accounting, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, Atahualpa, balance sheet recession, bank run, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, California gold rush, capital controls, Carmen Reinhart, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency manipulation / currency intervention, Deng Xiaoping, discovery of the americas, Etonian, eurozone crisis, fiat currency, financial engineering, financial innovation, fixed income, floating exchange rates, foreign exchange controls, Francisco Pizarro, full employment, German hyperinflation, Glass-Steagall Act, guns versus butter model, hiring and firing, income inequality, invisible hand, Isaac Newton, it's over 9,000, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, land bank, liberal capitalism, low interest rates, market bubble, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, plutocrats, Ponzi scheme, price mechanism, quantitative easing, rolodex, Ronald Reagan, South Sea Bubble, subprime mortgage crisis, Suez canal 1869, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, The Wealth of Nations by Adam Smith, too big to fail, War on Poverty, Yom Kippur War

., p. 53. 54Issing, The Birth of the Euro, p. 193. 55Der Spiegel, ‘Aufbruch ins Ungewisse’, 29 December 2001. 56Matthew Lynn, Bust: Greece, the Euro and the Sovereign Debt Crisis, London, 2011, p. 34. Chapter 18: The Rise of China 1New York Times, ‘Deng Xiaoping: A Political Wizard Who Put China on the Capitalist Road’, 20 February 1997. 2Ezra F. Vogel, Deng Xiaoping and the Transformation of China, Cambridge, MA, 2011, p. 49. 3Ibid., pp. 217–18. 4Ibid., pp. 218, 220. 5Eli Heckscher, Mercantilism, 2 vols, 1st English edn, London, 1935, vol. 2, p. 46. 6Paul Krugman, from ‘The Conscience of a Liberal’, a blog appearing in the New York Times, 31 December 2009. 7Patrick Buchanan, ‘Yankee Utopians in a Chinese Century’, 2 July 2010, found on http://buchanan.org/blog/yankee-utopians-in-a-chinese-century-4227. 8Ibid. 9Lawrence J.

…

More widely, the greatest economic phenomenon of the time was almost certainly the growth of China. After adopting a peculiar brand of Marxism with the victory of the Chinese Communist Party in 1949, China abandoned doctrinaire Communism as an economic philosophy in 1978. It was in this year that Deng Xiaoping finally seized the reins of power in China and began a process which continued to propel that country in the early twenty-first century. Deng was born in 1904 and was already seventy-four when he became China’s ‘paramount leader’ in 1978. At such an age, many people thought he would be ‘too old to be anything but a transitional figure’.1 Deng’s journey had been tortuous.

…

Morrison, Wayne M. and Labonte, Marc, China’s Currency Policy: An Analysis of the Economic Issues, CRS Report for Congress, Washington, DC, 19 December 2011. New York Times, advertisement, 11 February 2003. New York Times, ‘China Won’t Reduce Value of Currency, Official Says’, 1 December 1997. New York Times, ‘Deng Xiaoping: A Political Wizard Who Put China on the Capitalist Road’, 20 February 1997. New York Times, ‘Devaluation by China’, 16 December 1989. New York Times, ‘The Doctrine was Not to Have One’, 25 August 2005. New York Times, ‘Greece’s Stumble Follows a Headlong Rush into the Euro’, 5 May 2010. New York Times, ‘Greek Leader Offers Plan to Tackle Debt Crisis’, 15 December 2009.

Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy by Francis Fukuyama

Affordable Care Act / Obamacare, Andrei Shleifer, Asian financial crisis, Atahualpa, banking crisis, barriers to entry, Berlin Wall, blood diamond, British Empire, centre right, classic study, clean water, collapse of Lehman Brothers, colonial rule, conceptual framework, Cornelius Vanderbilt, cotton gin, crony capitalism, Day of the Dead, deindustrialization, Deng Xiaoping, disruptive innovation, double entry bookkeeping, Edward Snowden, Erik Brynjolfsson, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, Francisco Pizarro, Frederick Winslow Taylor, full employment, Gini coefficient, Glass-Steagall Act, Great Leap Forward, Hernando de Soto, high-speed rail, Home mortgage interest deduction, household responsibility system, income inequality, information asymmetry, invention of the printing press, iterative process, Kickstarter, knowledge worker, labour management system, land reform, land tenure, life extension, low interest rates, low skilled workers, manufacturing employment, means of production, Menlo Park, Mohammed Bouazizi, Monroe Doctrine, moral hazard, Nelson Mandela, new economy, open economy, out of africa, Peace of Westphalia, Port of Oakland, post-industrial society, post-materialism, price discrimination, quantitative easing, RAND corporation, rent-seeking, road to serfdom, Ronald Reagan, scientific management, Scientific racism, Scramble for Africa, Second Machine Age, Silicon Valley, special economic zone, stem cell, subprime mortgage crisis, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, too big to fail, trade route, transaction costs, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Vilfredo Pareto, women in the workforce, work culture , World Values Survey, zero-sum game

Then, as now, the central problem of Chinese politics has not been how to concentrate and deploy state power but rather how to constrain it through law and democratic accountability. The task of balancing state, law, and accountability that was completed in Japan by the late 1940s has been only partially accomplished in China. Under Mao Zedong, law virtually disappeared and the country became an arbitrary despotism. Since the reforms that began under Deng Xiaoping in 1978, China has been moving slowly toward a political system that is more rule based. But the rule of law is still far from secured, and the regime’s sustainability will depend heavily on whether this becomes the main line of political development in the twenty-first century. THE NATURE OF CHINESE LAW China represents the one world civilization that never developed a true rule of law.

…

Mao’s revolution ended any semblance of rule-based administration, undermined the operations of government, and terrorized the party itself, much like Stalin’s purges of the Soviet Communist Party during the 1930s.21 REBUILDING RULE BY LAW AFTER 1978 It is impossible to understand the China that emerged after the death of Mao and the reforms that began in 1978 except in relation to the trauma experienced by those who lived through the Cultural Revolution. The Communist elite that survived this period, led by one of the greatest statesmen of the twentieth century, Deng Xiaoping, was determined that Mao’s form of personal dictatorship must never be allowed to occur again. The political reform process that unfolded subsequently centered around the slow construction of a series of rules that would limit the ability of any future charismatic leader to emerge and wreak havoc on the whole of Chinese society in the manner of Mao.

…

These constitutional provisions, however, were more declarations of new policy initiatives decided on by the party than serious legal instruments that would govern the party’s own behavior. The contemporary Chinese constitution is built around two potentially contradictory principles. On the one hand, Deng Xiaoping asserted in 1978 that “democracy has to be institutionalized and written into law, so as to make sure that institutions and laws do not change whenever the leadership changes, or whenever the leaders change their views.”22 The Chinese constitution provides for an elected National People’s Congress (NPC), which is held to be the “supreme organ of state power,” along with people’s congresses at lower levels of government.

China: A History by John Keay

Admiral Zheng, agricultural Revolution, Berlin Wall, Deng Xiaoping, Great Leap Forward, imperial preference, invention of movable type, land tenure, mass immigration, means of production, Pax Mongolica, Ronald Reagan, Shenzhen special economic zone , South China Sea, special economic zone, spice trade, trade route, transcontinental railway, upwardly mobile, éminence grise

The resultant arrests ran into the hundreds of thousands. The campaign was supported by Premier Zhou Enlai, Mao’s bushy-browed and utterly dependable associate, and by Party secretary Deng Xiaoping, a small and dynamic pragmatist whose devotion to the Party may have exceeded that to its Chairman. Between them, Zhou and Deng presided over a stabilisation of the economy. The criterion for advancement was now to be technical and professional ability as much as political orthodoxy. A quip, later appropriated by Deng Xiaoping, about it being immaterial whether a cat is black or white ‘so long as it catches the mouse,’ first surfaced in 1961.2 ‘Learning from the facts’, another Deng-ism, inevitably meant skimping on the theory.

…

They were protesting against official indifference to the recent death of Premier Zhou Enlai, which they saw as disparagement of a revered and long-serving revolutionary by the hard left leadership of the Cultural Revolution. Cars were overturned and a police post torched. But the main casualty was Vice-Premier Deng Xiaoping; accused of orchestrating the affair, he was dismissed from all his Party offices. Sometimes known as the Tiananmen incident, this 1976 protest is now more commonly called the Qingming incident, so avoiding confusion with the more prolonged Tiananmen confrontation of 1989. Deng of course soon rose again; and thirty years later, on 5 April 2006, Qingming itself was back in favour.

…

Because so many Maoist achievements were quickly discredited, there then arose a tendency to gloss over all those initiatives that had loomed largest at the time – Soviet collaboration, agricultural collectivisation, industrialisation, the Great Leap and the Cultural Revolution – in favour of a narrative buoyed by the incidence of liberalising interludes. This ran from the 1956 ‘Hundred Flowers’ movement to the 1972 détente with the United States, the 1978 ‘Democracy Wall’ outburst, Deng Xiaoping’s economic reforms, the 1989 Tiananmen Square challenge, and of course the end-of-century triumph of consumerism. But such a narrative has its drawbacks too. It supposes a progressive ‘opening up’ that was not self-evident at the time, and it foreshadows an ultimate liberalisation – including multi-party politics, electoral accountability, freedom of expression and legal redress – that is far from assured.

Factory Girls: From Village to City in a Changing China by Leslie T. Chang

anti-communist, Deng Xiaoping, estate planning, fake news, financial independence, Great Leap Forward, index card, invention of writing, job-hopping, land reform, Mason jar, mass immigration, new economy, PalmPilot, Pearl River Delta, risk tolerance, Shenzhen special economic zone , special economic zone, vertical integration

The exhibit marched quickly through the Second World War and straight to Communist victory, a blurry photo of happy faces. Millions of people rejoiced at the liberation. In the next room, a title stretched across one wall: “A Vision Made Real: From Agricultural County to IT City.” A light board showed photos of the Communist Party meeting at which Deng Xiaoping set forth his program for economic reform and opening to the West. That was in 1978. From one room to the next, the exhibit had jumped thirty years, skipping over the founding of Communist China, the land reform and the execution of counterrevolutionaries, the attacks against “class enemies” and the establishment of the communes, the Great Leap Forward and the famine that killed at least twenty million people, and the decade of the Cultural Revolution.

…

The Cultural Revolution took everything the Chinese people had long held sacred and smashed it to pieces, like an antique vase hurled against the wall. It finished off the world of moral certainty and Confucian values into which my grandfather, and countless generations before him, had been born. And what took its place? For a while, radical fervor was enough. But when the Cultural Revolution finally ended and pragmatic leaders like Deng Xiaoping took over, the Chinese would find themselves living in a vacuum—stripped of all belief and blank as newborns, looking upon a ruined world they must somehow make anew. In 1968, Red Guards came to my grandfather’s tomb in Shenyang. They dug up the coffin and scattered his remains; they smashed the tomb and the grave marker.

…

The Cultural Revolution was in its final stages, but it could still do a lot of damage. The country’s premier, Zhou Enlai, was hospitalized with cancer; the Gang of Four, a leftist faction identified with the worst excesses of the Cultural Revolution, was in charge. One day my father was surprised to hear his government handlers say that Deng Xiaoping, the Party official most committed to modernization and reform, would soon be deposed. His handlers were so worried about their own futures that they let this slip in front of my father. The following April, Deng was purged from the Party leadership for the third and last time. In our house in suburban New York, we listened over and over to the records my father had brought back from China.

An Economic History of the Twentieth Century by J. Bradford Delong

affirmative action, Alan Greenspan, Andrei Shleifer, ASML, asset-backed security, Ayatollah Khomeini, banking crisis, Bear Stearns, Bretton Woods, British Empire, business cycle, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, centre right, collapse of Lehman Brothers, collective bargaining, colonial rule, coronavirus, cotton gin, COVID-19, creative destruction, crowdsourcing, cryptocurrency, cuban missile crisis, deindustrialization, demographic transition, Deng Xiaoping, Donald Trump, en.wikipedia.org, ending welfare as we know it, endogenous growth, Fairchild Semiconductor, fake news, financial deregulation, financial engineering, financial repression, flying shuttle, Ford Model T, Ford paid five dollars a day, Francis Fukuyama: the end of history, full employment, general purpose technology, George Gilder, German hyperinflation, global value chain, Great Leap Forward, Gunnar Myrdal, Haber-Bosch Process, Hans Rosling, hedonic treadmill, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, Hyman Minsky, income inequality, income per capita, industrial research laboratory, interchangeable parts, Internet Archive, invention of agriculture, invention of the steam engine, It's morning again in America, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, labor-force participation, land reform, late capitalism, Les Trente Glorieuses, liberal capitalism, liquidity trap, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, means of production, megacity, Menlo Park, Mikhail Gorbachev, mortgage debt, mutually assured destruction, Neal Stephenson, occupational segregation, oil shock, open borders, open economy, Paul Samuelson, Pearl River Delta, Phillips curve, plutocrats, price stability, Productivity paradox, profit maximization, public intellectual, quantitative easing, Ralph Waldo Emerson, restrictive zoning, rising living standards, road to serfdom, Robert Gordon, Robert Solow, rolodex, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, Simon Kuznets, social intelligence, Stanislav Petrov, strikebreaker, structural adjustment programs, Suez canal 1869, surveillance capitalism, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Great Moderation, The Nature of the Firm, The Rise and Fall of American Growth, too big to fail, transaction costs, transatlantic slave trade, transcontinental railway, TSMC, union organizing, vertical integration, W. E. B. Du Bois, Wayback Machine, Yom Kippur War

His political counteroffensive was a call to “bombard the headquarters”—that is, to destroy anyone whose loyalty or revolutionary commitment he doubted within the leadership of the Communist Party, to wage a Cultural Revolution.17 Liu Shaoqi, now the second-ranking member of the Politburo Standing Committee, was killed. Deng Xiaoping was purged from the party and lost his leadership post for the heresy of claiming that it was more important to be competent than to be politically correct—“A good cat is not a cat that is black or white, a good cat is a cat that catches mice” (Mao feared that Deng meant his listeners to hear not “black” but “red”—revolutionary—and “white”—counterrevolutionary). Perhaps Deng Xiaoping escaped with his life by sheer luck. Mao’s Red Guards threw Deng Xiaoping’s son, Deng Pufang, out of a window, and his back was broken, causing permanent paraplegia.

…

And it was there that he became an anti-imperialist, a politician, and an activist, for in South Africa people from the Indian south continent were not treated as badly as indigenous African peoples, but they were at most only one step higher. Another participant in these great migrations was Deng Xiaoping, born in 1904 as the son of a middling-rich landlord whose income was perhaps five times the Chinese average at the time.17 In December 1920 he arrived in France to work and study: World War I, from 1914 to 1918, had pulled huge numbers of workers into the army and left them dead and maimed. The French government was eager to allow anyone who wanted to replace them in, both during and after the war.

…

If you walked along the edge of the Iron Curtain and then the Bamboo Curtain from Leningrad to Odessa, along the Caucasus, and then from Yunnan up to the Sea of Japan—or if you looked from really-existing socialist Cuba across the Caribbean to Costa Rica or Mexico—you would see that those countries where the armies of Stalin or Mao or Kim Il-Sung or Ho Chi Minh or (shudder) Pol Pot had marched were, on average, only one-fifth as well-off when 1990 came and the curtains were raised as those that had been just beyond those armies’ reach. But Maoist China in the throes of the Great Leap Forward was worse than average. As the extent of the disaster became known, Mao’s principal lieutenants moved slowly and cautiously against him. In December 1958, Mao was replaced by Liu Shaoqi as head of state, with Deng Xiaoping at Liu’s right hand. At a conference in July 1959, Peng Dehuai, minister of defense, criticized Mao’s policies, and Mao threatened to split the party. The majority of the party members remained “loyal” to Mao. Peng Dehuai was condemned and dismissed from the party and the government. But Mao Zedong was also sidelined: the near-consensus of his deputies and their deputies was that Mao’s role should thereafter be ceremonial and symbolic.

Socialism Sucks: Two Economists Drink Their Way Through the Unfree World by Robert Lawson, Benjamin Powell

Airbnb, anti-communist, Berlin Wall, Bernie Sanders, Black Lives Matter, business cycle, cognitive dissonance, crony capitalism, Deng Xiaoping, Donald Trump, en.wikipedia.org, equal pay for equal work, Fall of the Berlin Wall, Gini coefficient, Great Leap Forward, hiring and firing, illegal immigration, income inequality, indoor plumbing, invisible hand, Kickstarter, means of production, Mont Pelerin Society, profit motive, road to serfdom, Ronald Reagan, single-payer health, special economic zone, The Wealth of Nations by Adam Smith

In 1966, Mao and the Communist Party launched the “Cultural Revolution,” inflicting a new hell on the Chinese people. The Cultural Revolution aimed to purge or reeducate the counterrevolutionary bourgeois elements of Chinese society. It also served to reassert Mao’s power after the failure of the Great Leap Forward. Senior officials, including the future reformer Deng Xiaoping, were purged from leadership in the Communist Party. Historical sites and relics that honored things from China’s pre-Communist past were destroyed. Roughly seventeen million young people were sent to the rural countryside for class reeducation.4 Other young people formed the Red Guard and attacked anyone insufficiently supportive of Maoism.

…

They needed jobs that inefficient, state-owned industries couldn’t provide—so self-employment became legal, as did small private businesses. By law, such businesses could only employ up to seven people, but in practice, by 1985, the average private company in China employed thirty people.8 Under the leadership of Deng Xiaoping, the Communist Party made effective economic development, rather than ideological purity, the focus of government policy, claiming, “It doesn’t matter whether the cat is black or white, as long as it catches mice.” No surprise to us, the more capitalist the cat, the more effective it was at catching mice.

…

Michael, 48 Coyne, Chris, 135 Crisis and Leviathan (Higgs), 136 Cristal (beer), 35 Cuba effects of central planning in, 34–41, 45 health care in, 16, 52–53 import restrictions, 49–50 private businesses in, 42–43, 45–47 travel restrictions, 33 Cuban Revolution, 131 Cúcuta, 17, 25, 30 Cultural Revolution, 75–76, 79 Current Affairs, 137 D Dandong, 61–62, 66 Dean, Andrea, 56 deBoer, Fredrik, 138 demilitarized zone (DMZ), 65, 69 Democratic Party, 9–10, 144 Democratic People’s Republic of Korea, 59 democratic socialism, 2, 9, 16, 32, 126–27, 138–39, 146 Deng Xiaoping, 76, 79 Denmark, 10 Dikötter, Frank, 73–75, 150 Duranty, Walter, 92–95 Duvel Café, 5, 10–11 E Eastern Bloc, 85, 126 economic freedom index, 6, 10–11, 20, 63, 79, 99–100, 110, 136 Economic Freedom Network (EFN), 99, 102 Economic Freedom of the World report, 99, 151 economic freedom, 4, 11, 13, 20, 30, 56, 78–80, 105, 108, 110, 112–14, 117, 150 Ecuador, 17 Egypt, 15 El Guajirito, 45–47 Empresas Polar, 26 Erekle (king), 104 Expert Failure (Koppl), 136 F Federal Reserve, 2–3 Fisher, Michelle, 9 Florida State University, 6 Forbidden City, 72 Foreign Policy, 27 foreign-market prices, 37 Fortune Global 500, 64 Fox News, 134 Fraser Institute, 6 Free Market Institute, 7 free markets, 7, 21, 78, 116, 133, 136 Free the People, 141 free-market prices, 21, 37, 48, 88 FreedomWorks, 142 Friedman, Milton, 6–7, 30, 82, 148 G George Mason University, 7 Georgetown University, 137 Georgia (country) Law on Economic Freedom, 114 liberal reforms in, 99, 106–110, 113 ranking on economic freedom index, 110 Ukrainian government in, 101–102 winemaking in, 111–12 Georgian Soviet Socialist Republic, 105 Ghodsee, Kristen, 96 Gini coefficient, 124 Glover, Danny, 1 Gohmann, Steve, 64 grassroots movements, 141–43 Gray, Francine du Plessix, 96–98 Great Britain, 73 Great Leap Forward, 13, 73–76 Grier, Kevin, 28 gross domestic product (GDP), 2, 12–13, 49, 63, 114, 134 Guardian, The, 94 Guevara, Che, 9, 54 Guiadó, Juan, 31 Gwartney, James, 6 H Hall, Joshua, 11 Han River, 65 Harvard, 8 Harvest of Sorrow, The (Conquest), 95 Haverhill, 6 Hayek, Friedrich, 7, 30, 150 Hierta, Lars Johan, 11–12 Higgs, Robert, 136 Hobbs, Brad, 12 Hotel Caribbean, 44, 47 Hotel Ibis, 77 Hotel Metropol, 92 Hotel Nacional, 34, 71 Hotel Neptuno Tritón, 34 Huangpu River, 77 HuffPost, 53 Human Action (von Mises), 100 Hyundai-Kia, 64 I immigration, 122, 134–35, 146 In Order to Live (Yeonmi Park), 60 Incheon International Airport, 63 Independence Square, 101 International Black Sea University, 112 International Monetary Fund, 109 International Socialist Organization (ISO), 123, 125–26 Intourist Hotel, 107 invisible hand, 21 J Jandieri, Gia, 105, 116 Jones, Gareth, 94 K KGB, 89 khachapuri, 116 Khevsureti, 110 khinkali, 116 Khomassuridze, Archil, 97–98 Khrushchev, Nikita, 73 Kibbe, Matt, 141–48 Kiev, 98–102, 117 Kim Il-Sung, 125 Koppl, Roger, 136 Korean War, 63, 65 Kremlin, 89 L La Cabaña prison, 54 La Habana Vieja (Old Havana), 38, 40 Lada, 38, 50 Le Cabernet, 72 Leeson, Peter, 56 Lenin, Vladimir, 9, 16, 89–91, 114–15, 125, 128, 131 Leningrad, 98 LG, 64 libertarianism, 59, 106, 123, 144–47 Lipovskaya, Olga, 97 Little Havana, 56 Little Red Book, 73 Lujiazui Finance and Trade Zone, 80 Luxemburg, Rosa, 125 M Ma Junjie, 81 Macasa, Diana, 123 Maduro, Nicolás, 30–32, 127 Major, John, 120 Maldonado, Víctor, 25 Malecón, 43, 53 Mao Yushi, 82 Mao Zedong, 9, 73–76, 81, 95, 115, 125 Mao’s Great Famine (Dikötter), 73, 150 Marginal Revolution, 86 market prices, 18, 21, 37, 88 Martin, Sabrina, 24–25 Marx, Karl, 86–88, 122, 125, 131, 139 Marxism alienation, 87 labor theory of value, 86–87 theory of history, 88 means of production, 13, 37, 87–88, 90, 121, 124, 126, 128–29, 137–39, 147 Mediterranean, 103 Mendoza, Lorenzo, 26 Mi Amigo Hugo, 27 Miami, 33, 52, 56–57, 134, 155 millennials, 8–10, 120, 138 Milton Friedman Prize for Advancing Liberty, 82 Mises, Ludwig von, 37, 100, 150 Mont Pelerin Society, 7, 64 Mont Pelerin, 7 Moore, Michael, 1, 13, 27 Moscow, 85, 92, 100, 111, 154 Moskvitch, 50 Muggeridge, Malcolm, 94 N Nation, The, 121 National Assembly (Venezeula), 31 National Bank of Cuba, 55 Nazi Germany, 37 New Economic Policy (NEP), 91, 93 New Economic School, 104–105, 116 New Hampshire, 15 New York Times, 9–10, 30, 92, 94–96 Nobel Prize, 6–7 Norberg, Johan, 11 North American Free Trade Agreement (NAFTA), 133 North Korea border with South Korea, 65 contrast between China and, 59, 69 contrast between South Korea and, 62–63, 69, 124 poverty in, 68 refugees from, 60–61 socialism in, 13, 16, 31, 63, 67, 125 Norway, 10–11 Novotel Beijing Peace Hotel, 72 O O’Neil Center for Global Markets and Freedom, 6 Obama, Barack, 33, 55 Ocasio-Cortez, Alexandria (AOC), 143–44, 147 OECD, 13 Oriental Pearl Tower, 77 Orwell, George, 102 P PanAm Post, 18 Parajanov, Sergei, 111 Park, Yeonmi, 60, 68 Patriots, 7 Paul, Rand, 145 Paul, Ron, 142–47 Peng, Dean, 59, 72 Penn, Sean, 1, 27, 128 People’s Republic of China, 59, 73 Pessin, Haley, 121 Petroleos de Venezuela SA, 31 Peugeot, 51–52 Plaza de la Revolución, 54 Plaza Mayor, 43 private property, 10, 13, 21, 37, 45, 78–79, 87, 108–110, 121, 128, 130, 138–39 proletariat, 88, 92 Pudong, 77–78, 80 Puerto Esperanza, 50, 52 Putin, Vladimir, 102 Pyongyang, 65, 69, 85 R Rand, Ayn, 81 Reagan, Ronald, 120 Red Army, 104 Red Century column, 9, 92, 95 Red Guard, 76 Red Spots, 31 Red Square, 89 Red Terror, 89 Republican Party, 142–44 Reuters, 23, 31 Revolution Brewing, 130 Revolutionary Committee of the Don, 90 Río Táchira, 17 Road to Serfdom, The (Hayek), 30, 150 Robinson, Nathan, 137–38 Romanchuk, Jaroslav, 99 Romero, Denise, 121, 132, 135 Rose Revolution, 105, 113 Russia agricultural collectivization in, 93–95 life for women in Soviet, 96–98 Russian Civil War, 89 Russian famine, 90, 93–95 S Saakashvili, Mikheil (Misha), 101–102, 105–106, 114–15, 117 Salon, 1, 17 Salt Lake City, 7 Samsung, 64 San Jose State University, 7 Sanders, Bernie, 9–10, 17, 28, 137, 143–44, 147 Santander Bridge, 18, 22 Schoolland, Li, 60, 75 Scientific Research Mises Center, 99 Seoul, 62–65, 69 Serralde, Daniel, 120, 131 Shanghai Tower, 77 Shanghai World Financial Center, 77 Shawnee State University, 6 Shcheglov, Lev, 98 Sheng Hong, 83 Sheshelidze, Paata, Simón Bolívar Bridge, 23, Sino-Korean Friendship Bridge, 104–105 Sinuiju, 59, 61, 66 Sirota, David, 1 Smith, Adam, 21, 86, 133 Sobel, Russell, 56 Socialism Conference, 120–22, 125, 128–31, 136–39, 146 Socialist International, 32 South America, 17, 135 South China Morning Post, 82 South Korea, 62–64, 68–69, 123–24 South Ossetia, 113 Southern Methodist University (SMU), 6, 48, 77–79 Soviet Ministry of Health, 97 Soviet Women (Gray), 96 special economic zone (SEZ), 80 St.

The New Silk Roads: The Present and Future of the World by Peter Frankopan

"World Economic Forum" Davos, active measures, Berlin Wall, Big Tech, bitcoin, blockchain, Boris Johnson, cashless society, clean water, cryptocurrency, Deng Xiaoping, don't be evil, Donald Trump, Ethereum, ethereum blockchain, F. W. de Klerk, failed state, fake news, Fall of the Berlin Wall, global supply chain, high-speed rail, illegal immigration, income inequality, invisible hand, land reform, Londongrad, low interest rates, Mark Zuckerberg, mass incarceration, Meghnad Desai, Nelson Mandela, Paris climate accords, purchasing power parity, ransomware, Rubik’s Cube, smart cities, South China Sea, sovereign wealth fund, Steve Bannon, trade route, trickle-down economics, UNCLOS, urban planning, WikiLeaks, zero-sum game

Mandela insisted, however, that forgiveness was a vital part of reconciliation.3 Things looked promising in the Korean peninsula, where, in an echo of the discussions that took place in 2018, an outline agreement was reached between the US and North Korea to great fanfare about the peaceful reunification of Korea and about a pathway for denuclearisation that was welcomed as a significant step forward for non-proliferation and also for a safer region and for a safer world.4 In 1993, an important agreement was also reached between China and India that established the framework for dealing with disputed border issues that had been a source of rivalry and bitterness for three decades – while both sides also agreed to reduce troop levels along the frontier and work together towards a conclusion that was mutually acceptable.5 This was important for both countries at a time when economic expansion and liberalisation was at the forefront for their respective political leaders. In China, Deng Xiaoping had recently undertaken a tour of the southern provinces to press for faster reforms, and to deal with hardliners who opposed the liberalisation of markets that had seen the stock exchange open in communist China in Shanghai in 1990.6 South Korea’s transformation was already well underway. In the 1960s, the country had been one of the poorest in the world, with no natural resources and an unpromising location at the eastern extremity of Asia.

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‘Western civilisation is built on a philosophical-theological tradition of binary antagonisms,’ wrote Jiang Shigong, a prominent Chinese intellectual, in an essay that has been described as the ‘authoritative statement of the new political orthodoxy under Xi Jinping’.205 For centuries, notes Jiang, ‘Chinese culture was the envy of the west’. Since the time of the Opium Wars, however, ‘China has experienced humiliation and misery’. The Chinese people, he states, ‘who have long suffered in the modern age, have now made a great leap’. Dividing history into the eras of Mao Zedong, Deng Xiaoping and Xi Jinping, Jiang states that these correspond respectively to China ‘standing up’, ‘becoming rich’ and ‘becoming strong’. What is happening in China under Xi Jinping, both domestically and internationally, is the natural and logical culmination, in other words, of deep trends and a long process that Jiang ultimately traces back to 1921 and the foundation of the Communist Party.

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In fact, the rumour mills are busy whirring in Beijing, trying to keep up with events, seeking to make sense of what China is having to contend with in a changing global situation and how to best respond to it. Part of this is shaped by working out how to apply ‘Xi Jinping Thought’, a fourteen-point manifesto that was added formally to the country’s constitution – alongside ‘Marxism-Leninism, Mao Zedong Thought and Deng Xiaoping Theory’ – in March 2018 at the National People’s Congress. One of the key elements to this is creating an international community with a shared future, based on collaboration and cooperation. That is not easy when others either do not want to share a future or want to advance a different vision altogether.174 Perhaps it is no surprise that the top ‘hot research topic’ of 2017 in China was reported to be research on Xi Jinpging thought.175 It is not just other parts of the world that are at a crossroads and are looking to see what may, or may not, lie ahead

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global by Rebecca Fannin

"World Economic Forum" Davos, Adam Neumann (WeWork), Airbnb, augmented reality, autonomous vehicles, Benchmark Capital, Big Tech, bike sharing, blockchain, call centre, cashless society, Chuck Templeton: OpenTable:, clean tech, cloud computing, computer vision, connected car, corporate governance, cryptocurrency, data is the new oil, data science, deep learning, Deng Xiaoping, Didi Chuxing, digital map, disruptive innovation, Donald Trump, El Camino Real, electricity market, Elon Musk, fake news, family office, fear of failure, fulfillment center, glass ceiling, global supply chain, Great Leap Forward, income inequality, industrial robot, information security, Internet of things, invention of movable type, Jeff Bezos, Kickstarter, knowledge worker, Lyft, Mark Zuckerberg, Mary Meeker, megacity, Menlo Park, money market fund, Network effects, new economy, peer-to-peer lending, personalized medicine, Peter Thiel, QR code, RFID, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart transportation, Snapchat, social graph, SoftBank, software as a service, South China Sea, sovereign wealth fund, speech recognition, stealth mode startup, Steve Jobs, stock buybacks, supply-chain management, tech billionaire, TechCrunch disrupt, TikTok, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, urban planning, Vision Fund, warehouse automation, WeWork, winner-take-all economy, Y Combinator, young professional

Poorly implemented state-backed reforms on a local level. Growing criticism over China-styled colonialism, such as using loans to gain control over strategic locations, notably the Sri Lanka port and surrounding land. It’s conceivable that China could roll back the capitalistic reforms ushered in by Chinese leader Deng Xiaoping in the late 1970s to return to Chairman Mao’s drab communism of several decades ago. National security and technological leadership frictions will no doubt heighten as China marches forward. Technologies we use every day—Siri, touchscreen, GPS, the internet, and the iPhone—came out of the US Department of Defense and government-funded scientists for military purposes.

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It’s hard to imagine they would have come so far, so quickly—and stayed in power for so long. They are regarded as superheroes in the first generation of entrepreneurs since China’s Cultural Revolution of the 1960s and 1970s nearly destroyed the economy, and the later reforms of former leader Deng Xiaoping opened China to a socialist market economy and made it glorious to get rich. All three founders cranked up their startups soon after the US dotcom bubble burst about two decades ago. They did become very rich—among the richest in the world—initially by copying. Baidu’s quiet-spoken search expert Li, who came to the United States for a computer science graduate degree and jobs at Dow Jones and Disney-owned search company Infoseek before returning home, has a $10 billion fortune made in China.

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“We got in early when the space was not so competitive and we’ve partnered with the best entrepreneurs in China,” said Sequoia partner Sun.1 “As with any good investment company, you have to be performance driven and a meritocracy, and I think making money is the only thing that really matters.” Certainly Sequoia, named after the giant trees in the Sierra Nevada range, is a money machine and embraces the slogan made famous by Chairman Mao’s successor Deng Xiaoping: “To get rich is glorious.” “As with any good investment company, you have to be performance driven and a meritocracy, and I think making money is the only thing that really matters.” Glen Sun Partner, Sequoia Capital China The alpha at Sequoia Capital China is founding partner partner Neil Shen, a graduate of the Yale School of Management, former investment banker, and a cofounder of Expedia-like Ctrip and budget hotel chain Home Inn.

The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor by William Easterly

air freight, Andrei Shleifer, battle of ideas, Bretton Woods, British Empire, business process, business process outsourcing, Carmen Reinhart, classic study, clean water, colonial rule, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, Deng Xiaoping, desegregation, discovery of the americas, Edward Glaeser, en.wikipedia.org, European colonialism, Ford Model T, Francisco Pizarro, fundamental attribution error, gentrification, germ theory of disease, greed is good, Gunnar Myrdal, income per capita, invisible hand, James Watt: steam engine, Jane Jacobs, John Snow's cholera map, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, low interest rates, M-Pesa, microcredit, Monroe Doctrine, oil shock, place-making, Ponzi scheme, public intellectual, risk/return, road to serfdom, Robert Solow, Silicon Valley, Steve Jobs, tacit knowledge, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas L Friedman, urban planning, urban renewal, Washington Consensus, WikiLeaks, World Values Survey, young professional

It turns out that when the rights of local people are respected, new trades happen, new technologies happen, new public services happen. This challenges conventional wisdom about the “benevolent autocrats” behind many success stories. There is, for example, more evidence for attributing the rise of China as an economic superpower to the anonymous spread of the potato to China than to Chinese ruler Deng Xiaoping’s economic policies. Appreciation of this phenomenon allows us, finally, to have the biggest development debate of all, on conscious design of development by experts versus spontaneous solutions by individuals. Ironically, most of the economists involved in this recent research were not trying to solve the global poverty problem; they were just trying to better understand and explain the world.

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According to a recent quantification of the potato’s impact, it could account for as much as a fourth of the substantial population growth in China and the rest of the Old World between 1700 and 1900.32 It is off balance that all the talk today about the huge size of China’s economy concentrates only on recent leaders like Deng Xiaoping; a lot more credit should go to Mr. Potato Head. TECHNOLOGY TRANSFER AND CREATIVE DESTRUCTION: THE GREENE STREET BLOCK The textile boom story on the Greene Street block already featured an important role for technological improvements in transportation. New Yorkers got access to the new technologies by importing products embodying them from Great Britain—such as the railroad and the steamboats—with further refinements by New York innovators.

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The closing sentence of the report says that outcomes depend “on the wisdom, strength, and determination of the Chinese leadership.”3 The World Bank still seems to prefer the same authoritarian development approach to 2013 China that Western actors held for 1930s China (Chapter Three). AUTOCRATIC MIRACLES There is a strong tradition of folklore about benevolent autocrats who deliver development to their people. And indeed the list of autocrats who seem to have worked miracles goes on and on: Deng Xiaoping in China, Lee Kuan Yew in Singapore, Park Chung Hee in South Korea, Chiang Kai-shek in Taiwan, Augusto Pinochet in Chile, Suharto in Indonesia, and Mahathir Mohamad in Malaysia. The evidence that autocrats cause rapid growth seems overwhelming. We now must confront the evidence that there really are benevolent autocrats.

The end of history and the last man by Francis Fukuyama

affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bonfire of the Vanities, business cycle, centre right, classic study, cuban missile crisis, deindustrialization, Deng Xiaoping, Donald Trump, European colonialism, Exxon Valdez, F. W. de Klerk, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, Gini coefficient, Great Leap Forward, Gunnar Myrdal, Herbert Marcuse, Hernando de Soto, income inequality, Isaac Newton, Joan Didion, joint-stock company, Joseph Schumpeter, kremlinology, land reform, liberal world order, liberation theology, life extension, linear programming, long peace, means of production, Michael Milken, Mikhail Gorbachev, Nelson Mandela, New Journalism, nuclear winter, old-boy network, open economy, post-industrial society, RAND corporation, Ronald Reagan, Socratic dialogue, Strategic Defense Initiative, strikebreaker, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, zero-sum game

Totalitarianism failed as well in the People’s Republic of China and the countries of Eastern Europe. Central government control over the Chinese economy even at the height of the PRC’s “Stalinist” period had never been as complete as in the Soviet Union, with perhaps a quarter of the economy never having come under the purview of the national plan. When Deng Xiaoping set the country on the course of economic reform in 1978, many Chinese still had a vivid memory of markets and entrepreneurship from the 1950s, so it is perhaps not surprising that they were able to take advantage of economic liberalization in the following decade. While continuing to pay lip service to Mao and Marxism-Leninism, Deng effectively restored private property in the countryside and opened up the country to the global capitalist economy.

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The total failure of centrally planned economies in countries like the Soviet Union and China to move beyond a 1950s level of industrialization undercut their ability to play important roles on the international stage, or even to safeguard their own national security. Mao’s persecution of competent technocrats during the Cultural Revolution proved to be an economic disaster of the first order that set China back a generation. One of Deng Xiaoping’s first acts when coming to power in the mid-1970s was therefore to restore prestige and dignity to the technical intelligentsia and to protect them from the vagaries of ideological politics, choosing the path of co-optation adopted by the Soviets a generation earlier. But the efforts to co-opt technological elites in the service of ideology eventually worked the other way as well: that elite, given a relatively greater degree of freedom to think and study the outside world, became familiar with and began to adopt many of the ideas current in that world.

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Nonetheless, the unfolding of technologically driven economic modernization creates strong incentives for developed countries to accept the basic terms of the universal capitalist economic culture, by permitting a substantial degree of economic competition and letting prices be determined by market mechanisms. No other path toward full economic modernity has been proven to be viable. 9 The Victory of the VCR —Deng Xiaoping, in a 1982 speech1 Not a single country in the world, no matter what its political system, has ever modernized with a closed-door policy. The fact that capitalism was in some sense inevitable for advanced countries, and that Marxist-Leninist socialism was a serious obstacle to the creation of wealth and a modern technological civilization, may have seemed like commonplace knowledge by the last decade of the twentieth century.

Under the Loving Care of the Fatherly Leader: North Korea and the Kim Dynasty by Bradley K. Martin

anti-communist, Asian financial crisis, colonial rule, cuban missile crisis, Deng Xiaoping, Dr. Strangelove, failed state, Ford Model T, four colour theorem, Great Leap Forward, guns versus butter model, illegal immigration, informal economy, kremlinology, land reform, means of production, Mikhail Gorbachev, military-industrial complex, Neil Armstrong, Potemkin village, profit motive, RAND corporation, Ronald Reagan, Shenzhen special economic zone , special economic zone, stakhanovite, two and twenty, UNCLOS, upwardly mobile, uranium enrichment, women in the workforce, zero-sum game

A Japanese newsman, in Pyongyang to cover the table tennis tournament, was sent home early after he filed an article reporting that the gold coating on a sixty-five-foot (twenty-meter) bronze statue of the Great Leader had been removed. His article cited a rumor among foreign residents in Pyongyang that Deng Xiaoping, during a visit not long before, had suggested to President Kim that a golden statue might be a bit too extravagant a display for a socialist country seeking Chinese economic aid. Son-hui arrives at the village where, following her wartime rescue from a burning house, she spent her childhood.

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A slogan on the school building proclaimed: “Long Live Sino-Korean Friendship.” Strangely the marble tablets on Kim’s statue were blank. I wonder whether the Chinese had erased them— perhaps during the Cultural Revolution of the 1960s and ’70s, when the Red Guards criticized Kim harshly, or during the subsequent movement led by Deng Xiaoping and other reformers to stamp out signs of the discredited personality cult built around China’s own Mao Zedong. Or could it have been the North Koreans who chose to leave the tablets blank—because it was not then considered politic, from the standpoint of Korean nationalism, to advertise that Kim had been educated in a foreign language?

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Partly because it was such a big country, though, Big Brother could not indoctrinate and monitor the people there as thoroughly and efficiently as in North Korea. Indeed, life in China had already started to change. Mao Zedong was dead and, with him, his catastrophic Great Proletarian Cultural Revolution. Although I did not yet know it, the vitality I saw was to power the amazing changes that were about to come to China under Deng Xiaoping’s reform-minded rule. At the time, though, if I could credit what my eyes revealed in terms of economic development, the comparison between North Korea and China seemed much more startling than any that could be made between North and South Korea.47 That seemed a likely partial explanation, at least, of why the Pyongyang regime contemplated only minor deviations from past practice.

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

"World Economic Forum" Davos, Admiral Zheng, Alan Greenspan, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, Great Leap Forward, guns versus butter model, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, junk bonds, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low interest rates, low skilled workers, market clearing, Martin Wolf, mass immigration, Meghnad Desai, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, Savings and loan crisis, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, We are all Keynesians now, women in the workforce, working-age population, Y2K, Yom Kippur War

Changing patterns of trade and investment opportunities around the world provide compelling evidence of this shift. Yet many people are in denial. They still tend to think in the old domestic mindsets. They are slaves to national economic data that, for the most part, include only the most recent domestic economic developments. They are slaves to a world that, in effect, crumbled as Deng Xiaoping opened up China to the global economy at the beginning of the 1980s and as the Berlin Wall collapsed in 1989. During the 1980s, as cumbersome mainframe computers were replaced by PCs, economists began to calibrate statistically the ways in which economies operated. With reams of annual, quarterly, monthly, daily and even intra-day data at their disposal and with significant advances in computing power, they were able to build economic models linked to past reality (and, as the models became more complex, to ‘expected’ future reality).

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There’s no reason why, for example, software development should reside only in Silicon Valley. Nowadays, India has its own technology industry. The economic effects of this ‘opening up’ are extraordinary. Since the 1980s, for example, Chinese incomes have risen at a faster rate than those in Europe for the first time in six centuries, thanks to Deng Xiaoping’s willingness to encourage China to engage with the rest of the world. China’s share of global output has consequently soared (from a low of 5 per cent in 1950 to 15 per cent by the beginning of the twenty-first century).19 So has its share of world trade. Chairman Mao famously boasted in the 1950s about China’s Great Leap Forward.

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This vast improvement in productivity is, of course, good news both for the passengers and the environment. The calculation, however, reflects only technology improvement. In a world of scarce resources, what matters is not so much the improvement in technology but on how many occasions that technology is replicated. Before the arrival of Deng Xiaoping and the collapse of the Berlin Wall, technology replication was limited. Too many countries were shut off from new technologies and, even where they had access, they channelled those technologies into military, rather than civilian, ventures. No longer is this the case. More and more countries are using technology replication to improve the lives of their citizens.

The Light That Failed: A Reckoning by Ivan Krastev, Stephen Holmes

active measures, Affordable Care Act / Obamacare, Andrei Shleifer, anti-communist, anti-globalists, bank run, Berlin Wall, Black Lives Matter, borderless world, Brexit referendum, corporate governance, David Brooks, deglobalization, deindustrialization, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, failed state, fake news, Fall of the Berlin Wall, Francis Fukuyama: the end of history, illegal immigration, Kickstarter, knowledge economy, kremlinology, liberal world order, mass immigration, Mikhail Gorbachev, Neil Armstrong, nuclear winter, obamacare, offshore financial centre, open borders, post-truth, postnationalism / post nation state, reserve currency, Ronald Reagan, shared worldview, South China Sea, Steve Bannon, the market place, Thorstein Veblen, too big to fail, Twitter Arab Spring, WikiLeaks

Writing a few months before the Germans would joyfully dance on the sledge-hammered remains of the Berlin Wall, he proclaimed the Cold War effectively over. The comprehensive victory of liberalism over communism had been sealed by a decade of economic and political reforms initiated in China by Deng Xiaoping and in the Soviet Union by Mikhail Gorbachev. The elimination of ‘the Marxist-Leninist alternative to liberal democracy’, Francis Fukuyama argued, signalled ‘the total exhaustion of viable systematic alternatives to Western liberalism’. Having been crowned by Marxists as the culmination of ‘History’ in the Hegelian sense, communism was suddenly demoted to ‘history’ in the American sense of something of negligible significance.

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BEIJING’S 1989 To understand China’s crucial role in wrapping up our story, we need to revisit 1989 from a Chinese point of view. In the early summer of that pivotal year, the Chinese leadership dispatched several divisions of the Chinese Liberation Army to crush with tanks and live ammunition the pro-democracy movement on and around Tiananmen Square. Deng Xiaoping’s radical economic reforms, launched in 1978, had provided some of the most persuasive evidence for the prediction that free markets were bound to prevail everywhere over chronically inefficient command economies. But new opportunities for private gain created by market liberalization also fomented social unrest over flagrant inequalities, rampant inflation, favouritism and corruption.

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It should come as no surprise, therefore, that America’s global agenda is transformative and generally supportive of regime change. The country’s foreign-policy-makers are not just rule-makers. They are missionary proselytizers for the American model, or at least they have been so through much of the country’s history until the presidency of Donald Trump. Deng Xiaoping called off Mao’s proselytizing mission. This retreat from an attempt to convert the world may have come naturally because, in its traditional self-understanding, China was the world. It is often remarked that China looks at itself not as a country but as a civilization. One might even say that it sees itself as a universe.

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, Alan Greenspan, bank run, behavioural economics, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, currency risk, Daniel Kahneman / Amos Tversky, decentralized internet, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, guns versus butter model, Home mortgage interest deduction, impact investing, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeff Bezos, John Bogle, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, low interest rates, Marc Andreessen, Mark Spitznagel, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, obamacare, OSI model, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reality distortion field, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, Skinner box, smart grid, Solyndra, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game

I called for an efflorescence of entrepreneurship: “Let a billion flowers bloom.”2 When asked what would happen in 1997, when Great Britain was to transfer control of Hong Kong to the People’s Republic of China, I said, “1997 is the year that Hong Kong will begin to take over China.” At the time, I had no real sense of how this would happen. But the mayor of Shanghai and later PRC president, Jiang Zemin, and Premier Deng Xiaoping led a movement to duplicate the success of Hong Kong in “free zones” all along the coast of China. Beginning with Jiang’s Shanghai, these free zones, modeled on Hong Kong, produced what we all know now as the “Chinese miracle.” Conceived by Deng and Jiang, the free-zone strategy contrasts with the largely failed one-zone approach of the Soviet Union.

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They do control vast regions of the country, but they do not dominate the rapidly emerging Chinese culture of enterprise, which for all its flaws and excesses is rapidly moving toward ascendancy in the world economy. China’s economic achievement, which has moved more people out of poverty than any country has ever done, proves that Jiang was right. Economic progress can definitely precede political democratization. Since 1982, when Deng Xiaoping declared that “to get rich is glorious,” China’s city dwellers have increased their incomes fourteenfold.8 Now the challenge is to show that a communist regime can use capitalist freedoms to expand democracy and civil liberty, which should be the next step for Jiang’s free-zone strategy. But our next step should be to address China’s critique of our own manipulative monetary policy.

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See also global financial crisis Cuba, 46 currency digital, 67, 69, 72, 78–79, 86 floating, 10, 20, 33–34, 45, 57, 59, 106, 154 gold currency, 159 gold standard and, 9–10, 55, 75 manipulation, 14, 32, 40, 45–46, 49, 51 market-based, 81, 83 trading, 11–14, 34, 45, 54, 66, 89, 96–97, 101–10, 128, 133, 167–68, 170 D debt, 11, 13, 80, 89, 91, 94–95, 117, 129, 142, 152, 156–57 deflation and, 13, 78, 80, 116 inflation and, 116, 156 U.S. government, xiii–xiv, xvi, 3, 5–7, 14–15, 24, 32, 62, 93 Defense Advanced Research Projects Agency, xxii deflation, xix, 13, 78–81, 83, 85, 98–99, 116, 156 Democratic Party, Democrats, xi–xiii, xviii, xxi–xxii, 3–4, 6 Deng Xiaoping, 42, 51 deregulation, xvi, 13, 50, 150–51, 153 Deutsche Bank, 104, 127 digital currencies, 44, 68, 72, 79, 168, 170. See also bitcoin; Hayek money critiques of, 77 and elimination of currency speculation, 67 irreversibility of, 62–63, 70, 72, 74, 93, 157, 161, 163 popularity of, 69–70 Disney, 122 Dodd-Frank Act, 6, 57, 94 dot-com bubble, 13, 116–17, 121, 132 E eBay, 160 Ebbers, Bernie, 13 economies, xviii–xix, 23, 33, 47, 59, 85, 88, 105–6, 110, 116, 142, 156.

The New Map: Energy, Climate, and the Clash of Nations by Daniel Yergin

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", 3D printing, 9 dash line, activist fund / activist shareholder / activist investor, addicted to oil, Admiral Zheng, Albert Einstein, American energy revolution, Asian financial crisis, autonomous vehicles, Ayatollah Khomeini, Bakken shale, Bernie Sanders, BRICs, British Empire, carbon tax, circular economy, clean tech, commodity super cycle, company town, coronavirus, COVID-19, decarbonisation, deep learning, Deng Xiaoping, Didi Chuxing, disruptive innovation, distributed generation, Donald Trump, driverless car, Edward Snowden, Elon Musk, energy security, energy transition, failed state, Ford Model T, geopolitical risk, gig economy, global pandemic, global supply chain, green new deal, Greta Thunberg, hydraulic fracturing, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), inventory management, James Watt: steam engine, John Zimmer (Lyft cofounder), Kickstarter, LNG terminal, Lyft, Malacca Straits, Malcom McLean invented shipping containers, Masayoshi Son, Masdar, mass incarceration, megacity, megaproject, middle-income trap, Mikhail Gorbachev, mutually assured destruction, new economy, off grid, oil rush, oil shale / tar sands, oil shock, open economy, paypal mafia, peak oil, pension reform, power law, price mechanism, purchasing power parity, RAND corporation, rent-seeking, ride hailing / ride sharing, rolling blackouts, Ronald Reagan, Russian election interference, self-driving car, Silicon Valley, smart cities, social distancing, South China Sea, sovereign wealth fund, Suez crisis 1956, super pumped, supply-chain management, TED Talk, trade route, Travis Kalanick, Twitter Arab Spring, Uber and Lyft, uber lyft, ubercab, UNCLOS, UNCLOS, uranium enrichment, vertical integration, women in the workforce

Shih Hsiu-Chuan, “Ma Addresses Nation’s Role in S China Sea,” Taipei Times, September 2, 2014; “Joining the Dashes,” The Economist, October 4, 2014. Chapter 20: “Count on the Wisdom of Following Generations” 1. Ezra Vogel, Deng Xiaoping and the Transformation of China (Cambridge: Harvard University Press, 2013); Richard Baum, Burying Mao: Chinese Politics in the Age of Deng Xiaoping (Princeton: Princeton University Press, 1994); Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle for the World Economy (New York: Touchstone, 2002), p. 197. 2. Bill Hayton, The South China Sea: The Struggle for Power in Asia (New Haven: Yale University Press, 2014), pp. 28, 121 (“not wise enough”). 3.

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Or, to use a more appropriate metaphor, two navies were on a collision course.8 Chapter 20 “COUNT ON THE WISDOM OF FOLLOWING GENERATIONS” In previous decades, flare-ups over the South China Sea receded as the nations in the region focused on economic growth. For no country was that truer than for China, with its 10 percent or more annual economic growth and what it would call its “peaceful rise.” And peace was the absolute necessity to allow such growth and China’s expanding role in the global economy. Deng Xiaoping knew, from all his life experience, the costs of war and upheaval. Paramount leader for two decades, Deng masterminded China’s move toward the market and its integration with the world economy. Once one of Mao’s most important lieutenants, he had been purged twice. That gave him ample time, first during years of exile, as a laborer in a tractor factory, and then under house arrest in Mao’s later years, to reflect on what had gone wrong with the revolution.

…

He has reasserted the primacy of the Communist Party and the state’s dominating role in the economy, initiated a massive anticorruption campaign, promoted a more assertive great power role for China on the world stage, elevated the navy and the air force, and reined in the internet. In 2018, the National People’s Congress made him president for life, breaking with the post-Deng tradition of term limits for presidents. The congress also elevated “Xi Jinping Thought” to the level of “Mao Zedong Thought” and “Deng Xiaoping Thought.” In turn, Xi declared that China now “stood tall and firm.” He evoked a “mighty east wind” that would carry China forward. And, with a message that he said was aimed at those “who are accustomed to threatening others,” and clearly referring to the South China Sea, he declared, “It is absolutely impossible to separate a single inch of territory of our great country.”

Capitalism: Money, Morals and Markets by John Plender

activist fund / activist shareholder / activist investor, Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, Berlin Wall, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, bond market vigilante , bonus culture, Bretton Woods, business climate, business cycle, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, computer age, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, discovery of the americas, diversification, Eugene Fama: efficient market hypothesis, eurozone crisis, failed state, Fall of the Berlin Wall, fiat currency, financial engineering, financial innovation, financial intermediation, Fractional reserve banking, full employment, Glass-Steagall Act, God and Mammon, Golden arches theory, Gordon Gekko, greed is good, Hyman Minsky, income inequality, industrial research laboratory, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, joint-stock company, Joseph Schumpeter, labour market flexibility, liberal capitalism, light touch regulation, London Interbank Offered Rate, London Whale, Long Term Capital Management, manufacturing employment, Mark Zuckerberg, market bubble, market fundamentalism, mass immigration, means of production, Menlo Park, money market fund, moral hazard, moveable type in China, Myron Scholes, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, paradox of thrift, Paul Samuelson, plutocrats, price stability, principal–agent problem, profit motive, proprietary trading, quantitative easing, railway mania, regulatory arbitrage, Richard Thaler, rising living standards, risk-adjusted returns, Robert Gordon, Robert Shiller, Ronald Reagan, savings glut, shareholder value, short selling, Silicon Valley, South Sea Bubble, spice trade, Steve Jobs, technology bubble, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, Thorstein Veblen, time value of money, too big to fail, tulip mania, Upton Sinclair, Veblen good, We are the 99%, Wolfgang Streeck, zero-sum game

The trail blazed first by Japan, then by the Asian Tiger economies such as South Korea, Taiwan, Hong Kong, Thailand and Singapore, has been followed by other emerging market countries across the globe. As they go through one industrial revolution after another, these countries’ growth rates have accelerated to levels far beyond anything achieved through industrialisation in Europe and North America – most spectacularly so in the case of China, where the Communist Chinese leader Deng Xiaoping signalled a milestone in capitalism’s slow march towards respectability by declaring that ‘to get rich is glorious’. China’s economy grew at 10 per cent per annum on average during the 1990s and 2000s, while the three decades to 2010 saw an eightfold increase in per capita gross domestic product.

…

Yet, before writing off Weber it is important to remember that his concern here related to the very specific question of whether non-European traditions had religious and cultural characteristics that were capable of giving rise spontaneously to capitalist development in the way that Protestantism had done. The fact that non-Europeans subsequently borrowed the capitalist means of production from Europeans is not, in itself, a refutation of his thesis. The ultimate watershed on business’s long march from pariah status towards semi-respectability came when the Chinese leader Deng Xiaoping declared, after starting to open up China’s economy in 1978, that ‘to get rich is glorious’. Nuances may have been lost in the translation, but this embrace of capitalist values by a hardened veteran of the Communist struggle definitively put the big battalions behind the materialist side of the moral argument and appeared to draw down the curtain on the socialist backlash.

…

In a variation on the same theme, state revenue from manufacturing could also be put to use in financing wars. In mid-nineteenth-century Prussia, cash from substantial state-owned enterprises enabled Bismarck to escape accountability to a democratic parliament that he despised. In our own time, China’s decision under Deng Xiaoping to embrace a form of market capitalism from 1978 was driven as much or more by the desire to reassert China’s power and influence in the world – and no doubt by the Communist rulers’ urge to hang on to office – as by the wish to raise Chinese living standards. This connection between manufacturing capability and power seems to me to provide a genuine argument for concern about a decline in the manufacturing base, much as it does on the issues of energy and food security.

The Post-American World: Release 2.0 by Fareed Zakaria

"World Economic Forum" Davos, affirmative action, agricultural Revolution, airport security, Alan Greenspan, anti-communist, Asian financial crisis, battle of ideas, Bear Stearns, Berlin Wall, Bretton Woods, BRICs, British Empire, call centre, capital controls, central bank independence, centre right, collapse of Lehman Brothers, conceptual framework, Credit Default Swap, currency manipulation / currency intervention, delayed gratification, Deng Xiaoping, double entry bookkeeping, failed state, Fall of the Berlin Wall, financial innovation, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, low interest rates, Mahatma Gandhi, Martin Wolf, mutually assured destruction, National Debt Clock, new economy, no-fly zone, oil shock, open economy, out of africa, Parag Khanna, postindustrial economy, purchasing power parity, race to the bottom, reserve currency, Ronald Reagan, Silicon Valley, Silicon Valley startup, South China Sea, Steven Pinker, Suez crisis 1956, The future is already here, The Great Moderation, Thomas L Friedman, Thomas Malthus, three-masted sailing ship, trade route, Washington Consensus, working-age population, young professional, zero-sum game

The signal for the latter event came in December 1978 at an unlikely gathering: the Third Plenum of the Eleventh Central Committee of the Communist Party of China, typically an occasion for empty rhetoric and stale ideology. Before the formal meeting, at a working-group session, the newly empowered party boss, Deng Xiaoping, gave a speech that turned out to be the most important in modern Chinese history. He urged that the regime focus on economic development and let facts—not ideology—guide its path. “It doesn’t matter if it is a black cat or a white cat,” Deng said. “As long as it can catch mice, it’s a good cat.”

…

In a delicately phrased set of warnings delivered in China in 2005, Lee Kuan Yew described his concerns not about China’s current leadership, or even the next generation, but about the generation after that, which will have been born in a time of stability, prosperity, and rising Chinese influence. “China’s youth must be made aware of the need to reassure the world that China’s rise will not turn out to be a disruptive force,” he said in a speech at Fudan University. Lee implied that what has kept Chinese leaders humble since Deng Xiao-ping is the bitter memory of Mao’s mistakes—fomenting revolutions abroad, the Great Leap Forward, and the Cultural Revolution, which together resulted in the deaths of about forty million Chinese. “It is vital,” Lee went on, “that the younger generation of Chinese who have only lived through a period of peace and growth and have no experience of China’s tumultuous past are made aware of the mistakes China made as a result of hubris and excesses in ideology.”

…

It has invaded us thirteen times since then.” But he also acknowledged, “it is a huge presence, our biggest exporter”—which means that their governments and peoples must approach the relationship pragmatically. Bookstores I visited in Vietnam prominently displayed the collected speeches of the Chinese leaders Deng Xiaoping, Jiang Zemin, and Hu Jintao. Before arriving in Vietnam, I had been in Tokyo, during Chinese Prime Minister Wen Jiabao’s 2007 state visit, and I heard a similar refrain. Wen finessed the many points of tension between the two countries and instead accentuated the positive—their booming economic ties.

More From Less: The Surprising Story of How We Learned to Prosper Using Fewer Resources – and What Happens Next by Andrew McAfee

back-to-the-land, Bartolomé de las Casas, Berlin Wall, bitcoin, Blitzscaling, Branko Milanovic, British Empire, Buckminster Fuller, call centre, carbon credits, carbon footprint, carbon tax, Charles Babbage, clean tech, clean water, cloud computing, congestion pricing, Corn Laws, creative destruction, crony capitalism, data science, David Ricardo: comparative advantage, decarbonisation, DeepMind, degrowth, dematerialisation, Demis Hassabis, Deng Xiaoping, do well by doing good, Donald Trump, Edward Glaeser, en.wikipedia.org, energy transition, Erik Brynjolfsson, failed state, fake news, Fall of the Berlin Wall, Garrett Hardin, Great Leap Forward, Haber-Bosch Process, Hans Rosling, humanitarian revolution, hydraulic fracturing, income inequality, indoor plumbing, intangible asset, James Watt: steam engine, Jeff Bezos, job automation, John Snow's cholera map, joint-stock company, Joseph Schumpeter, Khan Academy, Landlord’s Game, Louis Pasteur, Lyft, Marc Andreessen, Marc Benioff, market fundamentalism, means of production, Michael Shellenberger, Mikhail Gorbachev, ocean acidification, oil shale / tar sands, opioid epidemic / opioid crisis, Paul Samuelson, peak oil, precision agriculture, price elasticity of demand, profit maximization, profit motive, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, Salesforce, Scramble for Africa, Second Machine Age, Silicon Valley, Steve Jobs, Steven Pinker, Stewart Brand, Ted Nordhaus, TED Talk, telepresence, The Wealth of Nations by Adam Smith, Thomas Davenport, Thomas Malthus, Thorstein Veblen, total factor productivity, Tragedy of the Commons, Uber and Lyft, uber lyft, Veblen good, War on Poverty, We are as Gods, Whole Earth Catalog, World Values Survey

The World Bank estimated that in 2016 more than 45 percent: “Individuals Using the Internet (% of Population),” The World Bank Data, accessed March 25, 2019, https://data.worldbank.org/indicator/IT.NET.USER.ZS?end=2016&start=1960&view=chart. “There are no fundamental contradictions between socialism and a market economy”: “Deng Xiaoping, Chinese Politician, Paramount Leader of China,” Wikiquote, September 5, 2018, https://en.wikiquote.org/wiki/Deng_Xiaoping. the Russian-made felt pen Gorbachev tried to use didn’t work: Conor O’Clery, “Remembering the Last Day of the Soviet Union,” Irish Times, December 24, 2016, https://www.irishtimes.com/news/world/europe/conor-o-clery-remembering-the-last-day-of-the-soviet-union-1.2916499.

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This time, it’s happening with head-spinning speed. Massive Market Entry Has capitalism also spread around the world in recent years? Yes. In 1978, two years after Mao Zedong died, the Central Committee of China’s Communist Party convened to decide on the country’s economic strategy. Paramount leader Deng Xiaoping persuaded his colleagues to adopt an approach radically different from the Marxist path of strong central planning and hostility to private property and international trade that had prevailed up to that point. The new approach was called “reform and opening up.” It was also referred to as “socialism with Chinese characteristics,” but a better label for it might be “Chinese authoritarianism with some capitalist characteristics.”

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Møller-Maersk, 257 Apollo 8 mission, 53–54 apparent consumption, 78–79 Apple, 102, 111, 169, 235, 257 Applebaum, Anne, 218 Arab oil embargo, 161 Ardekani, Siamak, 75 artificial intelligence, 205 Asch, Solomon, 226 Atacama Desert, 17 “Atoms for Peace,” 58–59 Audubon, John James, 43, 258 Austin, Benjamin, 254 Ausubel, Jesse, 4–5, 75, 76, 78, 183 authoritarianism, 174, 217–18, 220 automobiles, 161–63 back to the land movement, 67–68, 91–93 bananas, 24 Baron, Jonathan, 127 BASF, 31 Beach, Brian, 41 beefalo, 182 Bergius, Friedrich, 31 Berzin, Alfred, 164 Bezos, Jeff, 206 Bhattacharjee, Amit, 127 Bishop, Bill, 227 Bismarck, Otto von, 225 bison, 44–46, 96, 152–53, 183 Blake, William, 40–41 Blomqvist, Linus, 270 Bloom, Paul, 210 blue whales, 47 Borlaug, Norman, 31–32, 262 Bosch, Carl, 31 Boulding, Kenneth, 63–65 Boulton, Matthew, 15–16, 20, 121, 206 Bowling Alone (Putnam), 213 Brand, Stewart, 67–68, 182, 183 Brandeis, Louis, 259 Brazil, 173, 174 Brynjolfsson, Erik, 112, 205 Bump, Philip, 224 cap-and-trade programs, 143–44, 145, 187, 188 capitalism, 2–3, 4, 5, 36, 99–123, 113, 125–39, 141, 151, 158–59, 161, 167–68 critiques of, 126–31 defining of, 115–18 negatives of, 142–43 spread of, 170–73 carbon capture systems, 187 carbon dioxide, 185, 188–89 carbon offsets, 259–60 carbon taxes, 187, 249–50, 252, 257, 259 Caro, Robert, 29n Case, Steve, 256 CBS Evening News with Walter Cronkite, 53 central planning, 116, 122, 170 cerium, 107 Chávez, Hugo, 134–35 Chicago and North Western Railway, 105–06 child labor, 35, 38–39, 167 child mortality, 196–97 China, 85, 93–94, 106, 110, 133, 145, 154, 172, 174, 185 chlorofluorocarbons, 149–50, 185, 228, 249 cholera, 22–23, 26 Christensen, Clay, 265 Christmas Carol, A (Dickens), 24 chromium, 72 Church, George, 182 Cichon, Steve, 101–02 circle of sympathy, 176 Civil War, US, 38 Clapham, Phillip, 163 Clark, Gregory, 10–11, 20 Clean Air Act, 66, 95, 122, 143, 147, 161 Clean Water Act (1972), 66, 190, 252–53 climate change, 60, 158, 185, 228, 243, 248, 257, 269, 274 Clinton, Hillary, 201, 224 Closing Circle, The (Commoner), 64 coal, 16, 18, 19, 40, 41, 56 as finite resource, 48–49 Coal Question, The (Jevons), 48, 49 Coase, Ronald, 143 collusion, 129 colonialism, 35, 39–40, 167 Commoner, Barry, 64 commons, 183–84 communism, 133, 172 Communist Manifesto, The (Marx and Engels), 21 comparative advantage, 19n competition, 109–10, 116, 129, 203 computer-aided design, 113 computers, 141 concentration, 199–210, 218, 224 economic, 202–03 industrial, 204 of wealth, 205–07 Condition of the Working Class in England, The (Engels), 21 Congo Free State, 39 conservationists, 95–96 conspicuous consumption, 152 Constitution, US, 38 consumption, 63–64, 88–90 contract enforcement, 116 Cooke, Earl, 60 Coors, 101 copper, 79, 80, 90, 107, 120 coprolite, 18 Cordier, Daniel, 106–07 Corn Laws, 18, 172 Corporate Average Fuel Economy (CAFE) standards, 162 corporatism, 129 corruption, 175 cotton industry, 38 cotton textiles, 19 Cramer, Kathy, 221 CRIB, 62–68, 87–97 cronyism, 129 Crookes, William, 30 crude oil, 58 “Crude Oil” (GAO), 103 Crutzen, Paul, 150 Cuba, 133 Cutler, David, 28 Cutter, Bo, 105 Cuyahoga River, 54 Daimler, Gottlieb, 26–27 Dana, Jason, 127 Davenport, Thomas, 27 de-extinction movement, 182 death penalty, 176 deaths of despair, 214, 216, 219–20, 247 Deaton, Angus, 210, 213–14, 220 DeepMind, 239–40 deforestation, 43, 184–85 degrowth, 63–64, 88 demand, 50–51 dematerialization, 4–5, 71, 72–73, 75–85, 87, 125, 141, 144, 151–52, 160, 167, 168, 235, 247–48, 259 causes of, 99–123 paths to, 110–11 Demick, Barbara, 94 democracy, 174 Democracy in America (Tocqueville), 89–90 democratic socialism, 133–34 Deng Xiaoping, 170 Denmark, 117–18 developing countries, 56 Devezas, Tessaleno, 73 Dickens, Charles, 24 digital tools, 234–35 Dijkstra, Lewis, 199 Dimon, Jamie, 256 Ding Xuedong, 253 disconnection, 211–29, 247, 253–54, 255, 270–71 diversity, 216–17 Dodge, Irving, 45 Donora, Pa., 41, 55, 66, 145 Dragusanu, Raluca, 268 data centers, 240 Duolingo, 236 DuPont, 149 Durkheim, Emile, 215–16, 219 Earth Day, 3, 53, 60–61 Earthrise, 53–54 Ecology as Politics (Gorz), 63–64 Edison, Thomas, 27 education, 177, 195, 256 Ehrlich, Paul, 55, 59, 62, 65, 71–72, 75, 151, 244–45 Eisenhower, Dwight, 58 electrical power, 26–28, 29, 30, 36 Elephant Graph, 221–23 elephants, 153–54 Elop, Stephen, 102 Emancipation Proclamation, 38 emancipative values, 176 energy consumption, 58–60, 59 Energy Information Administration, US, 103 Engels, Friedrich, 21 Engels Pause, 20, 23 England, 18–20, 22, 38 abolitionist movement in, 37 air pollution in, 41 population of, 10–11 population versus wages in, 20 Enlightenment, 122–23 Enlightenment Now (Pinker), 37, 176, 179 environmental movement, 53, 65, 68, 122 Environmental Protection Agency, 66, 95 ephemeralization, 70–71 epidemiology, 22 Essay on the Principle of Population, An, (Malthus), 8–9, 10, 13 Evans, Benedict, 173 externalities, 142 extinctions, 35, 36, 42–43, 61, 96, 151–52, 167, 181–82 Factfulness (Rosling), 179 Factory Act (1833), 38 factory ships, 47 Fair Trade certification, 268 false imprisonment, 175 famine, 12, 13, 61, 62, 69 Famine 1975!

From the Ruins of Empire: The Intellectuals Who Remade Asia by Pankaj Mishra

anti-communist, Ayatollah Khomeini, British Empire, classic study, colonial exploitation, colonial rule, Deng Xiaoping, European colonialism, financial innovation, Great Leap Forward, invention of the telegraph, joint-stock company, Khartoum Gordon, land reform, Mahatma Gandhi, Monroe Doctrine, New Urbanism, plutocrats, profit motive, Scramble for Africa, Suez canal 1869, Suez crisis 1956, the scientific method, upwardly mobile, urban planning, W. E. B. Du Bois, Washington Consensus, young professional

He also successfully advocated China’s entry into the First World War in 1917; he calculated that to emerge on the winning side was the best way to insert China into the international system, cancel the unequal treaties that still bound her, and recover the Shandong peninsula from the Japanese. As part of Liang’s deal with the Allied powers, Chinese workers and students, among them the first generation of Communist leaders such as Zhou Enlai and Deng Xiaoping travelled to France to work and study there. Nevertheless, Liang’s political career had proved to be disastrous. Returning to China after fifteen years, he had thrown himself into the tumult of the post-Qing state only to find himself utterly compromised by politically expedient associations with corrupt and violent warlords.

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Still hopelessly aspiring to restore the monarchy with Confucian underpinnings, Kang Youwei nevertheless admitted that if any ‘real public opinion or real people’s rights have been seen in China in the eight years’, it was due to the ‘students’ actions’.45 The Chinese worker-students who had gone to France during the war had not been as unlucky as Vietnamese and Indian soldiers. Still, they returned to China radicalized by their harsh exposure to Europe. Deng Xiaoping later recalled the ‘sufferings of life and the humiliations brought upon [us] by … the running dogs of capitalists’.46 Upon arrival in France, I learned from those students studying on a work-study program who had come to France earlier that two years after World War I, labor was no longer as badly needed as in the wartime … and it was hard to find jobs.

…

Many Chinese looked forward to 1997 – the year the British lease on Hong Kong, exacted from the hapless emperor after the Opium War, was to expire – as a likely salve for a ‘century of humiliation’; and anyone appearing to stand in their way – Margaret Thatcher, the British prime minister, or Chris Patten, the last British viceroy of Hong Kong – or seeming to display the old British attitude of condescension and superiority was attacked, often viciously. Nothing revealed British weakness in Chinese eyes (and gladdened Chinese hearts) more than a widely distributed picture of Mrs Thatcher emerging from a blunt talking-to by Deng Xiaoping and then stumbling on the steps of Beijing’s Great Hall of the People and ending up on her knees. The handover of 1997 came and went. The British retreated; Hong Kong returned to Chinese control. But Chinese nationalism, inflamed again in 1999 by NATO’s accidental bombing of the Chinese embassy in Belgrade and by other real and imagined slights from the West, remains a potent force.

The Next Factory of the World: How Chinese Investment Is Reshaping Africa by Irene Yuan Sun

"World Economic Forum" Davos, asset light, barriers to entry, Bretton Woods, business logic, capital controls, clean water, Computer Numeric Control, deindustrialization, demographic dividend, Deng Xiaoping, Donald Trump, European colonialism, floating exchange rates, full employment, global supply chain, Great Leap Forward, invisible hand, job automation, low skilled workers, M-Pesa, manufacturing employment, means of production, mobile money, Multi Fibre Arrangement, post-industrial society, profit motive, purchasing power parity, race to the bottom, RAND corporation, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Skype, special economic zone, structural adjustment programs, tacit knowledge, Triangle Shirtwaist Factory, union organizing, Washington Consensus, working-age population

Sun was dropping out of school and going to work in a factory in Wenzhou, foreign investment from companies experiencing high costs in their home countries flooded into China, and large numbers of Chinese laborers, like the Mr. Chens, went to work for Taiwanese and other foreign firms. In the early 1980s, when China was poorer on a per capita basis than Ethiopia and Mali, Deng Xiaoping set the country a target that seemed crazy at the time: quadrupling its GDP in twenty years and quadrupling it again in another fifty years—that is, increasing it sixteenfold by 2050.14 Ignoring the Washington Consensus and other Western development advice, the Chinese strategy was Mr. Sun’s strategy on a grand scale: learn how to make things, make them, and sell them.

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For the development institutions of this moment to chart a new path past the failures of their predecessors, they must refashion global development to be more humble, more creative, and more responsive to changing conditions and emerging opportunities. Two generations ago, China pioneered this approach when Deng Xiaoping called for his country to “cross the river by feeling the stones”—advice that recognizes the limits of grand planning and instead privileges learning and flexibility. Rather than re-creating and extending an ossified global development industry, with its theories and its experts, the new institutions backed by developing countries should aim for a different model, one that rejects dogma and reflects their own incremental, idiosyncratic experiences.

…

., 52 unions in, 102–105 See also textile manufacturing Coca-Cola, 138 colonialism, 129 commitment, personal, 32–33, 45–47, 70–71, 85, 167–169 commodity prices, 65 competitor sets, 52–53 corruption, 7–8, 74, 130 in manufacturing, 74–81 in Nigeria, 39, 40–41, 63, 75–78, 136–140 Corruption Perceptions Index, 77 Côte d’Ivoire, 120 cultural differences, 97–98 customers, 52–54, 65 Dangote, Aliko, 10 demand, changes in, 65 demographics, 92–94, 181n11, 190n14 Deng Xiaoping, 29–30, 175 Department for International Development, UK, 82, 154 diversity, 51–54 Doctors Without Borders, 158–159 donor fatigue, 158–159 Dutch disease, 36 East Asian miracle, 29 Ebola virus, 158 economic development, 106–107 bootstrapping, 132–136, 147–148, 165–166 China, 18–19, 28, 29–30 East Asia, 29 education and, 4–5 endowment theory of, 9–10, 135–136 flying geese theory and, 27–29 future of, 174–177 industrialization and, 12–13, 20 leapfrogging, 22 overconfidence for, 165–166 Washington Consensus on, 20–22 education, 4–5, 30, 95–96 worker skills training, 129–134, 148–150 Edwards, Lawrence, 57 efficiency, 46–47, 71–72, 118 employment, 43–44, 89–107 benefits of manufacturing, 94–96 cultural differences and, 96–98 difficulty of factory, 91, 100–101 fluctuations in, 57, 64 full, 91, 93 informal sector, 94 labor- vs. capital-intensive production and, 51, 52 learning manufacturing through, 17–19, 23–26, 89–91 of locals vs. expatriates, 57, 92–93, 184n5 stability in, 60–61, 64 of youth, 130 enabling context, 135 endowment theory of development, 9–10, 135–136 environmental issues, 7–8, 70, 74, 75, 81, 175–177 ethics issues, 159–160 Ethiopia, 11, 73 factory ownership in, 113 local ownership in, 120–123 pharmaceutical industry, 121–123, 156–157, 163–169 Eubank, Nicholas, 140–141 European Union, 53–54 exchange rates, 36–37, 54, 56, 65 FAW, 2, 5–6, 12 flexibility, 146–148 flip-flops, 46–47, 63 flying geese theory, 9, 23–30, 93, 112–113 Fokuo, Isaac, 129–132 Ford Foundation, 82 foreign investment, 33–34, 42–44, 73–74 Formosa denim mill, 57–61, 64, 184n6 Forum on China-Africa Cooperation, 137 Four Asian Tigers, 29 Frederick, Kenneth, 79–81 French, Howard, 97 Gap, Inc., 117 Gates Foundation, 154 GDP from African manufacturing, 41 China, 2–3, 29–30 Ghana, 41 Lesotho, 62, 184n13 manufacturing and increased, 26–27 Nigeria, 36, 62 gel capsules, 121–123 Germany, pharmaceutical industry in, 156, 192n12 Gerschenkron, Alexander, 99 Ghana, 41 GlaxoSmithKline (GSK), 166, 167, 194n37 global competition, 37–39, 40–41, 70, 71–74 Global Corruption Barometer, 137 Global Fund, 154, 159 Goodall, Jane, 129 governance, 22, 82 bootstrapping development and, 132–136 good enough, 129–150 improving through using, 136–142 innovation and, 142–148 Nigerian customs agency and, 136–140 prevailing views on, 134–136 government development of with industrialization, 82–84 enforcement capacity and, 79–81 export-oriented manufacturing and, 63–64 loans, 65 Nigerian textile manufacturing and, 35, 37–39, 53 pharmaceutical industry and, 164–165 regulatory systems, 70, 74–75 in shaping manufacturing sectors, 65–66 Washington Consensus on, 20 Gu, Barry, 67–69, 84–85 Han, Jason, 138–140 hardships, willingness to endure, 167–168.

Water: A Biography by Giulio Boccaletti

active transport: walking or cycling, Anthropocene, Asian financial crisis, Bretton Woods, British Empire, business cycle, clean water, conceptual framework, Corn Laws, deindustrialization, demographic transition, Deng Xiaoping, energy transition, financial engineering, Great Leap Forward, invisible hand, John Snow's cholera map, joint-stock company, land reform, land tenure, linear programming, loose coupling, market fundamentalism, mass immigration, means of production, Medieval Warm Period, megaproject, Mohammed Bouazizi, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, opioid epidemic / opioid crisis, Peace of Westphalia, phenotype, scientific management, South China Sea, Suez crisis 1956, text mining, the long tail, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, trade route, Washington Consensus, Works Progress Administration, Yom Kippur War, zero-sum game

It was the product of a hundred-year-old dream steeped in republican values, one which spoke of commonwealth and progress, of rights of individuals and national aspirations, and which had crystallized long before the modern multipurpose dam had become a common feature of the landscape. Dr. Sun’s dream gave the idea of Three Gorges Dam the strength to persist through time, through Chiang Kai-shek’s Nationalist government, through Mao Zedong’s era, through Deng Xiaoping’s reforms, to, finally, Li Peng’s premiership. Once built, the dam seemed to prove that those living downstream could sleep soundly in the knowledge that something powerful watched over them. The significance of that security was in its political intent. Its engineering had become an instrument of the state in creating an illusion of final emancipation from nature in service of a commonwealth.

…

At a time of nationalism, chauvinism, and extractive, zero-sum-game relationships between countries, Sun believed that development in China would happen in collaboration with the West. The American minister to Beijing, Charles R. Crane, thought Sun’s ideas were “impractical and grandiose,” but in truth Dr. Sun was prescient: Many of his plans were not that far from those put forward much later by Deng Xiaoping, the architect of China’s opening up to the West. When Sun Yat-sen died in 1925, none of his dreams had been realized. But it is fair to say that in the mix of republicanism, socialism, and planned economy that came through his writing, he had captured something of the dominant wind that was sweeping the world.

…

In reality, while most observers’ gaze was fixated on the merits or demerits of Western involvement in the replumbing of the world, the action had already begun moving east, where the neoliberal revolution had only partly changed the role of the state. China’s journey took a distinct turn when Deng Xiaoping rose to power at the end of the seventies. He recognized the need for a mixed approach, one in which—contrary to Mao’s beliefs—markets could help allocate resources, while government maintained full control of infrastructure investments and strategic sectors to drive a structural adjustment from agriculture to industry and services.

Reinventing the Bazaar: A Natural History of Markets by John McMillan

accounting loophole / creative accounting, Albert Einstein, Alvin Roth, Andrei Shleifer, Anton Chekhov, Asian financial crisis, classic study, congestion charging, corporate governance, corporate raider, crony capitalism, Dava Sobel, decentralized internet, Deng Xiaoping, Dutch auction, electricity market, experimental economics, experimental subject, fear of failure, first-price auction, frictionless, frictionless market, George Akerlof, George Gilder, global village, Great Leap Forward, Hacker News, Hernando de Soto, I think there is a world market for maybe five computers, income inequality, income per capita, independent contractor, informal economy, information asymmetry, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John Perry Barlow, John von Neumann, Kenneth Arrow, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, ought to be enough for anybody, pez dispenser, pre–internet, price mechanism, profit maximization, profit motive, proxy bid, purchasing power parity, Robert Solow, Ronald Coase, Ronald Reagan, sealed-bid auction, search costs, second-price auction, Silicon Valley, spectrum auction, Stewart Brand, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, War on Poverty, world market for maybe five computers, Xiaogang Anhui farmers, yield management

Then a high-level Beijing official traveled to Xiaogang and neighboring villages to study the effects of individual farming. His report, which concluded that individual farming increased output and improved living standards, became influential when it was circulated among the national leaders. At a Communist Party conference in 1982, four years after the Xiaogang villagers’ meeting, China’s paramount leader Deng Xiaoping endorsed the reforms. In 1983 the central government formally proclaimed individual farming to be consistent with the socialist economy and therefore permissible. By 1984, just six years after Xiaogang started the movement, there were no communes left. The communes had relied on appeals to work for the common good more than on individual incentives.

…

“No matter how hard I rang the bell or blew the whistle, I couldn’t get anyone to go into the fields.” The missing incentives translated into low output. Agricultural productivity was actually lower in 1978 than it had been in 1949, when the communists took over. Some in the West used to see the communes in a romantic light. At a White House dinner party held in honor of Deng Xiaoping during his visit to the United States in 1979, just after the reforms had begun, he was seated next to Shirley MacLaine. The movie star took the opportunity to describe her trip to China in 1973, during the Cultural Revolution, that time of national paranoia when many who were out of favor with Mao Zedung’s government were forcibly removed from the cities and compelled to work in communes.

…

While the communist government faced no challenge, it had lost whatever legitimacy it might once have had, reform-era China being communist only in name. Its legitimacy as the government, and its ability to preempt any future political opposition, rested on its delivering economic growth. High officials in Deng Xiaoping’s government understood enough about economics to recognize that growth requires markets and markets require assured property rights. The Communist Party had retained its highly disciplined organization and so was able to prevent self-seeking behavior by low-level officials. The state motivated local officials to maintain agricultural output growth by rewarding them with bonus payments and promotion, and by firing them if output targets were not met.

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller

affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, business cycle, buy and hold, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, Future Shock, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, junk bonds, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Michael Milken, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Phillips curve, plutocrats, Post-Keynesian economics, price stability, profit maximization, public intellectual, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, W. E. B. Du Bois, We are all Keynesians now, working-age population, Y2K, Yom Kippur War

Indeed, it is in this last category, stories, where Animal Spirits itself fits in, because the goal of the book is to give its own story about how the economy behaves. Its intent is to tell a more accurate story than the dominant one of the past thirty years or so, ever since the free market revolution that swept the world, under the leadership of Margaret Thatcher, Ronald Reagan, Deng Xiaoping, Manmohan Singh, Mikhail Gorbachev, Brian Mulroney, Bertie Ahern, Carlos Salinas de Gotari, Fernando Henrique Cardoso, Carlos Menem, and others. These stories, embellished by oft told vignettes of newly successful people, and in their mostly justified enthusiasm for expanded free markets, led to too much economic tolerance.

…

These campaigns, which made saving everyone’s patriotic duty, set the stage for today’s high saving rates. The modern economic history of China begins in 1978, two years after the death of Chairman Mao Zedong. In a celebrated speech at the third plenum of the Eleventh Party Congress, Vice Premier Deng Xiaoping made it clear that the government would support private investment in China. The Chinese economic miracle had begun. Some small Chinese villages, such as Huaxi and Liutuan, made spectacularly successful investments in village enterprises starting in the late 1970s. Renowned for their success, they became models throughout China.

…

We are still influenced by the old Lei Feng example of frugality and struggle against harsh conditions.” Andy asked him if he had made any appeal to patriotism or collectivism to get the villagers to contribute to the enterprise, and the mayor answered: “Yes indeed. I basically used three kinds of arguments. First, the country has been changing. Deng Xiaoping has opened the country up and what we would be doing would change the country and make it a better place. Secondly, I told them that the village business is good for the village itself and was good for everybody. Thirdly, I told them that I managed this business secretly for ten years and I knew how it worked, so my managerial skills could be trusted.”

Mad Mobs and Englishmen? Myths and Realities of the 2011 Riots by Steve Reicher, Cliff Stott

Brixton riot, Deng Xiaoping, Fellow of the Royal Society, Intergovernmental Panel on Climate Change (IPCC), New Urbanism

If we move closer to the present day we find a Romanian Communist Party Official describing the crowds challenging the rule of President Ceausescu as ‘hooligans, fascists, and corrupt and retrograde elements ... They also attracted children into these actions. All were drunk, including the children and the women.’47 Equally, the Chinese Communist leader Deng Xiaoping characterized the events of Tiananmen Square as ‘a planned conspiracy’. Those taking part were ‘an extremely small number of people with ulterior motives taking advantage of the young students’ feelings ... to spread all kinds of rumours to poison and confuse people’s minds.’48 Finally, moving right up to 2011, we can look to the Arab Spring.

…

In one of those cities alone, Detroit, 43 people died, 467 were injured, there were over 7,000 arrests whilst over 2,000 buildings were destroyed.81 Yet, for all this, evidence moved Fogelson to write that restraint and selectivity were among the most crucial features of the riots.82 Agitator Arguments This final approach serves two functions. On the one hand, the notion that outsiders – especially foreign outsiders – control crowds allows authorities to declare that riots are not the work of ‘our’ people but rather work against our people. From Deng Xiaoping and his ‘planned conspiracy’ to Ceausescu and his ‘small number of people with ulterior motives’ and the Daily Express’s ‘Moscow trained hit squads’, the idea is that anyone who condones riots is a traitor. On the other hand, the agitator myth implicitly recognizes that riots are more organized and less chaotic than is often admitted.

Capitalism, Alone: The Future of the System That Rules the World by Branko Milanovic

affirmative action, Asian financial crisis, assortative mating, barriers to entry, basic income, Berlin Wall, bilateral investment treaty, Black Swan, Branko Milanovic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, dematerialisation, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, ghettoisation, gig economy, Gini coefficient, global supply chain, global value chain, Great Leap Forward, high net worth, household responsibility system, income inequality, income per capita, invention of the wheel, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, low skilled workers, Lyft, means of production, new economy, offshore financial centre, Paul Samuelson, plutocrats, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Robert Solow, Silicon Valley, single-payer health, special economic zone, Tax Reform Act of 1986, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, uber lyft, universal basic income, Vilfredo Pareto, Washington Consensus, women in the workforce, working-age population, Xiaogang Anhui farmers

The bureaucracy needs to be technocratic and the selection of its members merit-based if it is to be successful, especially since the rule of law is absent. The absence of a binding rule of law is the second important characteristic of the system. Deng as the founding father of modern political capitalism Deng Xiaoping, China’s preeminent leader from the late 1970s to the mid-1990s, could be considered the founding father of modern political capitalism, an approach—more than an ideology—that combines private-sector dynamism, efficient rule of bureaucracy, and a one-party political system. Zhao Ziyang, who was prime minister of China and, for a brief period, secretary general of the Communist Party (but was deposed in 1989 after the Tiananmen events), described in his memoirs Deng’s political views thus: “[He] was particularly opposed to a multiparty system, tripartite separation of power and the parliamentary system of western nations—and firmly rejected them.

…

The Soviet Union, after World War II, simultaneously liberated and occupied some of these same countries by imposing its own economic and political system. Likewise, and on a much grander scale, the United States promoted and often imposed the capitalist system through coups and military actions. Is China ready to do the same? But first we have to ask whether political capitalism, as defined by Deng Xiaoping, is likely to survive for a long time in China itself. 3.5a Will the Bourgeoisie Ever Rule the Chinese State? China is not the West. But what exactly is the difference, in the long-term context, between the two? This is a huge question that has acquired additional importance in the past two decades due to the rise of China, the evident contrast between the organization of Chinese and Western economies, and (not least) the much improved historical data we now have.

…

World Development Report 2019. http://pubdocs.worldbank.org/en/816281518818814423/2019-WDR-Concept-Note.pdf. World Inequality Report 2018, coordinated by Facunto Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. Paris, December 2017. Wu, Guoyou. 2015. The Period of Deng Xiaoping’s Reformation. Beijing: Xinhua Publishing House / Foreign Language Press. Wu, Ximing, and Jeffrey Perloff. 2005. “China’s Income Distribution, 1985–2001.” Review of Economics and Statistics 87(4): 763–775. Xia, Ming. 2000. The Dual Developmental State: Development Strategy and Institutional Arrangements for China’s Transition.

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab, Peter Vanham

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

As the 1980s progressed, the economies of Eastern Europe started to collapse. Their failure at this industrial transition point showed that the state-led economic model put forth by the Soviet Union was less resilient than the market-based one promoted by the West. In China, the government of new leader Deng Xiaoping started its own Reform and Opening-Up in 1979, gradually introducing capitalist and market-based policies (see Chapter 3). In 1989, Germany experienced a moment of euphoria, as the Berlin Wall, which separated East from West, fell. Shortly thereafter, political reunification of Germany was at last established.

…

Hong Kong didn't stand still either, but it now has a formidable twin next door. How did this turnaround happen? And what does it tell us about the broader shift of the world economy to the East? China's Special Economic Zones I first visited China in April 1979. The country's new leader Deng Xiaoping had only been in power for about a year, and the land I encountered was still deeply impoverished. China had suffered for a long period from foreign invasions, civil war, and policies that had failed to deliver any meaningful economic progress. That detrimental situation had been 150 years in the making.

…

On the social and economic front, the People's Republic in its early years did not manage to bring about the progress enjoyed in other regions, including the United States, Western Europe, and the Soviet Union. The country reverted to autarky in terms of food production, central planning for its industrial production, and severe restrictions in terms of political and cultural freedoms. By the late 1970s, when Deng Xiaoping came to power as successor of Mao, the Chinese economy was a shadow of its former self. The Middle Kingdom (as China is sometimes called) had become a developing country, and many of its people lived below the poverty line. Deng wanted to change that, and in 1978, he visited Singapore. At the time, the island city-state was one of the four so-called Asian Tigers (Hong Kong, Taiwan, Singapore, and South Korea), economies that saw a rapid development in the 1960s and 1970s based on foreign direct investments (FDI), the shielding of key industries from foreign competition, and export-led growth.

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

As the 1980s progressed, the economies of Eastern Europe started to collapse. Their failure at this industrial transition point showed that the state-led economic model put forth by the Soviet Union was less resilient than the market-based one promoted by the West. In China, the government of new leader Deng Xiaoping started its own Reform and Opening-Up in 1979, gradually introducing capitalist and market-based policies (see Chapter 3). In 1989, Germany experienced a moment of euphoria, as the Berlin Wall, which separated East from West, fell. Shortly thereafter, political reunification of Germany was at last established.

…

Hong Kong didn't stand still either, but it now has a formidable twin next door. How did this turnaround happen? And what does it tell us about the broader shift of the world economy to the East? China's Special Economic Zones I first visited China in April 1979. The country's new leader Deng Xiaoping had only been in power for about a year, and the land I encountered was still deeply impoverished. China had suffered for a long period from foreign invasions, civil war, and policies that had failed to deliver any meaningful economic progress. That detrimental situation had been 150 years in the making.

…

On the social and economic front, the People's Republic in its early years did not manage to bring about the progress enjoyed in other regions, including the United States, Western Europe, and the Soviet Union. The country reverted to autarky in terms of food production, central planning for its industrial production, and severe restrictions in terms of political and cultural freedoms. By the late 1970s, when Deng Xiaoping came to power as successor of Mao, the Chinese economy was a shadow of its former self. The Middle Kingdom (as China is sometimes called) had become a developing country, and many of its people lived below the poverty line. Deng wanted to change that, and in 1978, he visited Singapore. At the time, the island city-state was one of the four so-called Asian Tigers (Hong Kong, Taiwan, Singapore, and South Korea), economies that saw a rapid development in the 1960s and 1970s based on foreign direct investments (FDI), the shielding of key industries from foreign competition, and export-led growth.

Kingdom of Characters: The Language Revolution That Made China Modern by Jing Tsu

affirmative action, British Empire, computer age, Deng Xiaoping, Frederick Winslow Taylor, Great Leap Forward, information retrieval, invention of movable type, machine readable, machine translation, Menlo Park, natural language processing, Norbert Wiener, QWERTY keyboard, scientific management, Silicon Valley, smart cities, South China Sea, transcontinental railway

By comparison, the number of letters in the Roman alphabet fluctuated until the sixteenth century, when the letter “j” split from “i” and completed the twenty-six-letter set. Chinese heads of state are probably the only political leaders in the world who can still be seen demonstrating their cultural prowess at official occasions, in their case by dashing off a few characters or auspicious phrases with an ink brush. Deng Xiaoping was reputedly a bit shy, but his immediate predecessor and onetime rival, Hua Guofeng, devoted his late life to the practice, and former president Hu Jintao was fond of displaying his penmanship in public. Mao’s calligraphy still sits prominently on the masthead of the country’s official newspaper, the People’s Daily, and recent computerized handwriting analysis showed that Xi Jinping’s style is remarkably similar.

…

After more than a decade of isolation, China could at last have a shot at communicating with the world and managing its own flow of information digitally. Zhi’s invention also provided a much-needed boost in morale. Mao was gone, and the Gang of Four had been charged with treasonous and counterrevolutionary crimes. China needed healing and its people a reason to believe that the party could still lead them forward. Deng Xiaoping, China’s new leader, soon announced his Four Modernizations program. Three of the areas were agriculture, industrialization, and national defense; the fourth, science and technology, would determine the ultimate success of the three and be the party’s new ideological touchstone. Zhi Bingyi, “The Chinese Script Has Entered the Computing Machine.”

…

U.S. president Richard Nixon’s landmark visit in 1972 signaled the beginning of the Cold War’s gradual thaw. Diplomatic relations between China and the United States resumed, and the loosening of restrictions on academic and scientific exchanges made visits like that of the Xinhua team to Japan possible. The following year, Deng Xiaoping was rehabilitated after having been denounced by the Communist Party and made to work in a tractor repair factory for almost four years. Succeeding Mao, he would turn the political focus to advancing science and technology as a way to redirect the party’s energies. By rallying around economic reforms instead of class warfare, the nation could open up once more to the world.

McMafia: A Journey Through the Global Criminal Underworld by Misha Glenny

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "World Economic Forum" Davos, anti-communist, Anton Chekhov, Berlin Wall, blood diamond, BRICs, colonial rule, crony capitalism, Deng Xiaoping, Doha Development Round, failed state, Fall of the Berlin Wall, financial deregulation, Firefox, forensic accounting, friendly fire, glass ceiling, Global Witness, Great Leap Forward, illegal immigration, joint-stock company, low interest rates, market bubble, Mikhail Gorbachev, Nelson Mandela, Nick Leeson, no-fly zone, offshore financial centre, Oklahoma City bombing, Pearl River Delta, place-making, rising living standards, Ronald Reagan, Shenzhen special economic zone , Skype, special economic zone, Stephen Hawking, trade liberalization, trade route, Transnistria, unemployed young men, upwardly mobile

Its dissolution followed no obvious pattern, occurring instead as a series of seemingly disparate events: the spectacular rise of the Japanese car industry; Communist Hungary’s clandestine approach to the International Monetary Fund to explore a possible application for membership; the stagnation of India’s economy; President F. W. de Clerk’s first discreet contacts with the imprisoned Nelson Mandela; the advent of Deng Xiaoping’s reforms in China; Margaret Thatcher’s decisive confrontation with Britain’s trades union movement. Individually, these and other events seemed to reflect the everyday ups and downs of politics; at most they were adjustments to the world order. In fact, powerful currents below the surface had provoked a number of economic crises and opportunities, especially outside the great citadels of power in Western Europe and the United States, that were to have profound consequences for the emergence of what we now call globalization.

…

Mao Zedong suspected this backward province of harboring all manner of class traitors and counterrevolutionaries, and so for two decades he neglected the region as a punishment for suspected thought crimes and recidivist bourgeois habits. Perhaps it was to compensate for Mao’s vindictive behavior that China’s great reformer, Deng Xiaoping, chose the city of Xiamen in southern Fujian as one of the first special economic zones (SEZs) in the early 1980s to inspire local entrepreneurs in thawing out the economy that had been frozen solid by the Maoist ice age. Agog at the success of the Xiamen experiment, it wasn’t long before Fuzhou’s local bosses opened up the provincial capital as well.

…

A few weeks before this, the government in Beijing had relaxed restrictions on foreign journalists, allowing them to travel anywhere in the country without prior permission. Nonetheless, within a matter of hours of his arrival in Zhushan, Reynolds was detained, interrogated, and then expelled from the town. Anything is possible in the Chinese strategy of creating jobs. “It doesn’t matter whether the cat is black or white,” mused Deng Xiaoping when he was explaining the need to introduce economic reforms in the 1980s. “It only matters if it catches mice.” It doesn’t matter how China runs the economy, as long as it makes money. Deng realized that for the Chinese to make money, the traditions of central economic planning had to be dumped, and so for twenty-five years (and especially since the early 1990s) the government has afforded the provinces considerable autonomy in their economic policy.

Grand Transitions: How the Modern World Was Made by Vaclav Smil

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By 1961 (miracles happen) she became the only member of her extended family who survived the world’s most devastating famine, between 1959 and 1961: Anhui was particularly hard hit, with many villages losing large shares of their population (Zhao and Reimondos 2012). She married, and her son, born in 1965, came of age in incomparably more promising circumstances. Mao Zedong, the famine’s creator, died in 1976 and by the time the adolescent boy’s mathematical aptitude opened the door to a high school, Deng Xiaoping had begun his economic reforms. When the son was 19, food rationing was abolished and he graduated from a Beijing university in 1989. That was the year of great political ferment, when it just seemed possible that China would not be ruled forever by a single party. But that dream ended with Tian’anmen killings.

…

Nationwide mean in the United States is now almost exactly two vehicles (1.97 in 2016) per household, with the highest rates (around 2.25) in several smaller Californian cities, and the highest numbers of vehicles in households whose head is 45–55 years old (Berri 2009). After the near-saturation of Western and Japanese markets, the next big shift in global car ownership came with China’s precipitous motorization. In 2000, two decades after the start of Deng Xiaoping’s economic reforms, China produced just 607,000 cars but the total reached nearly 26 million vehicles in 2019 (OICA 2019). Chinese expansion helped to put the global number of all road vehicles above 1 billion in 2010 and the aggregate reached 1.28 billion by 2015, with passenger cars accounting for 80% of the total and with Europe having nearly 390 million and the United States 264 million vehicles (OICA 2018).

…

They combined the Stalinist model of promoting heavy industries with suppression of urbanization and with severe limits on personal freedoms. The worst of all was Mao’s delusionary attempt to do in a matter of years what other countries had achieved in decades. The Great Leap Forward, aimed at multiplying coal and steel output, led to the world’s most devastating famine (1959–1961), and China’s road to modernity began only with Deng Xiaoping’s reforms in the early 1980s (Smil 2004). The speed of China’s post-1980 catch-up (most of it has actually taken place since 1990) remains impressive even after discounting many well-documented exaggerations in the country’s official statistics and after taking into account many advantages of late starters with ready access to the latest innovation.

The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era by Gary Gerstle

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And when these policies triggered unexpected consequences—the eruption of secessionist nationalisms and popular democracy in both the Soviet republics and the Soviet satellite colonies in Eastern Europe—Gorbachev repeatedly declined to curb reform or to unleash repression.5 Gorbachev could have pivoted toward the latter in 1989, as his Chinese communist counterparts were doing at precisely that moment when they attacked the Chinese democracy movement assembled in Beijing’s Tiananmen Square with tanks, troops, and bullets. Surveying his country’s chaotic state in 1989, the Chinese premier, Deng Xiaoping, concluded that the Chinese ruling elites would successfully manage the transition from communism to capitalism only if they repudiated aspirations for democratic reform. Deng was brutally practical in his determination to preserve the power of the Chinese Communist Party at all costs. Gorbachev was not.

…

We thus need to end this account of the triumph of the neoliberal order by circling back to the point at which we began, with one more set of reflections on the magnitude of the changes set in motion by the Soviet reformer, Mikhail Gorbachev. Fancy, for a moment, an alternative history for eastern and central Europe during this time. Imagine that Gorbachev had been a different man, more like Deng Xiaoping in China, a right-wing communist reformer rather than a left-wing one. This right-wing version of Gorbachev, whom we might call “alt-Gorbachev,” would still have embraced glasnost and perestroika in 1985; but he would have repudiated the former in 1989 and 1990, once it became clear that a continued commitment to democracy would lead to the destruction of the Communist Party’s power and then to the dissolution of the Soviet Union.

…

Allen, “The Rise and Decline of the Soviet Economy,” Canadian Journal of Economics / Revue Canadienne d’Economique 34 (2001), 859–881; William Easterly and Stanley Fischer, “The Soviet Economic Decline,” World Bank Economic Review 9 (September 1995), 341–371; Johanna Bockman, Markets in the Name of Socialism: The Left-Wing Origins of Neoliberalism (Stanford, CA: Stanford University Press, 2011); Maurice Meisner, Mao’s China and After: A History of the People’s Republic, 3rd ed. (New York: Simon and Schuster, 1999), 449–454; Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011); Perry Anderson, “Two Revolutions,” New Left Review 61 (January–February 2010), https://newleftreview.org/issues/ii61/articles/perry-anderson-two-revolutions, accessed July 10, 2021. 47.On the idea of free enterprise and its place in American political and popular thought, see Lawrence Glickman, Free Enterprise: An American History (New Haven, CT: Yale University Press, 2019).

Divided: Why We're Living in an Age of Walls by Tim Marshall

affirmative action, Ayatollah Khomeini, Berlin Wall, bitcoin, Black Lives Matter, Brexit referendum, cryptocurrency, Deng Xiaoping, digital divide, Donald Trump, end world poverty, facts on the ground, gentrification, illegal immigration, immigration reform, income inequality, it's over 9,000, Mahatma Gandhi, Mark Zuckerberg, mass immigration, megacity, Mikhail Gorbachev, Nelson Mandela, New Urbanism, open borders, openstreetmap, profit motive, Ronald Reagan, Ronald Reagan: Tear down this wall, Scramble for Africa, Silicon Valley, South China Sea, the built environment, trade route, unpaid internship, urban planning

During the Cultural Revolution, however, the most fervent of the Red Guards actively destroyed sections of the wall – to them it was a part of the ‘Four Olds’, which had no place in the new China: Old Customs, Old Culture, Old Habits and Old Ideas. Mao died in 1976, and with him the Cultural Revolution. After 1978 the new leader, Deng Xiaoping, began a methodical reconstruction of the wall. He started slowly – the early post-Mao years were a time for caution – but by 1984 he was confident enough to pronounce, ‘Let us love our China and restore our Great Wall.’ In this particular endeavour, it’s likely that Deng had one eye on tourism and foreign currency; the Communist leadership was beginning to embrace aspects of capitalism, and was well aware of how far it had fallen behind other parts of the world.

…

Japan, South Korea, Singapore and others were all outpacing China in economic terms, some in a military capacity as well. If this trend were to continue, it would threaten both China’s defensive security and its internal cohesion, once it became apparent to all how far behind the Chinese had fallen. Mao’s successor, Deng Xiaoping, took a deep breath and a gamble: if Chinese consumers were too poor to buy many of the goods China could produce, the economy had to be opened up to the outside world once more. This meant trading via the Pacific coast, so the coastal regions would again prosper more quickly than the interior, thus risking a repeat of the divisions of the nineteenth and twentieth centuries.

…

Macgoye) 159 Communist Party Chinese government 12, 15, 18–21, 23–33 Soviet Union 188 Congress Party, India 132 Cornish nationalists 225 Coulter, Ann 39 Creemers, Rogier 28–9, 30, 31 crime rates, African 172 Crisis Resolution Security Services 40–1 Croatia 2, 199, 200 Cultural Revolution, Chinese 15 cyber-security legislation, Chinese 30–3 Cyprus 244 D Dalits/Untouchables 146–9 Darling, Patrick 160 d’Azeglio, Massimo 196 defection from East Germany 185–6, 188–90 Defense Threat Reduction Agency (DTRA) 107 Democratic Republic of Congo (DRC) 164, 166 Deng Xiaoping 15–16, 21, 26 Denmark 2, 200, 202–3 Deterling, Harry 186 Dome of the Rock 82 drug running 46, 51–2 Duffy, Gillian 234 Durand, Henry Mortimer 143 Durand Line 143 Dynamo Dresden ‘Ultras’ 210 E e-commerce 33 East Germany 183–7, 188–9, 190–1 East Pakistan see Bangladesh Eastern European migrants 194–6, 234–5 Eastern Turkestan Republic 17 The Economist 173 education China 24–5 Germany 191 Israel 85 Middle East 115 United Kingdom 231 United States of America 58–9, 63–4 Edward I of England, King 222 Egypt 78, 89–90, 101, 106 Egyptian–Israel border wall 78 English Channel 200 Eritrea 165 Estonia 2, 198 Ethiopia 165 Europe 2, 6, 116, 186–8 European Commission 197 European Economic Community (EEC) 193 European Union 3, 6, 193 border controls 198–200, 210–11 dilution of sovereignty 193–4 Eurozone 194, 196 financial crash (2008) 196 freedom of movement 194–6 immigration 194–6, 197–202, 203–11, 246, 250–1 Muslim population and integration 203–6, 239–40 nationalism 6, 193, 196–8, 206–12 public services 201–2 terrorism 200, 201, 205 uniting East and West Europe 194–6 see also individual countries by name F Facebook 4, 29 Farook, Syed Rizwan 51 Farrakhan, Louis 65 Fatah 87, 88–9 Federally Administered Tribal Areas 144 Fergany, Nader 112 financial crash (2008) 196 financial inequality 175 Africa 170–1, 172–3, 174, 176–7 China 12, 20, 21–3, 26 Germany 191 Israel 81–2, 85 United Kingdom 231–3 First Intifada (1987–93) 74, 90 flooding 133–6 Foreign Affairs magazine 205–6, 246–7 foreign aid budgets 250 France 201–2, 203, 204–6, 211 Freedom Party, Austria 211 G Gandhi, Indira 129 Gandhi, Mahatma 125, 147 Gandhi, Rajiv 129 gated communities 172–6 Gaza 74, 87–90, 245–6 General Law of Population (1974), Mexican 50 Gerges, Fawaz 78, 114 Germany ageing population 201 Berlin Wall 1, 183–4, 185–6, 188–9, 192 East and West Germany 183–93 immigration 201, 207–11 Muslim population figures 204 right-wing parties 209–11 unification 189–93 Ghana 169, 176 Gleicke, Iris 209 globalization 4, 53, 170, 233, 249 ‘Gold Star parents’, US 61 Good Friday Agreement (1998) 226–7 Goodhart, David 232–3 Goodwill Zwelithini kaBhekuzulu, King 171 Gorbachev, Mikhail 1, 188 Graham, Lindsey 40 Great Depression 46 Great Firewall of China 27–33 Great Wall of China 12–16 Greece 2, 194, 199, 200–1, 205, 207 Green March, Moroccan 156 Green Zone, Baghdad 100–1, 243–4 Guizhou province, China 24 H Hadith 113 Hadrian, Rod 40 Hadrian’s Wall 217–18, 219, 220–1 Hamas 78, 87–9, 91, 93 Han people 13–14, 17, 18, 19, 27 Handala 72 Haredi Jews 80, 81–4 Hari, Michael 41 Harkat-ul-Jihad al Islami 132 Heyer, Heather 64 Hezbollah 102 Himalayas 19, 134, 140 Hindus 125, 128–9, 131–2, 135, 145–50 Hollande, François 205 Honecker, Erich 188 Houphouët-Boigny, Félix 169 Houthis’ forces, Shia 104, 108 hukou system 24 Human Rights Watch 130 human settlement, early 4 Hungary 2, 188, 194, 199–200, 205, 207, 246 hunter-gatherers 2 Hussein, Saddam 101, 107, 109, 111 Hutus 166 I ijtihad 113 immigration within Africa 171–2 Egyptian–Israel border 78 European Union 194–6, 197–202, 205–6, 207–12, 246, 250–1 importance of integration 250–1 India 124–5, 126, 127, 128–32, 135, 248 Kuwait–Iraq border 110 Mexico 44–5, 50 ‘open borders’ theory 246–9 United Kingdom 234–5 United States of America 41, 46–51, 56–7 Immigration and Naturalization Service (INS) 46–7 independence movements, African 155–7, 164–5 India 19 Bangladesh border fence 2, 123–5, 130, 133 Bango Bhoomi theory 132–3 Bhutan and Nepal borders 140 caste system 145–9 Comprehensive Integrated Border Management System (CIBMS) 141–2 immigration 124–5, 126, 127, 128–32, 135 Kashmir – ‘Line of Control’ 141, 142, 143 Myanmar border and Naga tribes 138–40 Pakistan border 2, 140–3, 145 partition of 125–6, 127, 140, 141 religious divisions 125–6, 129, 131–3, 135, 145–9 unrest in Assam 128–30 India Pakistan Border Ground Rules Agreement (1960–61) 142 Initium Media 29 Inkatha Freedom Party 168 Inner Mongolia 17 International Court of Justice (ICJ) 167–8 International Organization for Migration 134–5 internet 5, 27–33, 112, 113 Iran 2, 6, 102, 104, 105, 106, 108, 110, 111, 116, 144 Iran–Iraq War 5 Iraq 2, 42, 100–1, 103–4, 107–8, 109–10, 111, 116, 246 Iraq War (2003–11) 100–1, 109, 116 Iraqi Kurdistan 111 Ireland 229, 235 Iron Curtain 184, 186–7 Islam in Africa 170 Dome of the Rock 82 ijtihad and the ‘closing of the Arab mind’ 113 in India 125–6, 129 integration in the EU 203–6 radical organizations 18, 51, 79, 101, 104, 105, 107, 114, 128, 137, 246 Sunni and Shia division 4, 5, 6, 102–3, 104–6, 107–8, 109, 115, 116, 144 Uighur Muslims 18 in the United Kingdom 204, 237–9 Islamic State (IS) 18, 79, 104, 105, 107, 114, 246 Israel 1, 6 Arab population 84–6 Bedouin community 85–6 Christian population 85 comparative stability 92–3 division amongst Jews 80–4 education 85 ethnic divides 79 financial inequality 81–2, 85 gender divisions 82–3 Israel Defense Force (IDF) 86 political divides 83 religious sites 82–3 Israel and Palestine 1, 6, 71–3 East Jerusalem 74 Gaza border 78, 245 history of borders dispute 73–4 Iron Dome anti-missile system 245–6 Israeli point of view 74, 76–8, 79, 84 Jewish settlements in the West Bank 74, 76 Palestinian point of view 74, 76, 78, 90–1 suicide bombers 76–7, 78, 245 two-state solution 77, 84, 88, 92 ‘Walled Off Hotel’ 72–3 West Bank dividing wall 71–3, 74, 76–7 Italy 196, 197, 200, 201, 205 Ivory Coast 169 J Jabotinsky, Ze’ev (Vladimir) 77–8 Jacobite army 220–1 Jamaat-ul-Mujahideen 132 James VI of Scotland and I of England, King 222 Japan 20 Jerusalem 74, 93 see also Western Wall jihadist organizations 18, 51, 79, 101, 114, 115 see also Islam; Islamic State (IS); terrorism Jinnah, Muhammad Ali 125 Jones, Reece 124, 133 Jordan 76, 91–2, 106–7 Journal of Housing and the Built Environment 175 Judt, Tony 197 Juncker, Jean-Claude 197 Jung, Carl 186 K Karachi Agreement (1949) 142 Kashmir 141, 142, 143 Kassem, Suzy 95 Kenya 159, 165 Khan, Abdur Rahman 143 Khan, Humayun 61 Khan, Khizr and Ghazala 61 Khatun, Felani 124 Klein, Horst 186 Kohl, Helmut 188 Koran 113, 116 Kornbluth, David 77, 79, 84 Krenz, Egon 188 Kshatriyas 146 Kurdistan/Kurds 110–11 Kuwait 2, 106, 109–10 L Labour Party, UK 233 Lagos, Nigeria 174 Lambert, Charles 205–6 Land and Maritime Boundary dispute 164–5, 167 Latin America 174 see also Mexico Latvia 2, 198 Le Guin, Ursula K. 119 Le Monde newspaper 205 Le Pen, Marine 211 Lebanon 42, 91 Liberia 166 Libya 101, 106 Lincoln, Abraham 65 Lithuania 2, 198 Louisiana Purchase 43 Lu Wei 32–3 M Macedonia 2, 200 Machel, Graça 173 Malik, Tashfeen 51 Manchuria 13–14, 17 Manusmriti 145–6 Mao Zedong 15, 18, 20–1 Marshall Plan 250 Mauritania 156 Maximus, General Magnus 219–20 McCain, John 61 Melilla 198–199 Merkel, Angela 192, 207, 210, 211 Mexican–American War 43, 45 Mexican Repatriation 46 Mexico 3, 43–54 Middle East Arab minority groups 110–11, 116 attitude to Palestine 91–2 barrier building 99–100, 106–10 civil wars 104–5, 106–7, 108, 198 defensive city walls 99–100 development reports 112–13, 114–15 education 115 Green Zone, Baghdad 100–1 ijtihad 113 refugees 198 religious division 102–6, 107–8, 109, 115–16 terrorist threat 99–101, 103–4 ‘Three Deficits’ 112–13 uniting Arabia 114–17 see also individual countries by name migration see immigration Mimroth, P.

The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan

addicted to oil, air freight, airline deregulation, Alan Greenspan, Albert Einstein, asset-backed security, bank run, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon tax, central bank independence, collateralized debt obligation, collective bargaining, compensation consultant, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, currency risk, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Glass-Steagall Act, Hernando de Soto, income inequality, income per capita, information security, invisible hand, Joseph Schumpeter, junk bonds, labor-force participation, laissez-faire capitalism, land reform, Long Term Capital Management, low interest rates, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, new economy, North Sea oil, oil shock, open economy, open immigration, Pearl River Delta, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, Reminiscences of a Stock Operator, reserve currency, Right to Buy, risk tolerance, Robert Solow, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, Silicon Valley, special economic zone, stock buybacks, stocks for the long run, Suez crisis 1956, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tipper Gore, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, We are all Keynesians now, working-age population, Y2K, zero-sum game

More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. THE CHOICES THAT A W A I T C H I N A I had grown quite fond of Zhu and was saddened to realize that we were unlikely to meet again. We'd become friends when he was vice premier and head of China's central bank, and I had followed his career closely He was the intellectual heir of Deng Xiaoping, the great economic reformer who had brought China from the age of the bicycle to the age of the motor vehicle and all that that implies. Unlike Deng, who had a broad political base, Zhu was a technician; his influence, as best I can judge, rested on deep support from Jiang Zemin, China's president from 1993 to 2003 and Party leader from 1989 to 2002.

…

The rationale for collective ownership failed. Socialists in the West, adjusting to the failure of Marxist economics, have redefined socialism to no longer require that all the means of production be owned by the state. Some simply advocate government regulation rather than state ownership to foster societal well-being. Deng Xiaoping, confronting Marx's fall from favor, bypassed Communist ideology and rested Party legitimacy on its ability to meet the material needs of over a billion people. He set in motion a process that led to an unprecedented near-eightfold increase in real per capita GDP, a fall in infant mortality, and greater life expectancy.

…

I cannot believe that the Party is unaware 301 More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. THE AGE OF T U R B U L E N C E that affluence and recent education initiatives are moving China toward a far less authoritarian regime. Today, President Hu appears to wield less political power than did Jiang Zemin, and he less than Deng Xiaoping. And Deng far less than Mao. At the end of this road of ever-lessening power is the democratic welfare state of Western Europe. Along that way are the many hurdles that still separate China from "developed economy" status, Deng's avowed goal. Many of the huge challenges China's reformers face are well known: the reactionary old guard; the vast rural population that is to date barely sharing in the boom and is with modest exceptions forbidden to migrate to cities; the huge remaining chunks of the Soviet-style command economy, including still-bloated, inefficient state-owned enterprises; the largely struggling banking system that serves those enterprises; the lack of modern financial and accounting expertise; corruption, the almost necessary by-product of any pyramidal power structure based on discretion; and finally, lack of political freedom, which may not be needed for markets to function in the short run, but is an important safety valve for public distress about injustice and inequity.

The Evolution of Everything: How New Ideas Emerge by Matt Ridley

"World Economic Forum" Davos, adjacent possible, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, AltaVista, altcoin, An Inconvenient Truth, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Boeing 747, Boris Johnson, British Empire, Broken windows theory, carbon tax, Columbian Exchange, computer age, Corn Laws, cosmological constant, cotton gin, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, driverless car, Eben Moglen, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, Ethereum, ethereum blockchain, facts on the ground, fail fast, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, flying shuttle, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Glass-Steagall Act, Great Leap Forward, Greenspan put, Gregor Mendel, Gunnar Myrdal, Henri Poincaré, Higgs boson, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, information security, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Japanese asset price bubble, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, low interest rates, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta-analysis, military-industrial complex, mobile money, Money creation, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, precautionary principle, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, rising living standards, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, scientific management, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, Stuart Kauffman, tacit knowledge, TED Talk, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, twin studies, uber lyft, women in the workforce

He quickly recognised, thanks to his military experience, that (in the words of the anthropologist Susan Greenhalgh) ‘The one-child-for-all policy both assumed and required the use of big-push, top–down approaches in the social domain.’ Song was proposing social engineering in the most literal sense. Vice-Premier Wang Zhen was an immediate convert on reading Song’s report, and put it in front of Chen Yun and Hu Yaobang, senior lieutenants of Deng Xiaoping himself. Deng apparently liked the fact that Song argued that Chinese poverty was caused by overpopulation, not economic mismanagement, and was bamboozled by the mathematics into not questioning his assumptions. At a conference in Chengdu in December 1979 Song silenced critics who were worried about the humanitarian consequences, and persuaded the party to accept his calculation that China needed to reduce its population by about one-third by 2080 in order to live within its ecological means.

…

Nobody else in the War Cabinet had the courage, the insanity, the sheer effrontery to defy the inevitable and fight on. As Johnson makes the case, this really is a sure example of one person changing history. So is history driven by great men? The emergent nature of China’s reform I am not so sure. Consider the reform of China’s economy that began under Deng Xiaoping in 1978, leading to an economic flowering that raised half a billion people out of poverty. Plainly, Deng had a great impact on history and was in that sense a ‘Great Man’. But if you examine closely what happened in China in 1978, it was a more evolutionary story than is usually assumed. It all began in the countryside, with the ‘privatisation’ of collective farms to allow individual ownership of land and of harvests.

…

The local party chief soon grew suspicious of all this work and this bountiful harvest, and sent for Yen, who faced imprisonment or worse. But during the interrogation the regional party chief intervened to save Yen, and recommended that the Xiaogang experiment be copied elsewhere. This was the proposal that eventually reached Deng Xiaoping’s desk. He chose not to stand in the way, that was all. But it was not until 1982 that the party officially recognised that family farms could be allowed – by which time they were everywhere. Farming was rapidly transformed by the incentives of private ownership; industry soon followed. A less pragmatically Marxist version of Deng might have delayed the reform, but surely one day it would have come.

Seasteading: How Floating Nations Will Restore the Environment, Enrich the Poor, Cure the Sick, and Liberate Humanity From Politicians by Joe Quirk, Patri Friedman

3D printing, access to a mobile phone, addicted to oil, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, barriers to entry, biodiversity loss, Biosphere 2, Branko Milanovic, British Empire, Buckminster Fuller, Burning Man, business climate, business cycle, business process, California gold rush, Celtic Tiger, Charles Lindbergh, clean water, Colonization of Mars, Dean Kamen, Deng Xiaoping, drone strike, Elon Musk, en.wikipedia.org, export processing zone, failed state, financial intermediation, Garrett Hardin, Gini coefficient, Great Leap Forward, happiness index / gross national happiness, income inequality, intentional community, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, joint-stock limited liability company, Kickstarter, low skilled workers, Machinery of Freedom by David Friedman, Mark Zuckerberg, megacity, megaproject, minimum wage unemployment, Neil Armstrong, Network effects, new economy, obamacare, ocean acidification, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open borders, Patri Friedman, paypal mafia, peak oil, Peter H. Diamandis: Planetary Resources, Peter Thiel, price stability, profit motive, radical decentralization, Ronald Coase, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, special economic zone, standardized shipping container, stem cell, TechCrunch disrupt, TED Talk, trade route, Tragedy of the Commons, UNCLOS, UNCLOS, undersea cable, young professional

The sudden wealth attracted attention, the plan was disclosed, and neighbors accused the Xiaogang villagers of “digging up the cornerstone of socialism.” The heads of the eighteen families awaited their execution. By this time, however, Mao had died, in 1976, and the new leader, Deng Xiaoping, received the news of this curious experiment in outlawry. “This is how the entire new Chinese economy started,” explains Zhai. “They divided this property, which was supposed to belong to the state. But the party official who discovered this illegal activity did not arrest them. He wrote a secret report to Deng Xiaoping, who ordered that the village be observed. They spread this policy all around the country and changed the entire ecosystem for one billion farmers.

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Next to the behemoth, Hong Kong seemed fragile as a butterfly. So why didn’t the behemoth invade, squash the bug, and confiscate its wealth? Remember this answer the next time somebody predicts large nations will invade seasteads. China didn’t attack. It learned and adapted. Chinese leaders were so impressed by the Hong Kong experiment, leader Deng Xiaoping announced China’s new “open door” policy in December 1978. In 1980 it designated four “special economic zones,” or SEZs, which curled along the crescent of China coastline. The first was Shenzhen, established just across the river from Hong Kong, followed quickly by Zhuhai, Shantou, and Xiamen.

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Glenn, 239 Cold War, 180 Coleridge, Samuel Taylor, 72 Collier, Paul, 295 Columbus, Christopher, 289–90 Committee to Protect Journalists, 29 Communism, 186, 191, 208 Complete Idiot’s Guide to Global Economics, The (Rehmke), 280–81 Conscious Capitalists and Capitalism, 196–97 Conservation International, 127, 128 contiguous zone, 13 Cook Islands, 104 corals and coral reefs, 49, 51, 108, 170, 179 Corinth, 281 Coriolis force, 159 corn, 134 in fish pellets, 116 low in lysine, 78 as pollutant, 93 slow growth of, 76 subject to blight, 80 subsidies for, 70, 93 Costa Rica: aquaculture in, 71, 80, 85, 86, 93 medical tourism in, 224 Crain’s Chicago Business, 243 Critical Path (Fuller), 24 Cruise Lines International Association (CLIA), 16 cruise ships: desalination on, 260 employment on, 16–17, 271–72 as floating cities, 11–17 as health care providers, 221–23 laws governing, 13–15, 264 profitability of, 12 and waste disposal, 259 see also specific ships Crystal Serenity (cruise ship), 16 Cullom, Philip, 136 Cultivated Seaweeds for Food Project, 72, 80–81 Curetalk (online forum), 241 cyanobacteria, 73 cyclicity, 122 Czapiewska, Karina: on Blue Revolution, 53–56 on cities, 45, 46–49, 48–49, 259 on seasteading, 50, 57–58 Dai-Ichi National Bank, 173 Daily Mail, 16 Darwin, Charles, 137 dead zones, 69, 74, 83–84, 134, 139 Deep Ecology, 123 Deep Space Industries, 160 Defense Appropriations Subcommittee, 151 deforestation, 76 de Graaf, Rutger: on Blue Revolution, 53–56 on cities as parasites, 47–50 on floating cities, 42–57 on flood control, 41 on peak phosphate, 51–52 on snap-on modules, 43 Deist, Charlie, 123 Delft, 42 Deloitte Management Consulting, 227, 229 DeltaSync: on aquaculture, 47–48, 49, 126 on cyclicity, 122 designs and constructs Floating Pavilion, 44–45 mission of, 42, 180, 259 partners with Waterstudio, 45–46 seastead feasibility project, 57–59 Demick, Barbara, 186 democracy, 8, 37, 208 see also government and governance Deng Xiaoping, 190, 215 desalination, 260 Diamandis, Peter, 65, 242 Diamond, Jared, 125, 289 diesel fuel, 117, 137, 268 DigInfo (online video news site), 174 dikes, 41, 46 Dini, Enrico, 170 Discovery Channel, 46 diving industry, 51 DNA, 52 Dominican Republic, 187 Dove soap, 135 drifter cages, 117–19 drones, 238 Drucker, Peter, 78 Duarte, Carlos M., 115 Durant, Will, 289 Dura Vermeer, 45 Dutch, see Netherlands Dutch Docklands, 25, 26 “Dynamic Geography” (essay), 9 ear canal bone anchor, 242 eBay, 28 EconLog (blog), 299 “Economics and Emigration: Trillion-Dollar Bills on the Sidewalk?”

The Collapse: The Accidental Opening of the Berlin Wall by Mary Elise Sarotte

anti-communist, Berlin Wall, conceptual framework, Deng Xiaoping, facts on the ground, Fall of the Berlin Wall, hindsight bias, Mikhail Gorbachev, open borders, Prenzlauer Berg, Ronald Reagan, Ronald Reagan: Tear down this wall, urban decay, éminence grise

While such violence might have been a sensible response early on (from the point of view of the regime) when protests were small and could be crushed in secrecy, such violence became a much riskier strategy once the ranks of protestors swelled and the possibilities for information leaking out multiplied. Once that happened, the use of violence carried added costs that ultimately served to undermine the regime.39 A comparison with the People’s Republic of China is useful in illuminating this point, the numerous differences between China and East Germany notwithstanding. Unlike Honecker, Deng Xiaoping, the de facto leader in Beijing in 1989, appears to have understood this dynamic—that violence cannot easily be scaled up, that bloodshed on a large scale carries added costs—and adjusted his course accordingly. Deng authorized the bloody crackdown in Tiananmen Square in June 1989 in order to keep the party’s control over the country intact in the short term, but he realized that he needed a different strategy to succeed in the long term.

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November bestand die reale Gefahr einer militärischen Eskalation, in die auch die Großmächte hätten hineingezogen werden können.” 39. On the immense size of the Leipzig protest in particular, see Opp, Voss, and Gern, Die volkseigene Revolution, 47. 40. For more on this story, see Sarotte, “China’s Fear of Contagion,” and Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 602–694. 41. In hindsight, it is surprising that he did not use even more violence. Honecker’s plans for the Oct. 16 march in Leipzig—an aerial assault—suggest that he was moving in that direction. The fact that he had not used such measures already seems to have resulted from a combination of factors: the collapse of cooperation among the member states of the Warsaw Pact appears to have made him uncertain, rightly, about how much support from his allies he would have; and, in addition, there was the awkward need to extract support from Bonn, and to regard its wishes for a lessening of violence in return.

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See also Border guards/soldiers Czechoslovakia, 110, 112, 172 number of secret police in, 9 refugee crisis in, 27–30, 94–95 refugee crisis in, and abandoned cars, 31, 31 (photo) refugee crisis in, and threat to close border, 101, 105–106 refugee crisis in, and travel law, draft of, 99–101 refugee crisis in, as inspiration for Czech opposition, 105–106 resumption of travel under old rules in, 94 Daily Telegraph, 118 Death strip, 11 (photo) Defense Ministry, 10 Democratic Awakening, 147, 150 Demonstrations. See Protests/demonstrations Deng Xiaoping, and Honecker, comparison between, 178–179 Dickel, Friedrich, 51 and emigration, and hole variant, 103 and Honecker, coup against, 78 plans/preparations for Leipzig ring road march and, 54 and travel law, draft of, 93, 100, 105–106 Dictators, disobedience by subordinates of, xxv Die Zeit, 13 Dissidents/activists and Berlin Wall opening, displeasure with, 153 churches as havens/shelters for, 9 election 1990 and, 172 Gethsemane Church and, 85–87 vs.

A Brief History of Neoliberalism by David Harvey

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, California energy crisis, capital controls, centre right, collective bargaining, creative destruction, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, gentrification, George Gilder, Gini coefficient, global reserve currency, Great Leap Forward, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low interest rates, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, military-industrial complex, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Savings and loan crisis, Silicon Valley, special economic zone, structural adjustment programs, Suez crisis 1956, the built environment, The Chicago School, Tragedy of the Commons, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, We are all Keynesians now, Winter of Discontent

.: Harvard University Press, Copyright © 2004 by the President and Fellows of Harvard College. Figure 4.2 is reproduced courtesy Blackwell Publishing from S. Corbridge, Debt and Development, 1993. Introduction Future historians may well look upon the years 1978–80 as a revolutionary turning-point in the world’s social and economic history. In 1978, Deng Xiaoping took the first momentous steps towards the liberalization of a communist-ruled economy in a country that accounted for a fifth of the world’s population. The path that Deng defined was to transform China in two decades from a closed backwater to an open centre of capitalist dynamism with sustained growth rates unparalleled in human history.

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It has been part of the genius of neoliberal theory to provide a benevolent mask full of wonderful-sounding words like freedom, liberty, choice, and rights, to hide the grim realities of the restoration or reconstitution of naked class power, locally as well as transnationally, but most particularly in the main financial centres of global capitalism. 5 Neoliberalism ‘with Chinese Characteristics’ In December 1978, faced with the dual difficulties of political uncertainty in the wake of Mao’s death in 1976 and several years of economic stagnation, the Chinese leadership under Deng Xiaoping announced a programme of economic reform. We may never know for sure whether Deng was all along a secret ‘capitalist roader’ (as Mao had claimed during the Cultural Revolution) or whether the reforms were simply a desperate move to ensure China’s economic security and bolster its prestige in the face of the rising tide of capitalist development in the rest of East and South-East Asia.

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M. 99–100 De la Rua, F. 105 debt of developing countries 9, 29, 162, 193 neoliberal state 73–5 uneven development and crises 94–6, 99, 104, 108 decadence of individualism 85–6 decolonization 55–6 deficit financing 188 deflation 162, 194–5 deindustrialization 26, 53, 59 Dembour, M.-B. 220 democracy demand for 110 excess of 184 as luxury 66 meaning of 206 Democrats (US) 49, 51 consent, construction of 51, 53–4, 62–3 uneven development 92, 93, 103, 110 see also Clinton; Roosevelt Deng Xiaoping 1–2, 120–5 passim, 135–6, 168 deregulation 3, 22, 26, 65, 67, 114, 161 derivative rights 182 Derthick, M. 219 devaluation 103, 105, 135 developing countries 71–4 see also Africa; Asia; debt; inequalities; Latin America; uneven development Dicken, P. 91, 102, 109, 131, 216, 219 dignity, human 5 see also freedom dirigisme 10 disposable commodity, labour as 70, 153, 157, 164, 167–71 dispossession see accumulation dissident movements 5 see also student movements Dongguan 132, 147, 149 Duhalde, E. 105–6 Duménil, G. 207, 213, 219–20 freedom concept 16–17, 18, 24, 26, 30, 33, 209 freedom’s prospect 191, 222 Eagleton, T. 198 earnings see income/wages East Asia 2 and China 122, 141 consent, construction of 59 freedom concept 10, 11, 23, 35 freedom’s prospect 190, 193–4, 197, 199, 206 neoliberal state 66, 72, 85 neoliberalism on trial 154, 156, 169 uneven development 87–94 passim, 96, 97, 106–12, 115, 116, 118 see also China; Hong Kong; Japan; South East Asia; South Korea; Taiwan East and Central Europe 5, 17, 71 neoliberalism on trial 154, 170 uneven development 94, 95, 117 ecosystems see commons Ecuador 95 Edsall, T. 48, 49, 51, 54–5, 211 Edwards, M. 220 egalitarianism 203–4 Eley, G. 208 elites and restoration of power China 123, 145 consent, construction of 39, 42–5, 51, 52 freedom concept 15–19, 23, 26, 29–30, 31–8 freedom’s prospect 197, 203–4 neoliberal state 66, 69, 84 neoliberalism on trial 152, 153, 156 uneven development 90–3, 96–9, 103–6, 108, 112, 114, 117, 119 see also financial system ‘embedded liberalism’ 11–12 employment see labour Enron 32, 77, 162 entrepreneurialism 23, 31 environment see commons equality 120 see also inequalities ERM 98 ethnicity 85 Europe 109, 157 European Union 79, 89, 91–2, 93, 114–15 freedom concept 11–15, 17, 19, 24, 27–8 freedom’s prospect 193–4, 200, 206 uneven development 89, 91–2, 93, 114 see also Britain; East and Central Europe; France; Germany; Italy; Sweden Evans, P. 212 excess capacity 194 exchange as ethic 3, 13 exchange rates 10, 12, 123–4, 141 exploitation of natural resources 8–9, 159, 164, 174–5 export-led growth 107 China 128, 130, 135–7 see also East Asia; FDI; market economy; South East Asia failure of neoliberalism 154–6 see also neoliberalism on trial Falklands/Malvinas war 79, 86 Falwell, J. 49 Farah, J. 219 FDI (foreign direct investment) 6, 7, 23, 28–30 China 21, 123, 125, 126, 129, 133–4, 141, 147 decline 190, 191 uneven development 90–4 passim, 98, 100, 101, 103, 105, 109, 117–18 see also debt; financial system Federal Reserve (US) see Volcker financial system and power 40, 62 China and state-owned banks 123, 125, 126, 129, 133–4, 141, 147 crises 12, 44–8, 68, 189, 193–4 uneven development 94–7, 104–5 see also debt; deflation; inflation decline 190 financialization 161–2 neoliberal state 71–5, 78, 80 neoliberalism on trial 157, 158, 161–2 uneven development 88–93, 94–9, 104–5, 108, 114, 119 see also corporations; currency; elites; FDI; IMF; income; Treasury; World Bank Fisher, W. 222 Fishman, T. 216 ‘flexible accumulation’ 75–6 flexible labour 100, 112 force see coercion/force Ford, G. 46 foreign direct investment see FDI Forero, J. 214, 217 Fortune 500 17, 44 four modernizations (China) 120 Fourcade-Gourinchas, M. 208, 211 Fox, V. 98 France 41, 157, 200 freedom concept 5, 11, 13, 15, 17, 19, 24, 27 neoliberal state 66, 84, 85 uneven development 91, 115, 117 Frank, T. 172, 210, 211, 213 free trade/market see market economy freedom, concept of 5–38, 207–9 as catchword 39, 41–2 class power 31–6 definitions 36–7 divergent concepts 183–4 four cardinal 183, 206 neoliberal theory, rise of 19–31 neoliberal turn, reasons for 9–19 freedom’s prospect 36–8, 186–206, 221–2 end to neoliberalism, possible 188–98 neoliberalism, alternatives to 198–206 Freeman, J. 46 French, H. 216 Friedman, M. 8, 20, 22, 44 future see freedom’s prospect G7/G8 countries 33, 66, 94 ‘Gang of Four’ see Hong Kong; Singapore; South Korea; Taiwan GATT 100 General Motors 130, 134, 135, 157 Geneva Conventions 6, 198 George, S. 207, 222 Germany 66, 87, 91, 157 West 24, 41, 88–9, 90 Gilder, G. 54 Gill, L. 220, 222 Gills, B. 221 Gindin, S. 28, 208, 219 Giuliani, R. 48, 100 global warming 172, 173, 174 globalization 70, 80, 159, 163 see also market economy; WTO Glynn, A. 208 Goldwater, B. 2 Gowan, P. 209, 213 Gramsci, A. 39, 78 Gray, J. 152–3 Guangdong 121, 128, 135, 136, 137 Haggard, S. 211 Hainan Island 131 Hale, D. and L. 215, 216 Hall, P. 211 Hall, S. 211 Harris, P. 220 Harrison, J. 208 Hart-Landsberg, M. 215, 217 Harvey, D. 211, 212, 213, 219, 221, 222 freedom concept 14, 207, 209 Hayek, F. von 20, 21, 22, 37, 40, 57 Hayter, T. 211 health, poor 154 Healy, D. 212 hedging 97–8 hegemony see power Held, D. 222 Henderson, J. 72, 213 Henwood, D. 209 Hofstadter, R. 82–3 Holloway, J. 219 Hong Kong 2, 89, 96, 157 and China 121, 123, 128, 130, 132, 136, 138, 141, 147 Hout, T. 216 Huang, Y. 124, 215 Huawei 134–5 Hulme, D. 220 human rights see rights hyper-inflation 193 Hyundai 107, 111 IBM 13, 146 ideologies see neoliberalism; values illiteracy 156 IMF (International Monetary Fund) 3 China 122, 141 consent, construction of 40, 54, 58 freedom concept 8, 10, 12, 24, 30 freedom’s prospect 185, 189, 201, 205 neoliberal state 69, 72, 73, 75 neoliberalism on trial 152, 154, 162–3, 175, 182 uneven development 92–9 passim, 103, 105–6, 111, 116–18 imperialism see neocolonialism imports 139–40 cheap 101 substitution 8, 98 income/wages China 126–7, 136, 138, 143–4, 148 falling 18 individual 176–7 inequalities 15–19, 88, 92, 100 neoliberalism on trial 154, 156 policies 12 and productivity 25 uneven development 88, 92, 100, 114 India 9, 134 freedom’s prospect 186, 194, 202, 206 neoliberal state 76, 85 neoliberalism on trial 154, 156, 174 individualism 23, 42, 57 neoliberal state 65–6, 79–8, 82, 85–6 see also freedom Indonesia 199 and China 138, 139 freedom concept 31–2, 34 neoliberal state 76, 85 neoliberalism on trial 153, 163, 167, 168, 175, 178 uneven development 89, 91, 96–7, 108–9, 117, 118 inequalities China 142–51 income 15–19, 88, 92, 100 increased 89–90, 118 see also class; developing countries; power; uneven development inflation 1, 135 consent, construction of 51, 59 control as only success 156 freedom concept 12, 14, 22, 23–5 freedom’s prospect 189, 193 stagflation 12, 22, 23, 24–5, 57 uneven development 88, 93, 100 informal economy 103 information technology 3–4, 34, 157, 159 innovation see technology, new Institute of Economic Affairs (UK) 22, 57 institutions 40, 64, 75 see also IMF; World Bank; WTO intellectual property rights 64, 68, 160 interest rates 23–4, 51, 59, 99, 162 international agreements 6, 92, 198 see also IMF; WTO intervention 20–1, 79 lack of 69 see also pre-emptive action investment see FDI Iran 28, 85, 139, 206 Iraq 179–80, 181, 204 reconstruction 184 War 6–7, 9, 35, 39, 153, 160, 184, 197 Isaacs, W. 193 Islam 83, 186 see also Middle East Israel 12 Italy 66, 96 freedom concept 11, 12, 13, 15 Japan 2, 59, 156 and China 123, 134, 136, 138–40, 142 freedom concept 10, 11, 23 freedom’s prospect 190, 193 neoliberal state 66, 85 uneven development 87–94 passim, 107 Jensen, D. 186 Jessop, B. 211 Jevons, W.

The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival by Charles Goodhart, Manoj Pradhan

asset-backed security, banks create money, Berlin Wall, bonus culture, Boris Johnson, Branko Milanovic, Brexit referendum, business cycle, capital controls, carbon tax, central bank independence, commodity super cycle, coronavirus, corporate governance, COVID-19, deglobalization, demographic dividend, demographic transition, Deng Xiaoping, en.wikipedia.org, Fall of the Berlin Wall, financial independence, financial repression, fixed income, full employment, gig economy, Gini coefficient, Greta Thunberg, housing crisis, income inequality, inflation targeting, interest rate swap, job automation, Kickstarter, long term incentive plan, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, middle-income trap, non-tariff barriers, offshore financial centre, oil shock, old age dependency ratio, open economy, paradox of thrift, Pearl River Delta, pension reform, Phillips curve, price stability, private sector deleveraging, quantitative easing, rent control, savings glut, secular stagnation, shareholder value, special economic zone, The Great Moderation, The Wealth of Nations by Adam Smith, total factor productivity, working poor, working-age population, yield curve, zero-sum game

Of one thing we are sure, the future will be nothing like the past. 1.1 The Demographic ‘Sweet Spot’: How the Fundamental Forces of Demography, China and Globalisation Shaped Our Economies in Recent Decades 1.1.1 The Rise of China… The single most important economic development over the years from 1990 to 2018 has been the rise of China and its integration into the global trading economy. Chairman Deng Xiaoping reversed Mao Zedong’s disastrous policies during the 1980s by combining socialist ideology with an opening to pragmatic market economics, using the slogan ‘socialism with Chinese characteristics’—that led to China’s eventual inclusion in the World Trading Organization (WTO) in 1997. The integration of China into the global manufacturing complex by itself more than doubled the available labour supply for the production of tradeable products among the advanced economies (AEs).

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Together, they allowed China’s vast labour force to integrate into the global economy at an unprecedented pace. 2.1 Three Acts of History that Shaped China’s Place in the World China’s ascent in the global economy can be traced back to three events and periods. The earliest of these events was Deng Xiaoping’s ‘socialism with Chinese characteristics’, particularly the second phase starting in 1992. The first phase of this drive started in 1978 with reforms to agriculture, an invitation to private enterprises to re-enter the Chinese economy, and the creation of special economic zones (including the Pearl River Delta that we discuss below) where foreign investment was allowed.

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Debt service ratios constant Debt to equity swaps Debt to income Debt trap Decaying areas, harder to escape Decentralisation Default Defence spending Deficit countries, accused of fiscal incontinence Deficits of public sector, largest ever outside of war-time Deflation Deflationary bias Deflationary pressure Deflation, in Japan Deleveraging Delevering Demand for loanable funds Demand management Dementia Dementia, age specific prevalence Dementia costs, around $1 trillion Dementia costs, estimate of Dementia healthcare pathways Dementia lottery Dementia, many costs hidden Dementia patients Dementia, prevalence increases with age Dementia, probability of Dementia, quoted cost of Dementia treatments, R&D costs of Demographic backdrop, changing Demographic change Demographic changes, macroeconomic consequences of Demographic change, tip of the spear of Demographic cycle Demographic dividend Demographic factors Demographic factors, dominate long-run change Demographic factors, reverting to Labour’s advantage Demographic factors, unimportant in short run Demographic gridlock Demographic headwinds Demographic headwinds, in previously stronger economies Demographic pressures Demographic sweet spot Demographic tailwinds Demographic trends Demographic trends, and pressures on public policies Demography Demography, benign in Advanced Economies Demography, effect underestimated Demography, in conflict with debt Demography, irresistible force of Demography, its Great Reversal Demography, treated as a constant in short run Deng Xiaoping, Socialism with Chinese Characteristics Department of Health Dependency Dependency ratio Dependency ratio, at point of inflection Dependency ratio, improving Dependency ratio, in Japan Dependency ratios, rising Dependency ratios, worsening Dependents, old and young, inflationary Depression Desmet, K.

Ten Lessons for a Post-Pandemic World by Fareed Zakaria

"there is no alternative" (TINA), 15-minute city, AlphaGo, An Inconvenient Truth, anti-fragile, Asian financial crisis, basic income, Bernie Sanders, Boris Johnson, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon tax, central bank independence, clean water, cloud computing, colonial rule, contact tracing, coronavirus, COVID-19, Credit Default Swap, David Graeber, Day of the Dead, deep learning, DeepMind, deglobalization, Demis Hassabis, Deng Xiaoping, digital divide, Dominic Cummings, Donald Trump, Edward Glaeser, Edward Jenner, Elon Musk, Erik Brynjolfsson, failed state, financial engineering, Francis Fukuyama: the end of history, future of work, gentrification, George Floyd, gig economy, Gini coefficient, global pandemic, global reserve currency, global supply chain, green new deal, hiring and firing, housing crisis, imperial preference, income inequality, Indoor air pollution, invention of the wheel, Jane Jacobs, Jeff Bezos, Jeremy Corbyn, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, junk bonds, lockdown, Long Term Capital Management, low interest rates, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Martin Wolf, means of production, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Monroe Doctrine, Nate Silver, Nick Bostrom, oil shock, open borders, out of africa, Parag Khanna, Paris climate accords, Peter Thiel, plutocrats, popular capitalism, Productivity paradox, purchasing power parity, remote working, reserve currency, reshoring, restrictive zoning, ride hailing / ride sharing, Ronald Reagan, secular stagnation, Silicon Valley, social distancing, software is eating the world, South China Sea, Steve Bannon, Steve Jobs, Steven Pinker, Suez crisis 1956, TED Talk, the built environment, The Death and Life of Great American Cities, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tim Cook: Apple, trade route, UNCLOS, universal basic income, urban planning, Washington Consensus, white flight, Works Progress Administration, zoonotic diseases

Gerhard Schroeder, another left-wing leader, entered office in 1998 and presided over the most thorough market reforms of the German economy in decades. In 1991, India, which had long practiced socialism and protectionism, faced an economic crisis that forced it to liberalize. The next year, with Deng Xiaoping’s “Southern Tour,” China revived its stalled capitalist reforms. The financial crisis of 2008 began the process of reevaluation—on both right and left. Steve Bannon argues that the seeds of Trump’s takeover of the Republican Party were sowed by that crash. In the years since, the Right has veered away from its devotion to markets, instead espousing protectionism, subsidies, immigration controls, and cultural nationalism—ideas championed by Trump in the United States, Boris Johnson in the United Kingdom, and other populists around the world.

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China’s tighter grip is the result not of anything that happened in Washington but of something that happened in Beijing: the rise of a new leader, Xi Jinping. CHINA’S THIRD REVOLUTION So radical are Xi’s changes that the scholar Elizabeth Economy argues that his approach represents a “third revolution” in China, comparable to Mao’s original Communist revolution and Deng Xiaoping’s move toward markets and America in the 1980s. Xi has acted on four fronts: greater power for himself, a larger role for the Communist Party in the economy and society, heightened regulation of information and capital, and a more assertive foreign policy. Veteran China watcher Orville Schell, who has observed the rise and fall of engagement since the 1970s, describes this last tendency in stark terms.

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China’s foreign policy has also become more ambitious under Xi, from its pursuit of leadership roles in UN agencies—where it now outnumbers the US four-to-one—to the vast Belt and Road Initiative, to the construction of islands in the South China Sea. The country’s growing belligerence marks a break with its previous passivity, captured by Deng Xiaoping’s adage “Hide your strength, bide your time.” The military buildup, in particular, suggests that China is executing a long-term plan. But what would be an acceptable level of influence for China, given its economic weight in the world? If Washington does not first ask this crucial question, it cannot make serious claims about which uses of Chinese power cross the line.

The Looting Machine: Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africa's Wealth by Tom Burgis

Airbus A320, Berlin Wall, blood diamond, BRICs, British Empire, central bank independence, clean water, colonial rule, corporate social responsibility, crony capitalism, Deng Xiaoping, Donald Trump, F. W. de Klerk, financial engineering, flag carrier, Gini coefficient, Global Witness, Livingstone, I presume, McMansion, megacity, megaproject, Nelson Mandela, offshore financial centre, oil shock, open economy, purchasing power parity, rolodex, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, structural adjustment programs, trade route, transfer pricing, upwardly mobile, urban planning, Washington Consensus, WikiLeaks, zero-sum game

By some accounts he worked as an asset for Chinese intelligence in the 1990s within the inner circle of Cambodia’s Communist ruler, Hun Sen, helping to repair relations between him and Beijing, which had supported the man Hun Sen overthrew, the genocidal tyrant Pol Pot. What is clear is that Pa mastered what many of his colleagues in the Chinese security services also attempted: translating connections made in the world of espionage into business opportunities. When Deng Xiaoping ousted the Maoists and began reforming China’s economy in 1978, he encouraged the military to bring in its own revenues through business, freeing up the national budget to fund development projects. By the end of the following decade the PLA’s network of twenty thousand companies had interests ranging from pharmaceuticals to manufacturing weapons and smuggling commodities.

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The details of her past are as fragmented as Pa’s, and, as with Pa, it is hard to differentiate between genuine connections and an ability to broadcast an impressive aura of guanxi that may overstate the extent of their relationships. Company filings in Hong Kong show no record of any business ventures in which Lo participated before her alliance with Pa. Mahmoud Thiam, the Guinean minister who would work with Lo and Pa years later, was one of several people who heard that she used to be a translator for Deng Xiaoping.20 Between them, Pa and Lo had ‘extensive business connections in Africa and South America’ by the time they came together, according to a court filing years later.21 It was Lo who signed the Venezuela agreement. When she appeared with Hugo Chávez on Aló Presidente, his weekly broadcast, to trumpet the deal, the Venezuelan president told the nation that his guest came from a prestigious military family and was the daughter of a general.22 Lo exudes an authority that many foreigners who have met her have found hard to decode.

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He studied economics at the elite Renmin University in Beijing and became an associate professor of finance there. When his wife and Sam Pa began to craft their business venture in 2002, Wang had already spent two decades at China Everbright, an important state-owned financial conglomerate. Wang joined Everbright in 1983, the year it was founded as an early embodiment of Deng Xiaoping’s desire for China to take its place on the international commercial stage. It grew to hold assets worth hundreds of billions of dollars, including its own bank. Wang served both at the parent group in China and at its subsidiaries in Hong Kong, holding a succession of senior posts. China Everbright’s management reports directly to the State Council, the highest organ of the Chinese government and the most powerful body in the land after the Standing Committee of the Politburo of the Communist Party, and its executives move in the upper echelons of China’s interlocking elites.

The Laundromat : Inside the Panama Papers, Illicit Money Networks, and the Global Elite by Jake Bernstein

Albert Einstein, banking crisis, Berlin Wall, bitcoin, blockchain, blood diamond, British Empire, central bank independence, Charlie Hebdo massacre, clean water, commoditize, company town, corporate governance, cryptocurrency, Deng Xiaoping, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, high net worth, income inequality, independent contractor, Julian Assange, Laura Poitras, liberation theology, mega-rich, Mikhail Gorbachev, new economy, offshore financial centre, optical character recognition, pirate software, Ponzi scheme, profit motive, rising living standards, Ronald Reagan, Seymour Hersh, Skype, traveling salesman, WikiLeaks

China played a central role in the secrecy world, not only for the companies found in the Offshore Leaks data but for Mossfon and other major providers as well. It is no accident that the biggest offshore provider in the world today, Offshore Incorporations, began in Hong Kong. The Chinese government was neither prepared nor flexible enough to keep pace with the economic activity that Deng Xiaoping, China’s paramount leader, had unleashed in the late 1980s. The sleeping giant’s financial awakening was a boon to the offshore system. China needed a window to the world. If tax havens and anonymous companies hadn’t already existed, the country’s particular fusion of Communism and entrepreneurial capitalism would have created them.

…

The firm also worked with Swiss banks including UBS, which created more than one thousand offshore structures for clients in Hong Kong, Taiwan, and mainland China. In the data, the team found relatives of at least five current or former members of China’s Politburo Standing Committee, which rules the country through its leadership of the Communist Party. Deng Xiaoping’s son-in-law was present. So was the son of one of the Eight Great Eminent Officials, a group of elders who held sway in the Communist Party in the 1980s and ’90s. Both the son and son-in-law of former premier Wen Jiabao had companies in the data. Wen’s son Wen Yunsong created one BVI company with the help of Credit Suisse.

…

Of all the Chinese elites with connections to ICIJ’s leaked data, none was more notorious than Bo Xilai.20 His story neatly captures the combination of corruption and hypocrisy that is perhaps the greatest gift the secrecy world affords China’s rulers. Bo was the son of Bo Yibo, an associate of Mao Zedong and one of the Eight Immortals of the Communist Party of China. Both father and son suffered cruelly during the Cultural Revolution. Deng Xiaoping rehabilitated the father and set Bo Xilai on a course that led him into government. As mayor of Dalian in the 1990s,21 Bo Xilai transformed the port city into a prosperous metropolis that attracted foreign investment and tourists. In 2007, he was appointed party chief of Chongqing, a city-province with a population of thirty-three million known as “Fog City.”22 From this position, he launched a vicious and high-profile anticorruption crusade dubbed “Smash the Black.”

Order Without Design: How Markets Shape Cities by Alain Bertaud

autonomous vehicles, call centre, colonial rule, congestion charging, congestion pricing, creative destruction, cross-subsidies, Deng Xiaoping, discounted cash flows, Donald Trump, Edward Glaeser, en.wikipedia.org, extreme commuting, garden city movement, gentrification, Google Earth, Great Leap Forward, Jane Jacobs, job satisfaction, Joseph Schumpeter, land tenure, manufacturing employment, market design, market fragmentation, megacity, microapartment, new economy, New Urbanism, openstreetmap, Pearl River Delta, price mechanism, rent control, Right to Buy, Ronald Coase, self-driving car, Shenzhen special economic zone , Silicon Valley, special economic zone, the built environment, trade route, transaction costs, transit-oriented development, trickle-down economics, urban planning, urban sprawl, zero-sum game

There was not much time to ensure a smooth transition from one system to another. It resulted in a rapid and opaque privatization of many state enterprises that produced oligopolies that only remotely resemble markets. Some Russian cities have real land market; in others the system of land allocation is less clear. Under Deng Xiaoping, China chose a different path. It gradually reformed its system until it made a progressive, orderly transition from a command to a market economy. However, the shift of the system in China was not due to an ideological conversion. As Ronald Coase and Ning Wang explained in their book on China’s reform, “China became capitalist while it was trying to modernize socialism.”5 Indeed, the Chinese government allowed cities to experiment with small-scale labor and land market liberalization before expanding successful experiments to the entire country.

…

The current poor performance of public infrastructure—roads, transport, sewer, drainage, and power—in major Indian cities is in part the result of misguided national spatial policy conducted over the past 50 years. If planners are unable to control the growth rate of cities, how can we explain the successful growth of entirely planned cities like St. Petersburg; Brasília, Brazil; or Shenzhen, created ex nihilo by powerful rulers as diverse as Peter the Great, Juscelino Kubitschek, and Deng Xiaoping? These planned cities became large and successful as the result of two major factors: • First, each city’s location was selected because of a geopolitical necessity6 and not because of an abstract planning concept. • Second, each city had the strong political and financial support of a powerful ruler of a very large country.

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Petersburg was created by Peter the Great to open a port toward Western Europe in order to gain new technology through trade and cultural contact. Brasília, created by President Juscelino Kubitschek of Brazil, was part of an effort to develop the center of the country and to make the capital more politically independent from the large cities on the coast. Deng Xiaoping’s main objective in creating Shenzhen was to graft and test within a limited perimeter some of the market institutions and technical knowhow used across the border by his Chinese compatriots in Hong Kong. 7. In Russian: “Gosudarstvennaya Planovaya Comissiya” [State Planning Committee], in charge of the Soviet economy. 8.

Gorbachev by William Taubman

"World Economic Forum" Davos, Able Archer 83, active measures, affirmative action, Albert Einstein, anti-communist, Berlin Wall, British Empire, card file, conceptual framework, Deng Xiaoping, disinformation, Donald Trump, Fall of the Berlin Wall, fear of failure, haute couture, indoor plumbing, Korean Air Lines Flight 007, means of production, Mikhail Gorbachev, military-industrial complex, Neil Kinnock, Potemkin village, RAND corporation, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, Stanislav Petrov, Strategic Defense Initiative, trade liberalization, young professional

Oldenbourg Verlag, 1998), 281. 47 Savranskaya, Blanton, and Zubok, Masterpieces of History, 465–66; Küsters and Hofmann, Deutsche Einheit, 283. 48 Savranskaya, Blanton, and Zubok, Masterpieces of History, 465–66; Hannes Adomeit, Imperial Overstretch: Germany in Soviet Policy from Stalin to Gorbachev (Baden-Baden: Nomos Verlagsgesellschaft, 1998), 398–99. 49 Gorbachev, Sobranie sochinenii, 14:600, n. 362; Küsters and Hofmann, Deutsche Einheit, 279. 50 Adomeit, Imperial Overstretch, 396, 399; Gorbachev, Zhizn’, 2:161; Savranskaya, Blanton, and Zubok, Masterpieces of History, 475. 51 Bozo, Mitterrand, 62–65. 52 Savranskaya, Blanton, and Zubok, Masterpieces of History, 490–91; Gorbachev, Sobranie sochinenii, 15:529, n. 86; Gorbachev, Zhizn’, 2:93. 53 Kirill Lavrov, “No byt’ zhivym, zhivim i tol’ko . . . ,” in Karagez’ian and Poliakov, Gorbachev v zhizni, 231. 54 Ezra Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 616–32. 55 See excerpts from transcripts of Gorbachev-Deng and Gorbachev-Zhao talks, in Gorbachev, Sobranie sochinenii, 14:203–5; and in Gorbachev, Zhizn’, 2:435–47. 56 Cited in Vogel, Deng Xiaoping, 423. 57 Shakhnazarov notes for Gorbachev prior to October 6, 1988, Politburo meeting, in Vladislav Zubok, “New Evidence on the ‘Soviet Factor’ in the Peaceful Revolutions of 1989,” Cold War International History Project Bulletin, no. 12/13 (Fall/Winter 2001): 15. 58 Chernyaev notes on January 21, 1989, Politburo session, ibid., 16–17. 59 A third report on Eastern Europe, by the Foreign Ministry, consisted mostly of boilerplate, confirming that the ministry’s role in Eastern Europe was subsidiary to that of the Soviet party’s Central Committee.

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When Gorbachev aide Shakhnazarov later asked Chief of the General Staff Sergei Akhromeyev why the country needed so many weapons, Akhromeyev answered, “Because through enormous sacrifice we have created first-class plants that are no worse than what the Americans have. What are we going to do, tell them to stop working and make pots and pans instead? That’s simply utopian.”42 What about economic reforms of the sort the Chinese carried out after Mao Zedong died in 1976? Deng Xiaoping’s reforms freed peasants from collectives and spurred them to produce for the market as well as for themselves. The result was an agricultural boom that in turn fueled miraculous economic growth. The Chinese postponed political reforms and to this day are still resisting democratization and glasnost.

…

It was no wonder Gorbachev considered his talks with Mitterrand “a breakthrough,” demonstrating that “at last Western leaders believed in perestroika.”52 GORBACHEV’S NEXT VISIT was to China, from May 15 through 18. What happened there in Tiananmen Square and his own reaction to it shaped his approach to turmoil he faced in Eastern Europe. China’s paramount leader, the octogenarian Deng Xiaoping, was also a reformer. But whereas Gorbachev concluded that economic reform was impossible without democratization and political pluralism, Deng was proceeding to introduce a market economy, while jealously guarding the party’s monopoly of political power. In both countries the reforms unleashed pressure from below for more radical change.

Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis by Anatole Kaletsky

"World Economic Forum" Davos, Alan Greenspan, bank run, banking crisis, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, business cycle, buy and hold, Carmen Reinhart, classic study, cognitive dissonance, collapse of Lehman Brothers, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, currency manipulation / currency intervention, currency risk, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, eat what you kill, Edward Glaeser, electricity market, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, F. W. de Klerk, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, foreign exchange controls, full employment, geopolitical risk, George Akerlof, global rebalancing, Goodhart's law, Great Leap Forward, Hyman Minsky, income inequality, information asymmetry, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, long and variable lags, Long Term Capital Management, low interest rates, mandelbrot fractal, market design, market fundamentalism, Martin Wolf, military-industrial complex, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Nelson Mandela, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, oil shock, paradox of thrift, Pareto efficiency, Paul Samuelson, Paul Volcker talking about ATMs, peak oil, pets.com, Ponzi scheme, post-industrial society, price stability, profit maximization, profit motive, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, statistical model, systems thinking, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Vilfredo Pareto, Washington Consensus, zero-sum game

In this environment, to believe in the ultimate success of a new form of democratic capitalism demanded a leap of faith. And indeed, nothing is preordained in history, nor anything immutable in economics. In the past forty years, dozens of relatively small events could have changed the course of history and transformed economic conditions the world over. Imagine if Deng Xiaoping had died in the Cultural Revolution alongside his mentor Liu Shaoqi. Or if Gorbachev had been passed over for the Soviet leadership. Or if John Hinckley’s bullet had been aimed an inch higher at Ronald Reagan’s chest. Or if Argentina had not invaded the Falklands, saving the government of Margaret Thatcher.

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As revealed by the epigraphs to this chapter, the aftershocks from this sudden and unexpected implosion spread far beyond the Soviet bloc—to India, China, South Africa, and every country and political movement that had been beguiled by the deceptive logic of socialist delusions. Two, Asia, and especially China, emerged as a significant part of the global economy. In theory, China’s gradual transformation into one of the most fiercely competitive and profit-oriented systems of private enterprise the world had ever seen began with Deng Xiaoping’s introduction of “Socialism with Chinese characteristics” in 1978.7 However, these reforms only began to deliver impressive results about a decade later, in the late 1980s, turning China into a serious commercial power, transforming the global trading system, and shifting the center of gravity of the world economy toward Asia.

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Yet the dismal adjective has stuck firmly to economics despite its paradoxical origin. Peter Groenewegen, “Thomas Carlyle, ‘The Dismal Science,’ and the Contemporary Political Economy of Slavery,” History of Economics Review 34 (Summer 2001): 74-94. 6 Galbraith quoted in The Observer, London, April 3, 1977. 7 Deng Xiaoping, “Build Socialism with Chinese Characteristics,” Speech to the Council of Sino-Japanese Non-Governmental Persons (June 30, 1984), printed in William De Bary and Richard Lufrano, eds., Sources of Chinese Tradition: From 1600 Through the Twentieth Century, vol. 2, 507-510. 8 The key events in computer technology were the introduction of the first standardized IBM personal computers and Intel microprocessors in 1983, the addition of a Graphical User Interface (GUI) to the Apple Macintosh in 1984, the Windows GUI by Microsoft in 1986, and the release in 1990 of Windows 3.0, a much improved GUI developed for the IBM 386 computer. 9 See, for example, Edward Glaeser and Janet Kohlhase, “Cities, Regions and the Decline of Transport Costs,” and Nils-Gustav Lundgren, “Bulk Trade and Maritime Transport Costs: The Evolution of Global Markets,” Resources Policy 22:1-2 (March-June 1996): 5-32. 10 Jeffrey Frankel, “The Japanese Cost of Finance: A Survey,” Financial Management 20:1 (Spring 1991).

The Edifice Complex: How the Rich and Powerful--And Their Architects--Shape the World by Deyan Sudjic

Ayatollah Khomeini, Berlin Wall, bread and circuses, British Empire, call centre, colonial rule, Columbine, cuban missile crisis, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Frank Gehry, glass ceiling, Great Leap Forward, Guggenheim Bilbao, haute couture, haute cuisine, megastructure, Mikhail Gorbachev, Neil Armstrong, new economy, New Urbanism, oil shock, Peter Eisenman, Ronald Reagan, Socratic dialogue, urban planning, urban renewal, V2 rocket, Victor Gruen

It will be a colossus that takes the form of two leaning towers, seventy floors high, that prop each other up with links at top and bottom to form a gigantic Möbius strip, containing everything from studios to offices. An adjacent hotel block takes the form of an open chest of drawers. This is not just another tower; it has ambitions every bit as explicit as the Great Hall of the People to represent China’s place in the world, and its newfound might. In the years since Deng Xiaoping took the first steps toward unleashing China’s economic potential, Beijing has built a vast number of new buildings, many of them designed by foreign architects with international reputations. But with the exception of the Fragrant Hills Hotel, I. M. Pei’s fruitless attempt to show the land of his birth that modernity did not have to mean the destruction of Beijing’s extraordinary urban fabric, few have yet showed any real architectural ambition.

…

In stage two, useful for bringing troublesome discussions to a positive conclusion or indicating a particular degree of warmth, all rise and move to the second sofa in front of the fire. The President comes from behind his desk to join the visitors and sit side by side with them, in steps as hallowed by custom as a rain-making dance. This is no doubt exactly what happened when, as Carter puts it, ‘Deng Xiaoping came to Washington to visit with me’. What does it matter if nobody remembers a word of what was said? What does it matter if you have inadvertently left the impression that America would sit on its hands in the event of a Chinese invasion of Taiwan, when you have gone through a ceremony like that?

…

His time in China is signalled by a pagoda that looks much like the kind of thing you might find in an upmarket but somewhat old-fashioned Chinese restaurant. Nixon’s library does something similar, not surprising since both were designed by the same firm. There is the bicycle Bush was given when he was America’s Ambassador in China, but which shows no signs of ever having been used. Deng Xiaoping is portrayed in tapestry form meeting Bush in 1985. The moment was captured by two artists from the Shanghai Red Star Tapestry Factory, who spent fifty-three days weaving it, kindred spirits of Ms Goodnight and her galloping horses outside. Bush’s time as Ambassador to the UN is encapsulated, daringly in the context of the limited world view of the Texas backwoods, by a row of UN flags.

Power Hungry: The Myths of "Green" Energy and the Real Fuels of the Future by Robert Bryce

Abraham Maslow, addicted to oil, An Inconvenient Truth, Apollo 11, Bernie Madoff, carbon credits, carbon footprint, carbon tax, Cesare Marchetti: Marchetti’s constant, clean tech, collateralized debt obligation, corporate raider, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, decarbonisation, Deng Xiaoping, disinformation, electricity market, en.wikipedia.org, energy security, energy transition, flex fuel, Ford Model T, Glass-Steagall Act, greed is good, Hernando de Soto, hydraulic fracturing, hydrogen economy, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, James Watt: steam engine, Jevons paradox, Menlo Park, Michael Shellenberger, new economy, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, purchasing power parity, RAND corporation, Ronald Reagan, Silicon Valley, smart grid, Stewart Brand, Ted Nordhaus, Thomas L Friedman, uranium enrichment, Whole Earth Catalog, WikiLeaks

Imports by Country of Origin,” http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_a.htm. 6 BP Statistical Review of World Energy 2009, http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2008/STAGING/local_assets/2009_downloads/renewables_section_2009.pdf. 7 For the first ten months of 2009, OPEC production was about 28 million barrels per day. Global consumption is about 84 million barrels per day. See MEES.com, “OPEC Crude Oil Production,” n.d., http://www.mees.com/Energy_Tables/crude-oil.htm. 8 Wikipedia, “Deng Xiaoping,” http://en.wikipedia.org/wiki/Deng_Xiaoping. For Deng quote, see Farago, “Editorial: The Truth About Rare Earths and Hybrids.” 9 “Molycorp Minerals: Global Outlook,” n.d., http://www.molycorp.com/globaloutlook.asp. 10 Farago, “Editorial: The Truth About Rare Earths and Hybrids.” 11 Leo Lewis, “Crunch Looms for Green Technology as China Tightens Grip on Rare-Earth Metals,” Times (London), May 28, 2009, http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6374603.ece. 12 Steve Gorman, “As Hybrid Cars Gobble Rare Metals, Shortage Looms,” Reuters, September 2, 2009, http://www.reuters.com/article/GCA-BusinessofGreen/idUSTRE57U02B20090902; Keith Bradsher, “China Tightens Grip on Rare Minerals,” New York Times, September 1, 2009, http://www.nytimes.com/2009/09/01/business/global/01minerals.html?

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These same neoconservatives hate OPEC—but OPEC only controls about one-third of world oil production.7 Now compare the diffused global oil market with the constricted market for the lanthanides—lanthanum, cerium, praseodymium, dysprosium, neodymium, and the others. China controls—depending on whose numbers you believe—between 95 and 100 percent of the global market in those elements. The fact that China sits atop such favorable geology for mining the lanthanides is pure luck. But the Chinese are aiming to make the most of that luck. Deng Xiaoping, the former Communist Party boss, once said, “There is oil in the Middle East. There are rare earths in China. We must take full advantage of this resource.”8 China is doing just that. It has about 1,000 Ph.D.-level scientists working on technologies related to the mining and separation of rare earth elements as well as on ways to turn those elements into salable products.9 At the same time that China is increasing its knowledge base on rare earths, it is cutting its exports of those same materials.

…

Dams, dismantling of Danish Center for Political Studies (CEPOS) Danish Energy Agency Darley, Julian Darwin, Charles de Merode, Emmanuel De Nysschen, Johan de Soto, Hernando Death rates, energy poverty and Decarbonization trend Deffeyes, Kenneth deForest Ralph, H. Deforestation DeGette, Diana Democrats view of, toward nuclear power See also names of specific politicians Deng Xiaoping Denmark and carbon capture and sequestration carbon dioxide emissions of (fig.) and carbon intensity(fig.) coal consumption in (fig.) electricity rates in(fig.) energy consumption in (fig.) and energy intensity(fig.) myths involving and natural gas(fig.) and oil(fig.) and oil consumption and wind power (fig.)

The Fourth Revolution: The Global Race to Reinvent the State by John Micklethwait, Adrian Wooldridge

"World Economic Forum" Davos, Admiral Zheng, affirmative action, Affordable Care Act / Obamacare, Asian financial crisis, assortative mating, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bernie Madoff, bike sharing, Boris Johnson, Bretton Woods, British Empire, cashless society, central bank independence, Chelsea Manning, circulation of elites, classic study, Clayton Christensen, Corn Laws, corporate governance, credit crunch, crony capitalism, Deng Xiaoping, Detroit bankruptcy, disintermediation, Disneyland with the Death Penalty, driverless car, Edward Snowden, Etonian, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, income inequality, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, Khan Academy, Kickstarter, knowledge economy, Kodak vs Instagram, labor-force participation, laissez-faire capitalism, land reform, Les Trente Glorieuses, liberal capitalism, Martin Wolf, means of production, Michael Milken, minimum wage unemployment, mittelstand, mobile money, Mont Pelerin Society, Nelson Mandela, night-watchman state, Norman Macrae, obamacare, oil shale / tar sands, old age dependency ratio, open economy, Parag Khanna, Peace of Westphalia, pension reform, pensions crisis, personalized medicine, Peter Thiel, plutocrats, popular capitalism, profit maximization, public intellectual, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Coase, Ronald Reagan, school choice, school vouchers, Shenzhen special economic zone , Silicon Valley, Skype, special economic zone, TED Talk, the long tail, three-martini lunch, too big to fail, total factor productivity, vertical integration, War on Poverty, Washington Consensus, Winter of Discontent, working-age population, zero-sum game

The second reason is the crisis of the Western model of democracy and free-market capitalism. In the 1990s Lee’s lectures on Asian values seemed somewhat eccentric, even to Asians. The Washington consensus was sweeping all before it. Francis Fukuyama talked about “the total exhaustion of viable systematic alternatives to Western liberalism.”16 Rather than associating Deng Xiaoping’s China with economic greatness, Americans thought of the lone student walking toward the tanks in Tiananmen Square in 1989. Bill Clinton told China’s president, Jiang Zemin, to his face that he was “on the wrong side of ­history.”17 The Asian economic crisis in 1997 only reinforced the conceit of Western democracy, especially when the IMF had to launch a $40 billion program to help South Korea, Thailand, and Indonesia, which had all borrowed too much from foreign banks.

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Above all, there is the size of the Middle Kingdom: Singapore would only just make it into a list of China’s twenty biggest cities. With a fifth of humanity within its borders, China is sui generis. It represents a Chinese alternative, not the Asian one. Yet in terms of direction—and direction matters enormously in China—Singapore plays an outsized role. Deng Xiaoping discovered the Singapore model in the 1980s as he tried to rebuild China after the disaster of Mao’s final years. “There is good social order in Singapore,” he observed in 1992. “We should draw from their experience, and do even better than them.”23 And ever since then China’s leaders have made pilgrimages to Singapore to visit Lee while their underlings, from places like CELAP, have been sent to study in Singapore.

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., 20 deficits, deficit spending, 14, 100, 118–22, 177, 231–32, 241 unfunded liabilities and, 119, 232 democracy: in Asian-state model, 17 big government as threat to, 251, 264–69 as central tenet of Western state, 5, 8, 16–17, 22–23, 136, 141, 221 Founding Fathers and, 226, 250, 265 Fourth Revolution and, 249–70 globalization and, 262 imperfections of, 17, 127–28, 141, 143–44, 145, 226–27, 247–48, 251, 269 income inequality and, 263 in India, 136, 146 individual freedom as threatened by, 226, 250–51 nation-states and, 259, 262 presumed link to capitalism of, 261–62 as presumed universal aspiration, 261–62 as rooted in culture, 262 scarcity and, 247–48 self-interest and, 250, 260 short-term vs. long-term benefits in, 260–61, 264 special-interest groups and, 16–17, 111–15, 247, 251 strengths of, 263 twentieth-century triumph of, 252 twenty-first-century failures of, 252–61 uneven history of, 249–50 welfare state as threat to, 22, 142 Democracy in America (Tocqueville), 252 Democracy in Europe (Siedentop), 251 Democratic Party, U.S., 97, 240 spending curb approved by, 12 spending cuts opposed in, 100, 255 Democratic Review, 55 Deng Xiaoping, 142 Singapore as inspiration to, 145 Denmark, 22, 210 disability insurance in, 244 “flexicurity” system in, 173, 176 innovation in, 220 1980s financial crisis in, 176 reinvention of welfare state in, 173–74 Depression, Great, 69–70, 85 Detroit, Mich., 218–19 bankruptcy of, 14, 119 Detter, Dag, 236 Dicey, A.V., 57 Dickens, Charles, 50, 57–58 Dirksen, Everett, 192–93 disability-insurance reform, 244 Discovery Group, 211 discretionary spending, 195 diversity, 214–16 DNA databases, 182 Dodd-Frank Act (2010), 117, 239 Doncaster Prison, 214 Downey, Alan, 177 Drucker, Peter, 198 Dubai, 144, 217 Dukakis, Michael, 95 Dundase family, 49–50 East India Company, 36, 40, 47, 48, 50, 56, 150, 240 Eastman Kodak, 190–91 École Nationale d’Administration, 194 economic-freedom index, 174 Economist, 86, 97 Edison, Thomas, 179 education, 7, 9, 16, 48, 58, 197 charter schools in, 212, 214, 215 in China, 147, 148–49, 164 cost/outcome disparities in, 194–95 declining quality of, 111 diverse models for, 214–15 government domination of, 10 international rankings of, 19, 148, 206–7 preschool, 123 reform of, 58–59, 212 in Sweden, 171, 176–77 technology and, 179–80 voucher systems for, 171, 176–77, 220 in welfare state, 68, 69 Education Act (British, 1944), 75 Egypt, 155 failure of democracy in, 253, 262 Mubarak regime overthrown in, 144, 253 Eisenhower, Dwight, 77 elections, U.S., cost of, 257 electrocardiogram (ECG) machines, 205 elitism, 135, 136, 138–39 in Chinese Communist Party, 161–62 in U.S., 162 welfare state and, 77–78 Emanuel, Rahm, 216 emerging world: agriculture in, 238 as failing to grasp technological change, 18 innovation in, 17 lack of public confidence in, 13 local government in, 217 need for reform in, 14 urban population shift in, 218 “End of History, The” (Fukuyama), 262 Energetically Autonomous Tactical Robot (EATR), 182 Enlightenment, 42 entitlement reform, 95, 217, 234, 241–46 beneficiaries’ responsibilities and, 245 conditionality in, 17, 206, 244 disability insurance and, 244 globalization and, 245 information revolution and, 245 in Latin America, 17, 206, 244 means testing and, 243, 245 transparency and, 244–45 entitlements, 9, 10, 15, 16, 79, 100, 127, 141, 222, 228 aging population and, 124, 183–84, 232, 241–42 middle class and, 11, 17 pensions as, 79, 184, 243 as unfunded liabilities, 245–46, 264, 265 universal benefits in, 124, 141, 243–44 equality: capitalism and, 262–63 liberal state and, 69 of opportunity vs. result, 79, 228 sexual, 169 welfare state and, 68–69, 74, 79, 222 Western state and, 221 Equality (Tawney), 69 Erdogan, Recep Tayyip, 13, 254 Estonia, 121, 210 Euclid, 31, 33 eugenics, 67–68, 78, 169 euro, 99, 100, 258 euro crisis, 12, 100, 126, 130, 258–59 Europe: age of conquest in, 36–37, 39 compulsory sterilization in, 78 contest for secular supremacy in, 38–39 democracy’s failures in, 258–59 dysfunctional political systems in, 126 economic crisis in, 126 Enlightenment in, 42 government bloat in, 98–99 mercantilist policies in, 40 national consolidation in, 38–39 old-age dependency ratio in, 14–15 postwar era in, 78 public spending in, 99–100 revolutions of 1848 in, 54 technocratic bent in, 76–77, 259 transnational cooperation in, 76 wars of religion in, 34, 38 welfare state in, 75 European Atomic Energy Community, 76 European Central Bank, 258–59 European Coal and Steel Community, 76 European Commission, 254 European Economic Community, 76 European parliament, 258 European Union, 13, 16, 17, 76, 99, 108, 109, 258–59, 260 Extraordinary Black Book, The (Wade), 49 Exxon, 154 Fabians, 8, 21, 67, 72, 73, 96, 134, 169, 220 Facebook, 190–91 Falklands War, 94 Farrell, Diana, 132 fascism, 8, 71, 77, 252 Fatal Conceit: Errors of Socialism, The (Hayek), 134 Federal Communications Commission, 73 Federalist Papers, 5, 265 Federal Register, 117 Ferdinand II, King of Aragon, 37 filibusters, 256 financial crisis of 2007–8, 100, 164, 263 financial-services industry, 239 Finer, Samuel, 27, 276 Finland, 210 innovation in, 220 1990s financial crisis in, 176 fiscal crisis, as incentive for change, 198 Fisher, Antony, 81–82, 90, 92, 280 “flexicurity,” 173, 176 Ford, Henry, 189, 191, 201 fossil fuels, government subsidies for, 239 Foster, William, 58 Founding Fathers, 108 democracy and, 226, 250, 265 liberal state and, 44–45, 222 Fourteenth Amendment, 120 Fourth Revolution, 5 Asian-state competition as impetus for, 17, 163–64, 247 decentralization and, 216–19 democratic reform and, 249–70 diversity and, 214–16 entitlement reform and, see entitlement reform failure of current model as impetus for, 14–17 freedom and, 247, 248, 268, 270 government efficiency in, 233 ideological foundation of, 21, 28, 221–23, 232 information revolution and, 245, 246–47 infrastructure and, 232 innovation and, 219–20 monetary and fiscal reform in, 266–67 pluralism in, 211–14 as postbureaucratic, 211 pragmatism and, 18–19, 232–33 privatization and, 234–37 security and, 232 small government as principle of, 232, 264–69 subsidy-cutting and, 237–41 technology and, 18, 19–20, 233, 266–67 France, 43, 78 deficit spending in, 14 expanded bureaucracy in, 60 government bloat in, 12 pension age in, 16 public spending in, 75, 99–100 ruling elite of, 194 state capitalism in, 235 Francis I, King of France, 37 Fraser Institute, 174 fraternity, welfare state and, 74, 79 Frederick the Great, King of Prussia, 38 freedom: balance between security and, 230–31 as central tenet of Western state, 8, 23, 46, 68–69, 222, 256 core elements of, 223–24 democracy as threat to, 226, 250–51 diminished concept of, 225–27, 228–29 Fourth Revolution and, 247, 248, 268, 270 Hobbes and, 33 as ideological basis of liberal state, 69, 223–26 Mill and, 47–48, 55, 222, 224, 228, 250, 256, 268 necessary constraints on, 223 welfare state as threat to, 22, 74, 222, 265 see also rights Freedom House, 143, 252 free markets, 49, 59, 142 Friedman as evangelist for, 84, 86 Thatcher and, 93 free trade, 50, 54, 57 Mill’s espousal of, 55 French Revolution, 6, 44, 45–46, 249 Friedman, Milton, 81–87, 89, 93, 106, 128, 171, 280 background of, 82 big government as target of, 82, 84–85, 88 as free-market evangelist, 84, 86 Nobel Prize of, 82, 86, 91 Reagan and, 86 “Road to Hell” lecture of, 84 single currency opposed by, 99 Thatcher-Reagan revolution and, 8, 28, 97, 100 Friedman, Thomas, 163 Friedrich, Carl, 265 Fukuyama, Francis, 142, 143, 256, 262 Future of Freedom, The (Zakaria), 143 G20 countries, 15 Galbraith, John Kenneth, 85, 86 Galtieri, Leopoldo, 94 Galton, Francis, 68 Gardels, Nathan, 124 Gaskell, Elizabeth, 57 Gates, Bill, 97 Gazprom, 152, 153, 154 Geely, 150 General Electric (GE), 205, 243 General Motors (GM), 189, 190, 191, 233 General Theory of Employment, Interest and Money, The (Keynes), 70 Geometry (Euclid), 31 George III, King of England, 11, 41 Germany, Federal Republic of (West Germany), 75, 78, 232, 265 Germany, Imperial, 6, 60–61 Germany, Nazi, 71, 232 Germany, unified, 12, 22, 173, 186, 212 gerrymandering, 13, 106, 113, 125, 256–57, 264, 267 see also rotten boroughs Gillray, James, 227 Gladstone, William, 7 economizing by, 51–52, 224 small government as principle of, 51–52, 60 tax policy of, 51 globalization, 10, 191, 193 democracy and, 262 entitlement reform and, 245 government and, 10, 96, 200–207 health care and, 200–201 national determination and, 259–60, 262 Glorious Revolution (1688), 43 GOATs (Government of All the Talents), 215 Godolphin, Sidney, 31 Golden Dawn party, 259 Goldman Sachs, 120 Goldwater, Barry, 80, 86 Google, 189–90, 191, 233 Gore, Al, 95, 131, 198 government: anti-innovation bias of, 194–95, 212, 219 bloat in, 9–11, 18–19, 89–90, 98, 177, 222–23, 227, 229–30, 231, 233 centralization bias of, 192–93, 212, 216 challenges to reform in, 196–98 coercive power of, 198 efficiency of, 18–21, 37, 89, 187, 198–99, 213, 233, 247, 255 entrenched workforce of, 193–94 globalization and, 200–207 in-house bias of, 192, 212 local, 216–19, 267 public contempt for, 106, 112, 227–28, 230, 233, 251, 261 sunset clauses and, 118, 246, 266 technology and, 200, 207–11 uniformity bias of, 193–94, 212, 214 volunteerism and, 216 Government Accountability Office, 235 Grace Commission, 198 Gray, Vincent, 210 Great Britain: asylum seekers in, 54 as capitalist state, 50–54 commercial empire of, 39–40 deficit of, 177 education reform in, 58–59, 79, 212, 214–15 falling crime rate in, 181 fiscal reform in, 130–31 government bloat in, 89–90 health-care spending in, 90 landed artistocracy of, 48, 49 liberal revolution in, 46 low public confidence in, 11 national pride in, 61–62 patronage vs. meritocracy in, 50, 52–53, 222 postwar era in, 78 power of Anglican Church in, 48 public spending in, 9, 75 wars of, 6 “winter of discontent” in, 93 Great Depression, 69–70, 85 Great Exhibition of 1851, 54 Great Society, 77, 192 Great Western Railway, 65 Greece, 16 economy of, 120, 259 public-sector employees in, 115 public spending in, 99 Green, T.H., 61 Green River Formation, 236 Grenville family, 49–50 Grillo, Beppe, 12, 227 gross domestic product (GDP), unreliability of, 121 Grote, George, 54 Guangdong, China, 217 Gunpowder Plot (1605), 31 Hagel, Chuck, 256 Hall, Joseph, 35 Halsey, A.H., 88 Hamilton, Alexander, 5, 150 Hamilton, James, 120 happiness, right to, 48, 49 Hard Times (Dickens), 58 Havel, Václav, 252 Hayek, Friedrich, 10, 83, 85–86, 92, 93, 134, 170 Health and Social Security Department, British, 89 health care, 7, 9, 90, 98, 213 aging population and, 15, 183, 242 in China, 164 cost of, 110, 121, 205, 242–43 cost/outcome disparities in, 195 globalization and, 200–201 government domination of, 10 in India, 17, 18, 200–206 labor productivity in, 200 mass production in, 201–3 Obamacare and, 20, 98, 117, 199, 208, 217 role of doctors in, 203–5, 243 single-payer systems in, 205, 233, 243 special interest groups and, 200 in Sweden, 171–73 technology and, 183, 208–9 healthcare.gov, 199 health insurance, 141 health registries, 172, 183, 209 Heath, Edward, 92–93 Hegel, G.W.F., 45, 60–61 71 Helsinki, 220 Heritage Foundation, 92 Hewlett, Bill, 105 Higgins, David, 215 Hilton, Steve, 132 History of the Peloponnesian War (Thucydides), 250 Hitler, Adolf, 71 Hobbes, Thomas, 6, 8, 9, 21, 27–28, 29, 40, 44, 63, 135–36, 181, 219, 268 background of, 30–31 as controversial thinker, 31–32 on human nature, 29–30, 44–45 individual liberty and, 33 as materialist, 33 as royalist, 6, 18, 31–32 social contract and, 32, 34, 42, 222 Hogarth, William, 227 Hollande, François, 12, 16, 153, 184, 194 Holocaust, 78 Homestead Act (U.S., 1862), 62 House of Cards (TV show), 227 House of Commons, 127 House of Representatives, U.S., 97, 127 Howard, Philip, 118, 132, 195 Hu Jintao, 2 Huldai, Ron, 216 Hume, David, 43 Hungary, 254 Huntington, Samuel, 41–42 Hurun Report, 161 Iceland, 261 India, 8, 35, 36 China contrasted with, 146, 153 democracy in, 136, 146 economic stagnation in, 147 education in, 147 health care in, 17, 18, 200–206 infant mortality rate in, 201 lack of public confidence in, 13 local government in, 217–18 nepotism in, 162–63 Thatcherite reform in, 96 as weak state, 37 Indonesia, 142–43 health insurance in, 141 industry, landed aristocracy as opponent of, 48 Industry and Trade (Marshall), 233 information, access to, 210–11, 214 information revolution, 245, 246–47 information technology (IT), 18, 19–20 infrastructure: Fourth Revolution and, 232 spending on, 122, 232 innovation, 219–20 in business sector, 194 government bias against, 194–95, 212, 219 nation-state and, 37, 39 Institute for Energy Research, 236 Institute of Economic Affairs, 82, 92 Institute of Medicine, 204 Institute of Racial Biology, 78 interest groups, 16–17, 90, 111–15 Interior Department, U.S., 236 International Monetary Fund (IMF), 15, 76, 90 Asian financial crisis and, 142–43 Internet, 191, 260 health care and, 208–9 self-help and, 209 Iran, China and, 152 Iraq, 253 Iraq War, 143, 253 Ireland, 38 public spending in, 99–100 Isabella I, Queen of Castile, 37 Islamic world: antiscientific attitudes in, 41 in sixteenth and seventeenth centuries, 35 Istanbul, 35 Italy, 196, 259 pension reform in, 130 politicians’ pay and benefits in, 115 public spending in, 99–100 voter apathy in, 12 It’s Even Worse Than It Looks (Mann and Ornstein), 125–26, 227 Jackson, Andrew, 55 Jacques, Martin, 163 Jagger, Mick, 90 James I, King of England, 31 James II, King of England, 43 Japan, 15, 17, 36 Jarvis, Howard, 91 Jay, Douglas, 77 Jiang Jiemin, 154 Jiang Zemin, 142 Johnson, Boris, 216–17 Johnson, Lyndon, 77, 80, 87 Joseph, Keith, 92, 93 Juncker, Jean-Claude, 128 Kamarck, Elaine, 131–32 Kangxi, Emperor of China, 40 Kansas, 130 Kant, Immanuel, 224 Kaplan, Robert, 144 Kapoor, Anish, 34 Kennedy, Joseph, 73 Kentucky Fried Chicken, 185 Kerry, John, 96 Keynes, John Maynard, 22, 69–70, 76, 97 pragmatism of, 70–71 Keynesianism, 71, 77, 83, 95 counterrevolution against, 82–84 Khan, Salman, 180 Khan Academy, 180 King, Martin Luther, Jr., 79 Kingsley, Charles, 58 Kirk, Russell, 85 Kissinger, Henry, 133, 136 Kleiner, Morris, 118 Knight, Frank, 84 Knowledge Is Power Program (KIPP), 215 Kocher, Robert, 200 Kotlikoff, Laurence J., 120 Kristol, Irving, 87 Kroc, Ray, 185 Labour Party, British, 68, 69, 70, 77, 93, 94–95, 114 laissez-faire economics, 56, 57, 61, 65–66, 70, 71 Laski, Harold, 68, 134 Latin America: economies of, 8 entitlement reform in, 17, 206, 244 Lazzarini, Sergio, 153 Lee Hsien Loong, 135, 138 Lee Kuan Yew, 4, 17, 53, 133–34, 137, 139–41, 143, 144, 145, 147, 156, 170, 183, 244 authoritarianism of, 137, 138 small-government ideology of, 140, 165 Left, 62, 73, 88, 183 government bloat and, 10–11, 98 government efficiency and, 20, 187, 213 and growth of big government, 10, 98, 131, 175, 185, 228, 230, 231 subsidy-cutting and, 234, 237–38 Lehman Brothers, 14 Lenovo, 150 Le Pen, Marine, 259 Le Roy, Louis, 276 Leviathan, 10 Leviathan (Hobbes), 29, 32, 33, 34, 42 Leviathan, Monumenta 2011 (Kapoor), 34 Liberal Party, British, 68, 70 liberals, liberalism: and debate over size of government, 48, 49, 232 freedom as core tenet of, 69, 223–26, 232 right to happiness as tenet of, 48, 49 role of state as seen by, 21–22, 222–23, 226, 232 see also Left; liberal state liberal state, 6–7, 8, 220, 221 capitalism and, 50–54 competition and, 247 education in, 7, 48, 58–59 equality and, 69 expanded role of government in, 56–62 Founding Fathers and, 44–45, 222 freedom as ideological basis of, 69, 223–26, 232, 268 industrial revolution and, 246–47 meritocracy as principle of, 50, 52–53 protection of rights as primary role of, 45 rights of citizens expanded by, 7, 9, 48, 49, 51 rise of, 27–28, 269 small government as principle of, 48, 49, 51–52, 61, 232 libertarian Right, 82 liberty, see freedom Libya, 253 LifeSpring Hospitals, 202–3 Lincoln, Abraham, 62, 92 Lindahl, Mikael, 176 Lindgren, Astrid, 170 Lisbon, Treaty of (2007), 258 Little Dorrit (Dickens), 50 Liu Xiaobo, 166 Livingston, Ken, 217 Lloyd George, David, 62 lobbies, Congress and, 238–40, 257 Locke, John, 42, 43, 45 social contract and, 42, 222 Logic of Collective Action, The (Olson), 111 London School of Economics, 67, 74 Louis XIV, King of France, 38 Lowe, Robert, 58–59 L.

When the Money Runs Out: The End of Western Affluence by Stephen D. King

Alan Greenspan, Albert Einstein, Apollo 11, Asian financial crisis, asset-backed security, banking crisis, Basel III, Bear Stearns, Berlin Wall, Bernie Madoff, bond market vigilante , British Empire, business cycle, capital controls, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, congestion charging, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-subsidies, currency risk, debt deflation, Deng Xiaoping, Diane Coyle, endowment effect, eurozone crisis, Fall of the Berlin Wall, financial innovation, financial repression, fixed income, floating exchange rates, Ford Model T, full employment, George Akerlof, German hyperinflation, Glass-Steagall Act, Hyman Minsky, income inequality, income per capita, inflation targeting, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, junk bonds, Kickstarter, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, London Interbank Offered Rate, loss aversion, low interest rates, market clearing, mass immigration, Minsky moment, moral hazard, mortgage debt, Neil Armstrong, new economy, New Urbanism, Nick Leeson, Northern Rock, Occupy movement, oil shale / tar sands, oil shock, old age dependency ratio, price mechanism, price stability, quantitative easing, railway mania, rent-seeking, reserve currency, rising living standards, risk free rate, Savings and loan crisis, seminal paper, South Sea Bubble, sovereign wealth fund, technology bubble, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, trickle-down economics, Washington Consensus, women in the workforce, working-age population

The resulting increase in consumer demand encouraged industry to deliver substantial economies of scale, with mass production becoming ever more commonplace. Social security systems designed to prevent a repeat of the terrible impoverishment of the 1930s became increasingly widespread, reducing the need for households to stuff cash under the mattress for unforeseen emergencies: they could thus spend more freely. With the reforms initiated by Deng Xiaoping at the end of the 1970s and the fall of the Berlin Wall in 1989, countries that had been trapped in the economic equivalent of a deep-freeze were able to come in from the cold, creating new opportunities for trade and investment: trade between China and the US, for example, expanded massively.

…

At the same time, economies with low per capita incomes and rising income inequality may be able to expand relatively easily if, for example, there is support for political reform to allow a faster rate of economic growth. Think, for example, of China's economic success – thanks to reforms launched by Deng Xiaoping – since the 1980s. Even with high levels of income inequality, rapid growth can keep Smith's melancholy at bay. Indeed, China's success has been accompanied by a persistent rise in income inequality. Fast-developing economies typically go through a period of rapidly rising inequality as the new urban ‘rich’ see their incomes fast outstripping those of the rural poor, thanks to higher levels of productivity in manufacturing than in rural endeavours.

…

(i) Asian crisis (i) recovery from (i), (ii), (iii) asset prices (i) asset-backed securities (i) Audit Commission (i) austerity (i), (ii), (iii), (iv), (v) and political extremism (i) Statute of Labourers (i) versus stimulus (i) wartime (i), (ii) see also Snowden's budget Australia (i), (ii), (iii), (iv) Austria (i) baby boomers (i), (ii), (iii) bailouts (i), (ii) Balls, Ed (i) Bank Negara (i) Bank of England (i), (ii), (iii) economic growth forecasts (i) interest rates (i), (ii) and Libor (i) Bank of Japan (i) banking free (i), (ii) and protectionism (i) union (eurozone) (i) banks (i), (ii) bankers' rewards (i) failure (i), (ii) liquidity buffers (i), (ii) mortgage loan-to-value ratios (i) regulatory uncertainty (i) and savers (i) see also central banks Barclays Bank plc (i), (ii) Basel III regulations (i) Bean, Charlie (i), (ii) Bear Stearns (i) Belgium (i) Ben Ali, Zine al-Abidine (i) Benedetti, Count (i) benefits (i), (ii) see also social spending Bernanke, Ben (i), (ii) Beveridge, William (i) bimetallism (i) Bismarck, Otto von (i) Black Death (i), (ii) blame culture (i), (ii), (iii), (iv), (v) Blenheim Palace (i) bonds (i), (ii), (iii), (iv), (v) borrowers (i), (ii), (iii) borrowing, government borrower of last resort (i) heavy (i) international (i) and low interest rates (i), (ii) and the New Deal (i) to offset private saving (i) relative to national income (i), (ii) rising (i) see also credit: queues Botswana (i) Brazil (i), (ii), (iii) Britain see UK (United Kingdom) British Empire (i), (ii), (iii) Bryan, William Jennings (i) budget deficits (i), (ii), (iii), (iv), (v) France (i) Germany (i) Spain (i) UK (i), (ii), (iii) US (i), (ii), (iii) Buenos Aires (i) Business Week (i) Buxton, Thomas Fowell (i) California (i) Calonne, Charles-Alexandre de (i) Canada (i), (ii) capital adequacy ratios (i) controls (i), (ii), (iii), (iv) flight and the euro (i) foreign (i), (ii) immobile (i) markets (i), (ii) and the rise of living standards (i) Carr, Jimmy (i) Case-Shiller house price index (i) Catalonia (i) Central African Republic (i) central banks and bailouts (i) expansion of remit (i) and government debt (i) and illusory wealth (i) interest rates (i) and a new monetary framework (i) nominal GDP targeting (i) and politics (i), (ii), (iii) and redistribution (i) see also quantitative easing (QE) Chicago (i) China and commodity prices (i) financial systems (i) and globalization (i) income inequality (i), (ii) living standards (i) per capita incomes (i) and regional tensions (i) renminbi currency (i) silver standard (i), (ii) trading partners (i) and the US (i), (ii) Chinese Exclusion Act (i) Chrysi Avgi (i) Churchill, Winston (i) circuit breakers (i), (ii) Coinage Act (i) Committee on National Expenditure (i) commodity prices (i), (ii), (iii) conduits (i) Connecticut (i) consumer credit (i), (ii), (iii) contingent redistribution (i) credit consumer (i), (ii), (iii) derivation of word (i) expansion (i) and the property boom (i) and protectionism (i) queues (i), (ii), (iii), (iv) Creditanstalt (i) creditors creditor nations (i), (ii) and debtors (i), (ii), (iii), (iv), (v) foreign (i), (ii), (iii) home grown (i) Japan (i) cross-subsidization, of banking services (i) currencies (i), (ii) ‘currency wars’ (i), (ii) see also eurozone; renminbi; ringgit; sterling Darling, Alistair (i) debt and asset prices (i) and central banks (i) eurozone crisis (i), (ii) excessive (i), (ii) France (i) household (i), (ii), (iii) and inflation (i) Japan (i) and national incomes (i), (ii), (iii) and quantitative easing (QE) (i) repaying (i) debt deflation (i) debtors and creditors (i), (ii), (iii), (iv), (v) eurozone (i) home grown (i) deficient demand (i), (ii) deficit expansion (i) deficit reduction (i) deficits (i), (ii), (iii), (iv), (v) France (i) Germany (i) Korea (i) pension funds (i), (ii) Spain (i) and surpluses (i), (ii) UK (i), (ii), (iii) US (i), (ii), (iii) deflation (i), (ii) democratic deficit (i), (ii) Deng Xiaoping (i), (ii) Denmark (i) the Depression (i), (ii), (iii), (iv), (v) and the UK (i), (ii) Dexia (i) Diamond, Bob (i) Dickens, Charles (i) disaster-avoidance (i) District of Columbia (i) dollar standard (i) dotcom bubble (i) Draghi, Mario (i) economics profession (i), (ii), (iii) Edelman Trust Barometer (i) education (i) financial (i) literacy (i) training (i) Edward III (i) Egana, Amaia (i) emerging nations (i), (ii) employment (i) see also labour; unemployment enfranchisement (i), (ii) the Enlightenment (i), (ii), (iii) entitlement culture (i), (ii), (iii), (iv), (v), (vi) absent from Asia (i), (ii) need to reduce (i), (ii) equities (i), (ii) ethics (i) Ethiopia (i) European Central Bank (ECB) (i), (ii), (iii), (iv), (v) eurozone banking union (i) crisis (i), (ii) and the European Central Bank (i) northern creditors and southern debtors (i), (ii), (iii), (iv), (v), (vi) and trust (i) and the UK (i), (ii) variations in borrowing costs (i) exchange rates (i), (ii), (iii), (iv) executive pay (i) exports (i), (ii) extremism, political (i) Fannie Mae (i) Federal Reserve (i), (ii), (iii), (iv) and the Great Depression (i), (ii) Ferguson, Niall (i) Ferguson, Roger (i) feudalism (i) financial services (i) innovations (i), (ii), (iii) Financial Services Authority (FSA) (i) Finland (i) First World War (i), (ii) ‘fiscal club’ concept (i) fiscal policy (i), (ii), (iii), (iv), (v) fiscal trap (i) fiscal unions (i) Fisher, Irving (i), (ii) football (i) forecasting (i), (ii), (iii), (iv), (v) Fortis (i) France age-related expenditure (i) ancien régime and the Revolution (i) and Austria (i) benefits (i) budget deficit (i) exports (i) Latin monetary union (i) per capita incomes (i), (ii) and political extremism (i) and public spending (i) Franco-Prussian War (i) Frank, Barney (i) fraudulent acts (i) Freame, John (i) Freddie Mac (i) free banking (i), (ii) French Revolution, and the ancien régime (i) Freud, Sigmund (i) Friedman, Milton (i), (ii), (iii), (iv), (v) Fuld, Dick (i) GDP forecasts (i), (ii) targeting (i) General Strike (i) generational divide (i), (ii), (iii) see also ageing populations Germany ageing population (i), (ii), (iii) benefits (i) budget deficit (i) and the eurozone crisis (i), (ii), (iii), (iv), (v) exports (i) Franco-Prussian War reparations (i), (ii) government borrowing (i), (ii) interest rates (i) late 19th-century economy (i), (ii) living standards (i) national income (i) per capita incomes (i), (ii) and the Protestant work ethic (i) and public spending (i) surplus (i) Treaty of Versailles (i) unification (i) Weimar Republic (i), (ii) GfK/NOP Inflation Attitudes Survey (i) globalization (i), (ii), (iii), (iv), (v) Gold Standard (i) and Germany (i) and the UK (i), (ii), (iii), (iv), (v) and the US (i), (ii), (iii) gold standards (i), (ii) Golden Dawn Party (i) Goodwin, Fred (i) Gordon, Robert J.

Volt Rush: The Winners and Losers in the Race to Go Green by Henry Sanderson

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, animal electricity, autonomous vehicles, Boris Johnson, carbon footprint, Carl Icahn, circular economy, commodity super cycle, corporate governance, corporate social responsibility, COVID-19, David Attenborough, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Elon Musk, energy transition, Extinction Rebellion, Exxon Valdez, Fairphone, Ford Model T, gigafactory, global supply chain, Global Witness, income per capita, Internet of things, invention of the steam engine, Kickstarter, lockdown, megacity, Menlo Park, oil shale / tar sands, planned obsolescence, popular capitalism, purchasing power parity, QR code, reality distortion field, Ronald Reagan, Scramble for Africa, short squeeze, Silicon Valley, Silicon Valley startup, smart grid, sovereign wealth fund, Steve Jobs, supply-chain management, tech billionaire, Tesla Model S, The Chicago School, the new new thing, three-masted sailing ship, Tony Fadell, UNCLOS, WikiLeaks, work culture

Another person who travelled with him for two days said he dressed modestly and carried only a small suitcase, wearing the same clothes. But in meetings he showed ‘great business acumen’. Xiang was also ruthlessly focused and ambitious. Tsingshan had its origins in the explosion of private enterprise in the city of Wenzhou, in China’s eastern Zhejiang province, in the 1980s, following reforms brought in by Deng Xiaoping to loosen the state’s grip on the economy. Xiang had been born into an ordinary working family in 1958 and worked at a state-owned marine fisheries company doing machine repairs. He was quickly promoted to become director of the workshop. As Wenzhou’s private economy began to boom Xiang and his relative Zhang Jimin decided to leave the security of the state sector and founded a company to make car doors and windows in 1988.

…

Friedland first went to China in 1981 and has maintained close links to the country ever since. In the 1990s he entered a partnership to build six-storey plastic apartment buildings in Shanghai with a highly connected Communist Party organisation – the China Disabled Persons’ Federation. The federation was at the time headed by Deng Pufang, the son of former leader Deng Xiaoping, who became disabled after being pushed out of a building during Mao Zedong’s chaotic and bloody Cultural Revolution in the 1960s.15 In the same decade Friedland explored for gold in south-east Fujian province and met Chen Jinghe, who would go on to become head of Zijin Mining, China’s largest gold producer, which is listed in Hong Kong with a market capitalisation of HK$80 billion.

…

Index Adkerson, Richard 178 Agrium 85 Albemarle 59, 66, 77 Allen, Matthew 152 Allende, Salvador 78, 79 Altura 64, 65 aluminium 3, 211 Amnesty International 90, 132–5, 139–40 Amoco 199 Annan, Kofi 102 Anno, Yasuo 219, 220 Apple 112, 123, 131, 133–4, 213 Arctic Circle 224–5 Arfwedson, Johan 49 Argentina 34, 51–2, 68–70 Arnstadt (Germany) 32–3 Asahi Kasei Corporation 21, 30 ASM, see mining: artisanal A&T Battery 30 Atacama Desert (Chile) 3, 57, 73–8 ATL 37–9, 42, 43 Attenborough, David 195 Audi 32, 40 Australia 5, 34, 57, 59–66, 67–8, 84 and coal 97 and copper 179 and nickel 154, 157 AVZ Minerals 68 Bacanora Lithium 48 Bachelet, Michelle 85 baitong (white copper) 155 Bajo people 166 Baros, Vanja 110 Barron, Gerard 188–90, 191, 192, 195–6 batteries 2–3, 7–8, 25–7, 34–5, 36–9, 50–1 and Edison 15–16, 17–18 and electric cars 13–14 and Europe 32–4, 218, 219–22 and Global Alliance 141 and Goodenough 27–8, 29 and history 23–5 and Japan 29–31 and LFP 245–6 and lithium-ion 19–20, 21–2 and Northvolt 222–3 and recycling 209–10, 213–17 and UK 243–4 see also cobalt; lithium; nickel Beijing, see China Belgium 135–6, 137, 184, 202–4; see also Leopold II of Belgium, King Bell Labs 37 ‘Belt and Road Initiative’ (BRI) 162–3 Berlin, Anton 226 Best, Eric 100 beta-alumina 25 BHP 154–5, 176 BHR Partners 179 Biddle, Neil 61–2, 63 Biden, Hunter 179 Biden, Joe 180 billionaires 3, 34–5, 71, 173, 178, 192, 224–5; see also Gertler, Dan; Glasenberg, Ivan; Jiang Weiping; Musk, Elon; Ponce Lerou, Julio Bitrán, Eduardo 76–7, 78, 81–2, 85, 86, 87 Bitumba, Robert 146, 147–8 BMW 32, 33, 42, 66, 140 Bobenrieth, Eduardo 81 Bolloré 220 Boscawen family 231, 240 Boskalis 199 BP (British Petroleum) 115 Braungart, Michael: Cradle to Cradle: Remaking the Way We Make Things 211 Brazil 154, 179 Brearley, Harry 155 Bringedal, Bård 153 Brinsden, Ken 62–4, 65, 67–8 Bristow, Mark 117 Brockovich, Erin 165 Brodesser, Bastian 90 Brooks, Tim 172 Broughton, David 172, 185 Brown, Steven 165, 166, 167 Bucher, Alejandro 76, 78 Büchi, Hernán 82 Buffett, Warren 41 Burma 183 Bush, George W. 105 BYD 38, 41, 129, 131, 245 Cade, John 49–50 Caesens, Elisabeth 130, 142 Calaway, James 52 Camba, Alvin 164 Cameron, James 192–3 Canada 68–9, 84 and nickel 154, 156, 157, 173, 182–3 carbon dioxide 27, 66–7, 165, 220 and deep sea 193, 196 and emissions 4, 212, 222, 224 Carlsson, Peter 218–20, 222–3 Carlyle Group 38–9 Carroll, Rory 129 cars 14, 15, 16–17, 18–19, 39–40, 212 and recycling 211, 214–16 see also electric vehicles Carson City (NV) 208–9 Carter, Assheton Stewart 135 Casement, Roger 137 Casson, Louisa 195 Castro, Fidel 78 cathodes 27, 29, 30, 31 CATL (Contemporary Amperex Technology) 32–3, 34–5, 42–6, 96, 131 and nickel 159, 164 CDM 122, 130, 132–3 Cerruti, Paolo 219 Challenger, HMS 197 Chamberlain, Matthew 141, 142 Chen, T.H. 37, 38 Chen Jinghe 186 Chen Xuehua 122, 127, 159 Chevrolet 52 ‘Chicago boys’ 72, 79, 81 child labour 90, 92, 93, 129, 139, 140–1 and Huayou 122–3, 124–5, 134–5 and Kasulo project 146, 147, 148 Chile 5, 51, 71–3, 78–81, 162 and copper 172, 175, 176, 180 see also Atacama Desert; SQM (Sociedad Química y Minera de Chile) China 2, 3, 4–5, 105, 128, 185–7 and Amnesty 139 and Argentina 68–9 and Australia 60–1, 62–6, 67–8 and BRI 162–3 and cars 39–40 and CATL 32–9 and Chile 71–2, 75 and cobalt 96, 122 and commodities boom 109, 110 and copper 170, 171, 175–7, 178–9 and deep sea 200 and DRC 143, 144 and electric cars 40–6 and Europe 221–2, 223–4 and Indonesia 154 and Jiang Weiping 83–5 and nickel 155, 158–60 and PNG 150–1, 152, 153 and pollution 244 and supply chain 92 and Tianqi Lithium 85–7 and Tsingshan 160–2, 163–4, 167 and USA 113–14 and Wang Xiaoshen 47–8 and Xinjiang 56–8 and Xinyu 52–6, 58–9 see also Huayou Cobalt China Africa-Development Fund 131 China Molybdenum 117, 178–80 Church of England 119, 120 CIA 198–9 circular economy 213 CITIC Metal 170, 186 Clarion-Clipperton-Zone 189–90, 192, 194, 200, 204 Clean Air Act (1970) 23 Climate Action 100+ 119 climate change 1, 2, 23, 27, 33, 40, 50 coal 4, 5, 11, 67, 109 and China 57, 61, 222 and Glencore 97, 119 and nickel 157, 163–4, 165 cobalt 3, 4–5, 9, 30, 34–5, 124 and deep sea 191 and DRC 92–4, 99–102, 106, 107–8, 115–18, 121–3 and electric cars 138–40 and Glencore 89–90, 95–7, 142–3 and health risks 124–5 and LME 141–2 and PNG 150–3 and prices 143–4 and recycling 209–10, 213 and Volkswagen 88–9, 90–1 see also Huayou Cobalt Cohen, Michael 110 Colby, William 198 Coldelco 74 Communist Party 34, 40, 56, 83, 84 Congo, see Congo Free State; Democratic Republic of Congo (DRC) Congo Dongfang Mining International (CDM) 122 Congo Free State 135–7 Conrad, Joseph 137 Conservation International 195 consumerism 123–4 Contesse, Patricio 76, 79 copper 3, 5, 9, 97, 173–6, 180–1 and Australia 67 and Bougainville 152 and Chile 73–5, 78–9 and China 176–7, 178–80 and Cornwall 236 and DRC 100–2, 106, 107–9, 169–73, 177–8, 183–5, 186–7 and Japan 157 Corfo 77, 79, 80, 81 Corliss, Jack 193 Cornwall 228–9, 230, 231, 232–6, 238–9 and landowners 239–41 and tin mining 236–7 corruption 72, 76, 80, 98, 142 and DRC 92–3, 104, 107 and Gertler 102–3, 110–12 Covid-19 pandemic 7, 65, 67, 167–8, 218 Crane, Lucy 235, 237, 239 Crawford, Matthew 13 Cronstedt, Axel Fredrik 155 Cultural Revolution 36, 40, 83 Daimler-Benz 23, 33 Dauvergne, Peter 123, 124, 244 deep sea 188–201, 202–6 and tailings 150, 152, 153 DeepGreen 189–90, 196 DEME 202–5 Democratic Republic of Congo (DRC) 3, 4, 34, 68, 115–17, 142–3 and Amnesty 132–5 and BRI 162 and cobalt 89, 92–4, 95–7, 121–3, 124 and copper 169–73, 177, 179–80, 183–5, 186–7 and electric cars 138–40 and Gertler 102–3, 104–5, 110–12 and health risks 124–5 and Huayou Cobalt 125–8 and Katumba Mwanke 106–7 and mining 99–102, 107–9, 117–18, 128–9 see also Congo Free State; Kolwezi Deng Pufang 186 Deng Xiaoping 161, 186 Deripaska, Oleg 227 diamond industry 103–5, 200, 203 diesel 220 Diess, Herbert 223 Dodd-Frank Act (2010) 122 Dongguan (China) 35–9 Dos Santos, Isabel 183 Double, Steve 233 DRC, see Democratic Republic of Congo (DRC) Dunlop, John 136 Earth Day 22 Edison, Thomas 10, 13, 14–16, 17–19, 21 and copper 174 and nickel 156 electric vehicles (EVs) 1–3, 4–5, 7–9, 11–14, 16–17 and Australia 62 and carbon footprint 66–7 and China 40–6, 54–6, 63, 64, 96 and cobalt 115–16, 126–7 and copper 74, 174–5, 180 and DRC 138–40 and Edison 15–16, 17–18 and Europe 220–1, 223–4 and ExxonMobil 26–7 and Ford 24–5 and Germany 32–4 and history 10 and lithium 52 and nickel 154–5, 158, 164 and outsourcing 92 and recycling 213–17 and Straubel 207–9 and SUVs 244–5 and UK 243–4 and Volkswagen 22, 88–9, 90–1 see also batteries electricity 14–15, 23–4, 174; see also electric vehicles emissions, see carbon dioxide Environmental Protection Agency 23 environmentalism 124, 126, 165–6, 167–8, 244 ERG 141 Europe 33, 218–22, 223–4, 227; see also Belgium; Germany; Sweden; United Kingdom European Battery Alliance 221 EVs, see electric vehicles ExxonMobil 22, 25, 26–7 Fadell, Tony 4 Fairphone 140 Falconbridge Nickel Mines 156 ferrite 39 Figureres, Christiana 246 fishing 151, 166 FMC 51–2, 58, 59 Foote Mineral 51 Force Publique 136 forced labour 136, 137 Ford, Henry 8, 9, 10, 14–15, 18–19, 24–5 and natural resources 210–11 Ford (company) 145 Freeport-McMoRan 176, 178, 179 Friedland, Robert 117, 173, 175, 180–7 Gait, Paul 186–7 Galvani, Luigi 23–4 Galyen, Bob 33, 42, 43, 45 Ganfeng Lithium 47–9, 52–3, 54–6, 58–60, 66 and Argentina 68–70 and Australia 64 Garrett, Nicholas 139 gas 67 Gécamines 106, 107, 108, 113, 114, 115–17 GEM Co. 96, 164, 165 General Electric 216 General Lithium 63 General Motors 8, 19 geopolitics 4, 67, 92 geothermal energy 237–8 Germany 32–4, 35; see also Volkswagen Gertler, Dan 93, 102–5, 107, 108, 110–11 and Glencore 111–12, 118 and sanctions 112–13, 114, 142 Ginting, Pius 166, 168 Glasenberg, Ivan 90, 95–9, 109, 111, 113, 117 and coal 119, 120 Glencore 89–90, 92–3, 95–7, 113–15, 117, 213 and artisanal mining 140 and coal 119–20 and cobalt 142–3 and copper 176–7 and DRC 99, 100–2, 107–9 and Gertler 102–3, 111–12, 113 and nickel 154–5, 156 and Tesla 118–19 Global Battery Alliance 141 global warming, see climate change Glomar Explorer (ship) 198–9 gold 62, 73, 117, 171, 182–3, 186 and recycling 213 and South Africa 169, 230 Goldman, Jack 25 Goldman Sachs 43, 64, 110, 223 Good Shepherd 147 Goodenough, John 21, 22, 23, 27–9, 31 Google 213 Grant, Alex 66–7, 237–8, 239 Great Wall Motor 64 Greenberger, Jim 43–4 Greenbushes (Australia) 57, 59, 64, 84, 86 greenhouse gases, see carbon dioxide Greenpeace 195, 225 Groupe Bazano 107–8 GSR (Global Sea Mineral Resources) 202–6 Guilbert, John 177 Haley, Nikki 112 Hamanaka, Yasuo 157 Hamze, Alex 107–8 Hanrui Cobalt 135 Hanwa 164 Harita Group 165 Hayes, Denis: Rays of Hope: The Transition to a Post-Petroleum World 23 Hayward, Tony 115, 119 health 49–50, 124–5, 165 Hein, James 192, 196 Heizmann, Jochem 43 Heydon, David 191 Hoekstra, Auke 245 Hong Kong 36, 37 Hoover, Herbert 62 Hu Yaobang 35 Huawei 44, 67 Huayou Cobalt 90, 93, 122–3, 125–8, 129–31, 138 and Amnesty 132–5 and Kasulo project 144–8 and nickel 159, 165 and public opinion 246 Hughes, Howard 198 Hull (UK) 243–4 hydrogen 208, 245 Icahn, Carl 178, 179 India 85, 97, 119, 181, 182 Indonesia 5, 34, 162–4, 176, 237 and nickel 154, 157, 158–60, 164–8 internal combustion engines 14, 18, 32, 33 International Energy Agency (IEA) 9 International Seabed Authority (ISA) 192, 200–2, 204, 205 iPods 4, 19–20, 37, 38 Iran 98 Iraq 11–12 Irish, Stephen 244 iron ore 17, 60–1, 62, 67 Israel 103 Ivanhoe Mines 117, 186 ivory 135, 136, 137 Japan 29–31, 37, 38, 39, 157 Jarvis, Andrew 239–40 Jasanoff, Maya 136 Jevons, William Stanley 212 Jiang Weiping 83–5 Jinchuan 129 Jobs, Steve 117, 181, 182 Johnson, Boris 233 Johnston, Bill 68 Jokowi, President 159, 160, 167 Jones, Dan 195 Kabila, Joseph 93, 102, 105, 106, 107, 112 and China 128, 177 and mining 116, 117–18 Kabila, Laurent 104–5, 106, 128, 183–4 Kama, Geoffrey 153 Kamisa, Yossi 104 Kamoa-Kakula mine (DRC) 169–73, 185, 186–7 Kanellitsas, John 48–9, 69 Kansuki (DRC) 108 kaolin 228–9 Kara, Siddharth 130 Kasulo (DRC) 121, 124, 126, 132, 144–8 Katanga Mining 113, 114 Katumba Mwanke, Augustin 106–7, 110 Kavanagh, Michael 121 Keevil, Norman 173 Kenwright, Mark 100 Kiribati 189 Kobylkin, Dmitry 225 Kolwezi (DRC) 101, 113, 116, 121–3, 129–31, 139 and Amnesty 132 and Kasulo project 144–8 Kuka 34, 55 Kummer, Joseph 24 Kumungu, Vital 130 Lagos, Ricardo 81 Landerretche, Óscar 74 Larmer, Miles 184 laterites 157 Law of the Sea 192, 195, 199, 200–1, 205 LDK Solar 54 lead-acid batteries 15–16, 17, 19, 24–5, 190 Leclanché 220 Lee, Bryce 125–6, 127, 130, 134, 135, 144–5, 146–7 Leibovitz, Chaim 105 Lempers, Monique 140 Lennon, Jim 160, 164, 165 Leopold II of Belgium, King 102, 115, 135, 136, 137 LG Chem 43, 131, 138, 145, 167 Li, Gabriel 39 Li, Steele 117 Li Changdong 159 Li Liangbin 58 Liang Shaokang 37 Liao, Anna 54–5 Lithco 51 lithium 3, 4–5, 8–9, 34, 49–51 and Argentina 68–70 and Australia 61–6, 67, 68 and Chile 71–3, 74, 75–6, 77–8, 81–2 and Cornwall 228, 229, 232, 233–6, 238–9 and geothermal energy 237–8 and iron phosphate (LFP) batteries 245–6 and prices 47–8 and producers 51–2 and recycling 209–10, 213 and Tianqi Lithium 83, 84–7 and Xinjiang 57–8 and Xinyu 52–3, 54–6, 58–9 Lithium Americas 68–9 lithium-ion battery 19–20, 21–2, 26–7, 30–1, 37–9, 42–6 Lockheed Martin 198–9, 200 Lodge, Michael 200–2 London Metal Exchange (LME) 91–2, 112, 141–2 and copper 175–6, 178 and nickel 157–8, 159 Longueira, Pablo 76 Low, Andrew 84 Lowry, Joe 48, 52, 59, 68 Luhut Binsar Pandjaitan 159–60, 167 Lukas, Wolf-Dieter 33–4 Lundin, Adolf 177–8 McCall, Bruce 13 MacDonald, Norman 183 McDonough, William: Cradle to Cradle: Remaking the Way We Make Things 211 McGregor, Ewan 214 McKibben, Bill 4 Macri, Mauricio 69 Madhavpeddi, Kalidas 179 Maersk 189 magnetics 36, 37, 39, 156 Magnitsky Act (2012) 112–13 malachite, see copper Malaysia 119, 237 Malnic, Julian 190–1 manganese 31, 197, 199, 201 Manthiram, Arumugam 27–8 Mao Zedong 83, 127, 186 Marc Rich & Co. 98–9 marine systems 150–4, 166–7 Mason, Edward 120 Mazzocco, Ilaria 41 Melin, Hans 216–17 mental health 49–50 Mercedes-Benz 32, 34 Mero, John: The Mineral Resources of the Sea 197, 199 Metallurgical Corporation of China (MCC) 153 Mexico 48, 236 MG 34 Midea 34 military, the 50 Miller, W.A. 234 mining 3–5, 8–9, 84, 90, 182 and artisanal 128–9, 130–1, 139–41 and Australia 60–2, 63–5 and Chile 74–5 and coal 119 and cobalt 91–2, 93–4 and copper 169–73, 176–8, 179–81, 184 and Cornwall 228–9, 230, 231, 232, 233–7, 238–9, 240–1 and deep sea 189–91, 194–7, 199–206 and DRC 99–103, 106–8, 116–18 and environmentalism 245 and Huayou 143–6 and Kolwezi 121–3 and lithium 50 and nickel 165–8 and PNG 150–4 and Xinjiang 56–7 Mistakidis, Aristotelis (Telis) 109, 112, 114 mobile phones 30, 37, 38, 213 Mobutu Sese Seko 95, 104, 106, 177–8 Mojon, Alex 150–3 Mongolia 173, 183 Morel, Edmund 137 Morowali Industrial Park (Indonesia) 162, 163–4, 166 Morrison, Scott 67 Motorola 38 Muller, Liz 134 Musk, Elon 2, 3, 7–9, 64, 118–19 and Indonesia 167 and nickel 154–5 and Russia 225 Mutanda (DRC) 99–102, 107–8, 113 NAATBatt 43 Namibia 200, 203 natural resources 210–13 Nauru 189 Nautilus Minerals 190, 203 Nemery, Benoit 124, 148 New Caledonia 157 Newman, Mark 30–1 nickel 3, 9, 31, 34, 97, 182–3 and deep sea 191 and Edison 17, 18 and history 155–7 and Indonesia 162–8 and PNG 150–4 and prices 157–8 and recycling 209–10 and Russia 224, 226–7 and Tesla 154–5 and Tsingshan 158–60, 161–2, 163–4 Ningbo Lygend 165 Ningde (China) 32, 33, 35, 36, 42 Nio 34 Nissan 52 Nixon, Richard 23 Nobel Prize 21 nodules 189–91, 192, 193–4, 197, 199, 204 Nokia 37, 38, 131 Norilsk Nickel (Russia) 224–7 Northvolt 218–20, 222–3 NTT Docomo 37 nuclear weapons 50, 56 Ocean Minerals Co. 199 Och-Ziff 110–11 oil 3, 4, 9, 11–12, 98 and China 34, 39, 40, 57–8, 67 and pollution 22–3, 224–5 and prices 27 and Saudi Arabia 115–16 and shortages 25 see also petrol Olenga, François 112 oligarchs 226–7 OMI 199 Organisation for Economic Co-operation and Development (OECD) 123, 140, 143 Outokumpu 159 Pacific Ocean 189–90, 194 Pakenham, Thomas 136 Pakistan 97, 119 paktung 155 Pampa Calichera 80 Papua New Guinea (PNG) 150–4, 191 Pardo, Arvid 199 Patania II (robot) 202–3, 204 Peru 176–7 petrol 1–2, 8, 11–12, 14–15, 16–17, 18–19 Philippines 157, 196 Pilbara Minerals 61–4, 65 Piñera, Sebastián 85–6 Pinochet, Augusto 51, 71, 72, 73, 79, 81, 82 Pinochet, Verónica 72, 78, 79 planned obsolescence 213, 216 Planté, Gaston 16, 24 Poldark (Graham) 229, 241 pollution 22–3, 34, 150–4, 165–6, 224–6 and China 2, 39, 40, 58, 244 polyacetylene 30 Ponce, Eugenio 79, 82 Ponce Lerou, Julio 59, 71–3, 76, 77, 78 and SQM 79–81, 82–3 and Tianqi Lithium 85, 86 potassium chloride 75 Potanin, Vladimir 224, 226–7 Potash Corp 85 Putin, Vladimir 224–5 Quadricycle 14, 15 Quitter, Matthew 214–16 Raby, Geoff 67 Ramu (PNG) 150–3 Randgold 117 Rautenbach, Billy 129–30 RCS Global 145, 146 re-use, see recycling Reagan, Ronald 27 Reagen, Kongolo Mashimango 123 recycling 126–7, 195, 209–10, 213–17 Redwood Materials 209–10 Rees-Mogg, Jacob 233 Rich, Marc 98–9, 120 Rio Tinto 152, 183 robots 34, 55, 202–3, 204–5 Rockwood 59, 84–5 Romney, Mitt 158–9 rubber 135–6, 137 Russia 154, 157, 224–7; see also Soviet Union SAE Magnetic 36 Saft 220 Samsung 43, 131, 133, 142, 213 Sangadji, Arianto 165–6, 167 Santillo, David 195 Schnitzer, Moshe 103 Schulders, Franck 89–90 sea, the 150–4; see also deep sea Seascape 193, 194 Secker, Peter 48 Šefčovič, Maroš 221, 222, 224 Shell Billiton 199 Sicomines 128 SK Innovation 142 slave labour 136, 137 smartphones, see mobile phones Smil, Vaclav 246 Smith, Paul 113 Sobotka, Benedikt 141 software 12, 13 solar power 54, 69, 73, 75, 245 and China 4–5, 45 Sony 30, 31, 38, 51, 131, 219 Sorensen, Charles 9 South Africa 97–8, 109, 157, 169, 201, 230 Soviet Union 56, 198–9 Sovocool, Benjamin 138–9 Sparenberg, Ole 197, 199 SQM (Sociedad Química y Minera de Chile) 51, 57, 58, 59, 75–8, 81–2 and Argentina 68–9 and Ponce Lerou 72–3, 79–81 and Tianqi Lithium 85–7 Srivastava, Anil 220 stainless steel 155–6, 158, 159, 161, 163–4 steam 16–17 steel 3, 4, 67, 245; see also stainless steel Stone, Greg 193 Storebrand 153 Straubel, J.B. 207–10 sulphides 157 Sun, Miles 186 Sweden 218, 219–20, 222–3 Sweeney, William 111 Taiwan 36 Takei, Takeshi 39 Talison Lithium 84–5 tantalum 61 TDK 36, 39 Tenke Fungurume (DRC) 177–8, 179–80 Tesla 1, 5, 11, 12, 48, 208–9 and Australia 62 and Carlsson 219 and China 44, 52–3, 54, 69 and cobalt 89 and Germany 33 and Glencore 112 and Model X 138 and nickel 165 see also Musk, Elon 3i Group 38 Tianqi Lithium 54, 71, 73, 83, 84–7 tin 84, 162, 213, 231, 232, 236–7 titanium 25, 26 Tonga 189 Toshiba 30 Toyota 23, 41, 211 trading, see London Metal Exchange Tregothnan estate (Cornwall) 231, 239–40 Trump, Donald 48, 113–14 Tsingshan 158–62, 163–5, 167, 246 tungsten 213 Ukraine 217 Umpula, Emmanuel 133, 147 United Kingdom (UK) 34, 200, 243–4; see also Cornwall United States of America (USA) 8–9, 14–18, 92, 198–9, 210–13 and copper 179 and corruption investigations 110–11, 112–13, 114–15 and Glencore 113–14 and gold mining 182 and lithium 48, 51–2 and pollution 22–3 and recycling 209–10 Vale 154–5, 167 Van Nijen, Kris 202–6 Van Reybrouck, David 129 Vescovo, Victor 192 Vietnam 119 Volkswagen (VW) 5, 8, 22, 33, 220, 222 and China 43 and cobalt 88–9, 90–1, 92 and DRC 145 and Glencore 112 and Huayou 131, 133 and Northvolt 223 Volta, Alessandro 24 Volvo 145 Wan Gang 40 Wang Xiaoshen 47–9, 55–6, 57, 58–9, 64, 69–70 waste 97, 150–5, 166–7, 209, 211, 213 Weaver, Phil 193 Weber, Neill 24 Wendt, Andreas 140 Wenzhou (China) 161 Whittingham, Stanley 21–2, 25–7, 55 Williams, Neil 234–5 wind power 97, 171, 174, 189, 243, 245 World Economic Forum (WEF) 141 World Trade Organization (WTO) 38, 159 Wrathall, Jeremy 228, 229–35, 236, 237, 238 Wu, Vivian 71, 84 Xi Jinping 35, 126, 162–3 Xi Zhongxun 35 Xiang Guangda 159, 160–2, 164 Xiaomi 213 Xinjiang province (China) 56–7 Xinyu (China) 47, 52–6, 58–9 Xpeng 34 Xstrata 109, 156 Xu Bu 86 Yama, Peter 152–3 Yang, Neill 44 Yantai Cash 142 Yeltsin, Boris 226 Yibin Tianyi Lithium 68 Yoshino, Akira 21, 29–30, 31 Yu Bo 178–9 Yudhoyono, Susilo Bambang 162, 163 Yuma, Albert 115–17, 143 Zahawi, Nadhim 233 Zaire, see Democratic Republic of Congo (DRC) Zambia 107, 172, 184–5 Zeng, Robin 32, 34, 35–8, 42, 43, 44, 45–6 and carbon emissions 224 Zhang Jimin 161 Zijin Mining 171, 186 A Oneworld Book First published by Oneworld Publications in 2022 This ebook edition published in 2022 Copyright © Henry Sanderson 2022 The moral right of Henry Sanderson to be identified as the Author of this work has been asserted by him in accordance with the Copyright, Designs, and Patents Act 1988 All rights reserved Copyright under Berne Convention A CIP record for this title is available from the British Library ISBN 978-0-86154-375-5 eISBN 978-0-86154-376-2 Typeset by Geethik Technologies Oneworld Publications 10 Bloomsbury Street London WC1B 3SR England

The Narrow Corridor: States, Societies, and the Fate of Liberty by Daron Acemoglu, James A. Robinson

Affordable Care Act / Obamacare, agricultural Revolution, AltaVista, Andrei Shleifer, bank run, Berlin Wall, British Empire, California gold rush, central bank independence, centre right, classic study, collateralized debt obligation, collective bargaining, colonial rule, Computer Numeric Control, conceptual framework, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Dava Sobel, David Ricardo: comparative advantage, Deng Xiaoping, discovery of the americas, double entry bookkeeping, Edward Snowden, en.wikipedia.org, equal pay for equal work, European colonialism, export processing zone, Ferguson, Missouri, financial deregulation, financial innovation, flying shuttle, Francis Fukuyama: the end of history, full employment, Glass-Steagall Act, Great Leap Forward, high-speed rail, income inequality, income per capita, industrial robot, information asymmetry, interest rate swap, invention of movable type, Isaac Newton, it's over 9,000, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Kula ring, labor-force participation, land reform, Mahatma Gandhi, manufacturing employment, mass incarceration, Maui Hawaii, means of production, megacity, Mikhail Gorbachev, military-industrial complex, Nelson Mandela, obamacare, openstreetmap, out of africa, PageRank, pattern recognition, road to serfdom, Ronald Reagan, seminal paper, Skype, spinning jenny, Steven Pinker, the market place, transcontinental railway, War on Poverty, WikiLeaks