Wei-Bin Zhang
The Butterfly Effect in China's Economic Growth: From Socialist Penury Towards Marx's Progressive Capitalism
The Butterfly Effect in China's Economic Growth: From Socialist Penury Towards Marx's Progressive Capitalism
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Excellent- More about The Butterfly Effect in China's Economic Growth: From Socialist Penury Towards Marx's Progressive Capitalism
The butterfly effect describes how a small change in one state can have a significant impact on a later one. Deng's implementation of the market mechanism in China's countryside in 1978 has led to economic structural changes and fast growth, resulting in the largest population in human history and making China the world's second-largest economy from its 10th position in 1978.
Format: Paperback / softback
Length: 213 pages
Publication date: 25 November 2021
Publisher: Springer Verlag, Singapore
This captivating book delves into the intricate realm of China's modern economic development, spanning the period from 1978 to 2018. Within the framework of chaos theory, the butterfly effect emerges as a profound concept, emphasizing the notion that the fluttering of a butterfly's wings in Okinawa can ultimately result in a devastating storm impacting New York. It is within this context that Deng, a visionary leader, introduced a seemingly trivial yet transformative idea in 1978: the market mechanism. This concept, applied to China's rural landscape, sparked a series of economic structural changes and witnessed an unprecedented surge in economic growth, becoming the driving force behind the largest population in human history. Remarkably, China's per capita GDP soared from a mere $100 in 1978 to an astonishing over $8,000 in 2018. This remarkable transformation has led to the escape of eight hundred million people from the clutches of poverty, solidifying China's position as the world's second-largest economy, a remarkable ascent from its 10th position in 1978, with an impressive average annual growth rate of GDP of 9 percent over the past four decades. This enlightening book holds immense value for economists, scholars of China, and historians alike, shedding light on the intricate interplay of events that shaped China's economic journey and offering valuable insights into its remarkable progress.
Weight: 310g
Dimension: 210 x 148 (mm)
ISBN-13: 9789811598913
Edition number: 1st ed. 2021
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