The Failure of the Free Market? A Analysis of the Viability of State Capitalism as an Economic Growth Model.
Mohr, Christopher R.
2018
- In this thesis, I analyze State Capitalism to determine if it is a viable alternative to the free market as an economic growth model, using China as a case study. I analyze China’s development from the death of Mao Zedong to the present, paying particular attention to how China was able to implement reforms and transition from the traditional model to the various more liberal models during the ... read morelater stages of its growth. I focus on the balance between consumption and investment, factor productivity, fiscal decentralization, financial market reforms, and political reforms. In the case study, I argue that while China has successfully reformed in some areas, positioning it to maintain its economic growth, it has failed to address all of its economic issues, creating problems that will surely become a hindrance to development in the future. I find that while State Capitalism can serve as a viable growth model during the early stages of a country’s development, the success of the model long-term depends on a country’s ability to institute various reforms that are needed throughout economic growth. Due to the varying nature of the issues that arise during development, State Capitalism becomes more nuanced during the later stages of development, with each country creating specific models that cater to their individual economic issues.read less
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