In This Review

China's Economic Transformation
China's Economic Transformation
By Gregory C. Chow
Blackwell, 2002, 407 pp

A Chinese-born professor emeritus of economics at Princeton and noted econometrician, Chow provides a comprehensive overview of China's remarkable evolution from Soviet-style central planning to a market economy "with Chinese characteristics." He covers inter alia the systems of education, law and dispute settlement, banking and finance, population control, foreign trade and investment, and development plans for western China. The treatment is didactic, with excursions into basic economic concepts, so that the book can be used as the basis for a course on China's economic development. It is spiced with examples of Chow's quantitative approach to analyzing China but written with a general reader in mind. The book is full of factual material and sympathetic interpretation of recent developments in China -- which, Chow believes, can and should learn from the West without needing to adopt Western institutions wholesale.