Stephen L. Morgan
China’s transformation over the past four decades has been unprecedented. The vision of its leaders for the next three decades is unprecedented too. Stephen Morgan’s analysis of China's recent economic history examines the Chinese state’s quest to become the first economy to avoid the "middle income trap" without significant political and social liberalization.
The book examines debates about the Chinese economic story from the time of the great divergence to the present day and considers wider issues beyond the usual GDP indicators, including well-being and human capital, business and the culture of management, ageing, urbanization and sustainability, consumerism, health, education and the environment with all their interlinked challenges. Whilst all key economic data are considered in context, the book analyses the specifics of development – capitalism from above and below and regional variances – and notably inequality where China has changed from one of the most equal countries to one of the most unequal. The book concludes with a look at China’s future, including concerns around the shrinking workforce (and rising dependency ratio), at innovation – vital to future progress – and productivity as well as its ambitious international projection (e.g. “One Belt One Road”) and plans to fashion an advanced economy, not just the world’s second largest.
Stephen L. Morgan is Professor of Chinese Economic History at the University of Nottingham and Associate Provost for Planning at the University of Nottingham Ningbo, China.