China’s Long and Winding Road to Modernization

This book adopts Austrian and evolutionary approaches to interpret contemporary China’s economic transformation under uncertainty, learning and experimentation. It incorporates culture, institutions, government agents and entrepreneurship to understand policy making in China.

China’s Long and Winding Road to Modernization: Uncertainty, Learning, and Policy Change interprets contemporary China’s economic transformation from Austrian and evolutionary perspectives. Fu-Lai Tony Yu and Diana S. Kwan incorporate culture, institutions, government agents and entrepreneurship to understand economic change in China. In this book, Yu and Kwan emphasize the roles of uncertainty, learning and experimentation in policy making. Topics discussed range from a presentation of theoretical frameworks to understand China’s economic transformation, an account of China’s economic management during 1950-1978, the economic reformation after 1979 concurrent with Deng Xiaoping’s Open Door Policy, and China’s rise as a global power. These topics culminate in the final section of the book which suggests a path for China’s modernization.

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