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By M. DeWeaver

Will China finally have the ability to put off its socialist animal spirits? Highlighting the significance of China's funding booms and busts for either the chinese language and the realm economic system, Animal Spirits with chinese language features describes the origins and evolution of the funding cycle through the command economic climate interval.

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Additional info for Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World’s Emerging Economic Giant

Sample text

This opens the door to factional struggles within the leadership, which lead not only to poor decision making but to erratic policy implementation as well. The actual record of the socialist economies makes it clear that these difficulties are insurmountable in practice. Planning never worked well enough to prevent constant discrepancies between targeted and actual output. Investment continued to be as volatile as ever, in many cases exhibiting even wider swings than those observed under capitalism.

38 While the private sector may not yet be in “retreat,” the near term outlook does not look promising for purely privately owned firms. 7. Freewheeling Socialism The nature of the Chinese economic system has important implications for an analysis of the investment cycle. If the system is a kind of “freewheeling capitalism,” as is sometimes claimed, China is now socialist in name only. The cycle should then be driven by the same forces that operate in capitalist economies. If on the other hand, the system combines the best elements of both capitalism and socialism, as some imagine, perhaps there should be no cycle at all.

If the state’s occupation of the commanding heights does not serve any real economic purpose, its true purpose can only be presumed to be political. It appears to be little more than a means of preserving Communist Party rule. 6. Wither the Private Sector? The private sector has grown from where it was in 1980. However, its increased role in Chinese investment occurred primarily in the subsequent decade. It slumped in the 1990s and regained the lost ground only in the 2004 to 2007 period. Overall its percentage of total FAI has fluctuated during the last three decades, hitting a low of 11 percent in 1993 and a high of 26 percent in 2010.

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