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No Ancient Wisdom, No Followers
James McGregor
The Challenges Of Chinese Authoritarian Capitalism
Prospecta Press
October 2012
On Sale: October 16, 2012
146 pages
ISBN: 1935212818
EAN: 9781935212812
Kindle: B009G5ASM0
Paperback / e-Book
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Non-Fiction
In the past three decades, China has risen from near
collapse to a powerhouse -- upending nearly every convention
on the world stage, whether policy or business. China is now
the globe’s second largest economy, second largest exporter,
a manufacturing machine that has lifted 500 million of its
citizens from poverty while producing more than one million
US dollar millionaires.
Then why do China’s leaders
describe the nation’s economic model as “unstable and
unsustainable”? Because it is.
James McGregor has
spent 25 years in China as a businessman, journalist and
author. In this, his latest highly readable book, he offers
extensive new research that pulls back the curtain on
China’s economic power. He describes the much-vaunted “China
Model” as one of authoritarian capitalism, a unique system
that, in its own way, is terminating itself. It is proving
incompatible with global trade and business governance. It
is threatening multinationals, which fear losing their
business secrets and technology to China’s mammoth
state-owned enterprises. It is fielding those SOEs – China’s
“national champions” -- into a global order angered by
heavily subsidized state capitalism. And it is relying on
an outdated investment and export model that’s running out
of steam.
What has worked in the past, won’t work in
the future. The China Model must be radically overhauled if
the country hopes to continue its march toward prosperity.
The nation must consume more of what it makes. It must learn
to innovate. It must unleash private enterprise.
And
the Communist Party bosses? They must cede their pervasive
and smothering hold on economic power to foster the growth,
and thus social stability, that they can’t survive without.
Government must step back, the state-owned economy must be
brought to heel, and opportunity must be
freed.
During the Tang Dynasty, an official in the
imperial court observed: “No ancient wisdom, no followers.”
He was lamenting that regime was headed alone into dangerous
and uncharted waters without any precedent for
guidance.
Again today – as McGregor makes clear –
this is China’s greatest challenge
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