Chapter

China’s Economic Miracle

Baldev Raj Nayar

in The Geopolitics of Globalization

Published in print December 2007 | ISBN: 9780195693034
Published online October 2012 | e-ISBN: 9780199081783 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195693034.003.0010

Series: Oxford India Paperbacks

China’s Economic Miracle

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The economic miracles achieved by Japan, Taiwan, and South Korea demonstrated the importance of an outward orientation and provided a model of economic development for other countries. Their economic success was a testament to a causal relationship, rather than just a correlation, between an export-oriented strategy and economic growth. The author also points out that the success of this strategy was aided by the geo-political circumstance of a tacit Sino-American alliance against the Soviet Union. In the last twenty years of the twentieth century, China also achieved an economic miracle after its transition from a slow-growth economy to a great trading nation and a major economic power. The author examines China’s economic miracle and discusses the different orientations to globalization, China’s successive economic reforms and transformation, the role of foreign investments in China’s rise as a major economic power, the link between economic transformation and world politics, and China’s relations with the United States.

Keywords: US China relations; China’s economic miracle; economic development; geopolitics; export-oriented strategy; globalization; economic reforms; foreign investments; United States

Chapter.  13690 words. 

Subjects: Political Economy

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