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Forty years ago this month, China's leaders set the country on a path of reform that has produced the most dramatic economic transformation in history.In the four decades since, China has transformed itself into an economic powerhouse, portending an equally momentous makeover of the global economy and geopolitics.The growth of Special Economic Zones in the 1990s turned China decisively toward integration with the world economy.While China's share of international trade and private investment grew and that of the state sector steadily shrank in relative terms, the authorities retained a firm hand in managing the economy.For many in the West, China demonstrates the benefits of reliance on markets and economic liberalization.China has not violated the tenets of mainstream economics so much as it has offered a master class in applying them creatively in complicated political and economic terrain.In short, China represents the triumph of practical economics in which second-best strategies, market failures, general equilibrium and political economy prevail over the simplistic reasoning of Econ 101 .Political repression could be bad news for the economy as well, for at least two reasons.
Worrying about income gaps within or between countries
Studying what’s driving populism
Can global rules prevent national self-harm?
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