Capitalism with Chinese characteristics

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…d in only a very small share of the population. In fact, despite enormous GDP growth, a large share of the population is not much better off from a decade ago. The book “Capitalism with Chinese characteristics” by Huang Yasheng demonstrates using detailed quantitative analysis that China’s state-directed economic policies since the 1990s are essentially anti-poor. Huang’s book attributes Shanghai’s strong GDP performance not to indigenous private enterprise but rather to state-controlled (and subsidized) corporations and their foreign partners, with the gains flowing to the state – and their favored business people – and overseas rather than to the general population. In fact, Huang documents how Shanghai actively discriminates against private enterprise to protect well-connected state-owned enterprises. When the state plays a bigger role…

…bout a lot - I do mean a lot, almost as much as I think about our company (Zoho). I have also read a lot of literature on this subject - most recently the wonderful book Capitalism with Chinese Characteristics, by Yasheng Huang. I follow China closely because Deng Xiaoping China's track record of lifting people from poverty is unequaled and will likely never be equaled - given that only India has those kinds of numbers, and India hasn't done anywhere as well as China in lifting people from poverty. It is worth looking at Deng Xiaoping's early rural reforms in China, to see an example that lifted the most people out of poverty in the shortest amount of time. I can summarize it with the biblical saying: don't give a man fish, teach a man how to fish. China's record illustrates a few things: a) a society where there is some order and stabili…