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The Logic of the Market
First published in China in 2010, where it became a best selling academic title, The Logic of the Market is a collection of Weiying Zhang's most influential essays on Chinese economic reforms. Considered China's "leading market liberalist," this book is a unique perspective on the market economy, implementation of economic policies, the potential for Chinese economic development, and its impact on American and global markets.
Ideas for China’s Future
This book attempts to convey that ideas matter and China needs right ideas to defeat wrong ideas and to guide its future reform. The successes that China has accomplished over the last 40 years of reform and opening were the result of ideas defeating interests. After the end of the “Cultural Revolution,” Deng Xiaoping initiated market-oriented Reform and Opening because he had new ideas. While China has made great progress in both economic and social development since the beginning of reform and opening, there is still a long way to go to become a liberal society. Although the ideas of political leaders are crucial in the short term for social transformation to take place, the ideas of the common people play a more important role in the long term. The types of new ideas that China needs are proposed in this book.
The Road Leading to the Market
Since the reform and opening up period, the world has witnessed a transformation within China. This transformation has led millions out of poverty within China and has in recent years seen China as an important and vital engine of economic growth for the rest of the world. While China has made great strides in embarking on the road to a market economy, this book emphasizes that transformation within China to market-driven development is far from over. In this book, Zhang puts forward the idea that the reform in China has now reached a crossroads. The next steps have a bearing not only on the sustainability of past reform but even on whether China will become a veritable world power in the future. With the reform at this pivotal juncture, this book explores further reform within China and examines how the reform debate will develop. The Road Leading to the Market is a highly readable collection of essays which will appeal to researchers and students of China’s economy and a globalized economy.
The Origin of the Capitalist Firm
The book addresses the entrepreneurial origin of the capitalist firm and its asymmetric contractual relationships between capitalists, workers, managers and entrepreneurs, and explains the origin of the firm by focusing on entrepreneurship. A hidden action model shows how assigning residual claim to entrepreneurs can provide a better overall incentive; a hidden information model demonstrates that capitalists are given priority and have authority to select the management, because capital can signal entrepreneurial ability; and a general equilibrium entrepreneurial model shows that the equilibrium relationships between different members of the firm depend on the joint distribution of ability, wealth and risk attitudes in the population. Overall, the book reveals that the capitalist firm is more efficient, not only because it provides better incentives but also because it ensures that the most entrepreneurial people control the firm.
Re-Understanding Entrepreneurship
How do entrepreneurs make decisions in the real world? Why are entrepreneurs absent from mainstream economics? What functions do entrepreneurs play in the market? What type of institutional environment is needed for entrepreneurship to play a role? Neoclassical economics is a market theory without entrepreneurship. This misconception distorts our understanding of how the real market works, leading to a theory of market failure that forms the common foundation of various government interventions. The market is not only an allocative process but, more importantly, a discovery and creative process. To understand the real market, Weiying Zhang argues that economics must shift from a price-centric to an entrepreneur-centric paradigm. Blending theory and narrative, Zhang intersects history with the present supporting his theory with relevant case studies. He argues that once entrepreneurship in the market is correctly understood, the foundation for government intervention is undermined and the economy can sustainably flourish.
Game Theory and Society
The progress of society can only happen through interpersonal cooperation, because only cooperation can bring about mutual benefit, thus bringing happiness to each person. This should be our collective rationality, but we often see it conflicts with individual interests, which leads to the so-called "Prisoners’ Dilemma" and does not bring happiness to all. From a game theoretical perspective, this book addresses the issue of how people can cooperate better. It has two objectives. The first is to use common language to systematically introduce the basic methodologies and core conclusions of Game Theory, including the Nash equilibrium, multiple equilibriums, dynamic games, etc. Mathematics a...
In Defense of Capitalism
Capitalism, its critics say, prioritizes profits over humanity, creates dominant monopolies, and undermines democracy. Zitelmann scrutinizes each of these arguments in turn and reveals the critical flaws that debunk them. Rainer Zitelmann examines the ten most common objections to capitalism: that capitalism leads to hunger and poverty, to rising inequality, to unnecessary consumption, to environmental destruction, to climate change and wars. Capitalism, its critics say, prioritizes profits over humanity, creates dominant monopolies, and undermines democracy. Zitelmann scrutinizes each of these arguments in turn and reveals the critical flaws that debunk them. He offers counter arguments to each charge, deploying a wealth of historical evidence and eye-opening facts to prove that it is not capitalism that has failed, but a century of anti-capitalist experiments.
The Evolution of China’s Political Economy
For years, China’s rapid economic transformation was hailed as a successful project that lifted hundreds of millions of people out of poverty. However, in recent times, the Chinese narrative has taken a more negative turn in the eyes of the West. Much of this has to do with the US perception about the role of the Chinese state in its economy and its military build-up, especially in the South China Sea. There’s no question, China’s complex economy can be difficult to understand. Information is often unclear and incomplete, and its data are not always reliable. However, this book presents the reader with a clear picture of China’s economy and how it compares to other advanced economies...
The Transnational History of a Chinese Family
Family and home are one word--jia--in the Chinese language. Family can be separated and home may be relocated, but jia remains intact. It signifies a system of mutual obligation, lasting responsibility, and cultural values. This strong yet flexible sense of kinship has enabled many Chinese immigrant families to endure long physical separation and accommodate continuities and discontinuities in the process of social mobility. Based on an analysis of over three thousand family letters and other primary sources, including recently released immigration files from the National Archives and Records Administration, Haiming Liu presents a remarkable transnational history of a Chinese family from the...
State-owned Enterprise Reform in China
This work is a continuation of the authors' earlier publication, "The China Miracle: Development Strategy and Economic Reform". The authors review the historical evolution of the state-owned enterprises, analyze the current problems, and suggest the direction for future reforms.
