4min chapter

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Isabella Weber on China’s Vision for Making Markets Work

Odd Lots

CHAPTER

What Lessons Can the West Learn From China's Economic Development?

There's an argument that the west is growing more similar to china's economic model than perhaps the opposite case. The idea of using the market as a tool in pursuit of socialist golds was an essential element at the very beginning of the communist revolution. In the eighties, when china was starting to create a new kind of economic model, it was also looking to the perience of the united states with planning and price controls. We are seeing a increasing appreciation of industrial policy and a certain rethinking of the state market relationship in the west that is inspired by ch China.

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