ECON 336 Chapter Notes - Chapter 15: Socialist Market Economy, Capital Intensity, Machine Tool
19 May 2012
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This has only been achieved by a handful of economies and emphasizes that china"s economic boom is permanent rather than temporary. China"s industry before reform was already substantial, but it lacked quality in goods. Now, china is accelerating its value added and labor productivity, only lagging behind a few other east asian countries now. Globalization and further variation in the products it now produces than range from machinery to equipment have increased its prominence as an exporter of manufactures. The main aspects of their success does not necessarily lie in their deregulation or privatization, but in the creation of completion, expanded entry and efforts to improve performance. The evolution of china"s industry should follow closely that of other nations and globalization should certainly accentuate this. Many features of china"s economy derive from its unique history and institutional structures. Before reforms, chinese industry was almost all state owned and urban, where soes employed most and had the most output.
