Zhiwu Chen - Yale School of Management
China has tried a “reform and open-door” policy at least three times in the past 150 years, but the most recent one seems to have produced the best result and is still continuing. Is this recent episode really different? If it is, how does it differ from the past ones? What factors have contributed to this difference in outcome? It is also said in public discourse that China’s growth is a “miracle” because it seems to have contradicted predictions of institutional economics. We will see that this conclusion is not well grounded.