Adam Robinson Adam Robinson

China’s Hyperinflation. By Adam Tooze

Adam Tooze | 11 July, 2021

“Weber argues that the stability of the CCP regime today owes much to the rejection of shock therapy a la Russe... Instead China opted for a gradualist program of price liberalization ... This more cautious and ultimately far more successful approach was justified in the eyes of CCP experts by concerns about inflation. And that in turn owed much to the lessons learned by the Communists during the period of World War II and the civil war.”

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Adam Robinson Adam Robinson

1979 in Reverse by Cédric Durand

New Left Review | 1 June, 2021

“As Isabella Weber documents for the 1980s in How China Escaped Shock Therapy (2021), the balancing act of the CCP road to capitalism was grounded in a debate about the strategy of market reforms. On several occasions, the option of full-blown liberalization was considered, but ultimately set aside.”

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Adam Robinson Adam Robinson

America Abandoned Its Economic Prophet. The World Embraced Him. By James K. Galbraith

Foreign Policy | 15 Jan, 2021

“In her forthcoming book, How China Escaped Shock Therapy, Isabella Weber demonstrates that China made an explicit choice in the 1980s to shun Friedman’s free market radicalism in favor of Galbraith’s pragmatism and gradualism. China’s post-Mao-era planners made a detailed study of American wartime price controls …and maintained a central role for large state-owned but autonomously managed corporations in their development strategy.”

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