Nicholas R Lardy's Books

The State Strikes Back

The End of Economic Reform in China?

By: Nicholas R. Lardy

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The State Strikes Back

The End of Economic Reform in China?

By: Nicholas R. Lardy

China's extraordinarily rapid economic growth since 1978, driven by market-oriented reforms, has set world records and continued unabated, despite predictions of an inevitable slowdown. In The State Strikes Back: The End of Economic Reform in China?, renowned China scholar Nicholas R. Lardy argues that China's future growth prospects could be equally bright but are shadowed by the specter of resurgent state dominance, which has begun to diminish the vital role of the market and private firms in China's economy. Lardy's book arrives in timely fashion as a sequel to his pathbreaking Markets over Mao: The Rise of Private Business in China, published by PIIE in 2014. This book mobilizes new data to trace how President Xi Jinping has consistently championed state-owned or controlled enterprises, encouraging local political leaders and financial institutions to prop up ailing, underperforming companies that are a drag on China's potential. As with his previous book, Lardy's perspective departs from conventional wisdom, especially in its contention that China could achieve a high growth rate for the next two decades—if it reverses course and returns to the path of market-oriented reforms.

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251

Publisher

Peterson Institute for International Economics

Published Date

ISBN 10

0881327387

ISBN 13

9780881327380

China's Unfinished Economic Revolution

By: Nicholas R. Lardy

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China's Unfinished Economic Revolution

By: Nicholas R. Lardy

China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive—permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.

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332

Publisher

Brookings Institution Press

Published Date

ISBN 10

0815791534

ISBN 13

9780815791539

Integrating China Into the Global Economy

By: Nicholas R. Lardy

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Integrating China Into the Global Economy

By: Nicholas R. Lardy

China's accession to the World Trade Organization (WTO) has been hailed as the biggest coming-out party in the history of capitalism. Its membership eventually will contribute to higher standards of living for its citizens and increased growth for its economy. But why would the Chinese communist regime voluntarily agree to comply with the many complex rules of the global trading system since it has already become the world's seventh largest trading country while avoiding these constraints by remaining outside the system? The answer to this question forms the basis for this new book. Nicholas Lardy explores the many pressures on the Chinese government, both external and internal, to comply with the standards of the rule-based international trading system. Lardy points out that, prior to entry into the WTO, China enjoyed high growth rates and more foreign direct investment than any other emerging economy. He draws on a wealth of scholarship and experience to explain how China's leadership expects to leverage the increased foreign competition inherent in its WTO commitments to accelerate its domestic economic reform program, leading to the shrinkage and transformation of inefficient, money-losing companies and hastening the development of a commercial credit culture in its banks. Lardy answers a number of other questions about China's new WTO membership, including its effects on bilateral trade with the United States; the possibility that China will use its power to reshape the WTO in the future; the degree to which the terms of China's entry were more or less demanding than those for other new members; the ability of China's economy to successfully open to new imports; and the prospects for new growth in various sectors of China's economy made possible by WTO accession. This book will become an important tool for those who wish to understand China's new role in the global trading system, to take advantage of the new opportunities for investment in China, or simply to gain a better understanding of what former President Clinton called a "once in a generation event.

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Page Count

257

Publisher

Rowman & Littlefield

Published Date

ISBN 10

0815798695

ISBN 13

9780815798699

Markets Over Mao

The Rise of Private Business in China

By: Nicholas R Lardy

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Markets Over Mao

The Rise of Private Business in China

By: Nicholas R Lardy

China's transition to a market economy has propelled its remarkable economic growth since the late 1970s. In this book, Nicholas R. Lardy, one of the world's foremost experts on the Chinese economy, traces the increasing role of market forces and refutes the widely advanced argument that Chinese economic progress rests on the government's control of the economy's "commanding heights." In another challenge to conventional wisdom, Lardy finds little evidence that the decade of the leadership of former President Hu Jintao and Premier Wen Jiabao (2003–13) dramatically increased the role and importance of state-owned firms, as many people argue. This book offers powerfully persuasive evidence that the major sources of China's growth in the future will be similarly market rather than state-driven, with private firms providing the major source of economic growth, the sole source of job creation, and the major contributor to China's still growing role as a global trader. Lardy does, however, call on China to deregulate and increase competition in those portions of the economy where state firms remain protected, especially in energy and finance.

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425

Publisher

Columbia University Press

Published Date

ISBN 10

0881326941

ISBN 13

9780881326949

Integrating China into the Global Economy

By: Nicholas R. Lardy

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Integrating China into the Global Economy

By: Nicholas R. Lardy

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266

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Rowman & Littlefield

Published Date

ISBN 10

0815798695

ISBN 13

9780815798699

The Poverty of Communism

By: Nicholas Eberstadt

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The Poverty of Communism

By: Nicholas Eberstadt

One third of the world's population today lives under governments that consider themselves to be Marxist-Leninist. In many of these places, severe poverty was endemic in the years before Communist authorities came to power. Communist governments claim to have a special understanding into and effectiveness in dealing with problems of poverty. Marxist-Leninist rulers have been in power for nearly thirty years in Cuba, nearly forty years in China, and over sixty-five years in the Soviet Union. How do the poor fare in such places today?Western intellectuals often assume there is an inevitable tradeoff between bread and freedom under communism. What populations lose in the way of civil and political rights, they gain in social guarantees that protect them against material hardship. In The Poverty of Communism, Nick Eberstadt challenges this assumption and shatters it. He shows that Communist governments in a wide variety of settings have been no more successful in attending to the material needs of the most vulnerable segments of the populations they govern than non-Communist governments against which they might most readily be compared. Indeed, measured by the health, literacy, and nutrition of their people, Communist governments may today be less effective in dealing with poverty than are non-Communist governments.The Poverty of Communism is a pathbreaking investigation. In a series of separate studies, Eberstadt analyzes the performance of Communist governments in the Soviet Union, Eastern Europe, China, and Cuba. This is the first scholarly effort to assess the record of Communist governments with respect to poverty in a detailed and comprehensive fashion. Well written, carefully argued, and reflecting a sweeping range of knowledge, The Poverty of Communism will be of interest to specialists in the countries investigated as well as those concerned with comparative economic and political development. Above all, it gives test

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Page Count

498

Publisher

Routledge

Published Date

ISBN 10

135147667X

ISBN 13

9781351476676

Agriculture in China's Modern Economic Development

By: Nicholas R. Lardy

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Agriculture in China's Modern Economic Development

By: Nicholas R. Lardy

Explores the relationship between the Chinese peasantry and the state-led economic system established by the Party after 1949.

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528

Publisher

Cambridge University Press

Published Date

ISBN 10

0521252466

ISBN 13

9780521252461

Markets Over Mao

The Rise of Private Business in China

By: Nicholas R Lardy

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Markets Over Mao

The Rise of Private Business in China

By: Nicholas R Lardy

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425

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Columbia University Press

Published Date

ISBN 10

0881326941

ISBN 13

9780881326949

China's Unfinished Economic Revolution

By: Nicholas R. Lardy

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China's Unfinished Economic Revolution

By: Nicholas R. Lardy

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332

Publisher

Brookings Institution Press

Published Date

ISBN 10

0815791534

ISBN 13

9780815791539

China: The Balance Sheet

What the World Needs to Know Now About the Emerging Superpower

By: C. Fred Bergsten,Bates Gill,Nicholas R. Lardy,Derek Mitchell

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China: The Balance Sheet

What the World Needs to Know Now About the Emerging Superpower

By: C. Fred Bergsten,Bates Gill,Nicholas R. Lardy,Derek Mitchell

China's emergence as a major international power is perhaps the most important development in world affairs of the 21st century. Now, this book provides an indispensable survey of that country, the world's largest-- a vast land with 1.4 billion people and the world's most dynamic economy. Over the past year, Dr. Bates Gill, C. Fred Bergsten, Nicholas R. Lardy, and Derek Mitchell have led four task forces through a rigorous exercise of investigation and intelligence, compiling and analyzing the authoritative data on China's economy, foreign and domestic policy, and national security. Now that material has been shaped into an accessible narrative filled with facts, but written for the general reader. The expert judgements presented in China: The Balance Sheet will inform policymakers in Washintgon, scholars and the business community for years to come.

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226

Publisher

PublicAffairs

Published Date

ISBN 10

1586485350

ISBN 13

9781586485351

Chen Yun's Strategy for China's Development

By: Nicholas R. Lardy,Kenneth Lieberthal,Dong Chen

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Chen Yun's Strategy for China's Development

By: Nicholas R. Lardy,Kenneth Lieberthal,Dong Chen

Originally published in 1983. Since Mao Zedongfs death the Chinese have been debating the future character of the country’s political and economic system. The present collection of Chen Yun’s writings must be read against the backdrop of the ongoing policy discussion in the 1980s. Chen has been, and remains, an advocate of economic policies that are central to this debate, and since 1978 many of his views have become state policy. In this context the publication in China of this volume of Chen’s writings and speeches from 1956 to 1962 undoubtedly is designed in part to bolster Chen’s point of view in policy discussions. The author cites that the implicit message of this volume, translated here in full, is that had Chen's views been heeded earlier, China would have developed rapidly and successfully

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226

Publisher

Routledge

Published Date

ISBN 10

1315496194

ISBN 13

9781315496191

Economic Growth and Distribution in China

By: Nicholas R. Lardy

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Economic Growth and Distribution in China

By: Nicholas R. Lardy

This study focuses on the China's leadership's attempt to improve economic efficiency by decentralizing economic management.

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258

Publisher

Cambridge University Press

Published Date

ISBN 10

0521219043

ISBN 13

9780521219044

The State Strikes Back

The End of Economic Reform in China?

By: Nicholas R. Lardy

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The State Strikes Back

The End of Economic Reform in China?

By: Nicholas R. Lardy

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251

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Peterson Institute for International Economics

Published Date

ISBN 10

0881327387

ISBN 13

9780881327380

Agricultural Prices in China

By: Nicholas R. Lardy

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Agricultural Prices in China

By: Nicholas R. Lardy

This paper describes the major features of China's agricultural pricing system as they have evolved since l949, but focuses on adjustments in the 1976-82 period. The institutional setting for price policy is described, price-cost relationships are examined and price ratios from key inputs and outputs are defined. A major portion of the paper is devoted to agricultural marketing policy and consumer subsidies. The size of important subsidies is estimated and their distributional and allocative implications are explored. The paper suggests that state interventions in the agricultural pricing system provide disproportionately high benefits to relatively advantaged urban consumers and may restrict adjustment to more economically efficient production patterns in agriculture.

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ISBN 10

0821302167

ISBN 13

9780821302163

Foreign Trade and Economic Reform in China

By: Nicholas R. Lardy

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Foreign Trade and Economic Reform in China

By: Nicholas R. Lardy

A comprehensive analysis of how China emerged as one of the most dynamic trading nations in the world, first published in 1992.

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Page Count

214

Publisher

Cambridge University Press

Published Date

ISBN 10

0521458358

ISBN 13

9780521458351

Sustaining China's Economic Growth After the Global Financial Crisis

By: Nicholas R. Lardy

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Sustaining China's Economic Growth After the Global Financial Crisis

By: Nicholas R. Lardy

The global financial crisis and ensuing economic downturn has raised many questions concerning the future of global economic growth. Prior to the financial crisis, global growth was characterized by growing imbalances, reflected primarily in large trade surpluses in China, Japan, Germany, and the oil exporting countries and rapidly growing deficits, primarily in the United States. The global crisis raises the question of whether the previous growth model of low consumption, high saving countries such as China is obsolete. Although a strong and rapid policy response beginning in the early fall of 2008 made China the first globally significant economy to come off the bottom and begin to grow more rapidly, critics charged that China's recovery was based on the old growth model, relying primarily on burgeoning investment in the short run and the expectation of a revival of expanding net exports once global recovery gained traction. Critics, however, argued that as government-financed investment inevitably tapered off, the likelihood was that global recovery would not be sufficiently strong for China's exports to resume their former role as a major contributor to China's economic expansion. The prospect, in the eyes of these critics, is that China's growth will inevitably falter. This study examines China's response to the global crisis, the prospects for altering the model of economic growth that dominated the first decade of this century, and the implications for the United States and the global economy of successful Chinese rebalancing. On the first it analyzes the strengths and weaknesses of China's stimulus program. On the second it analyzes the nature of origins of the imbalances in China's economy and the array of policy options that the government has to transition to more consumption-driven growth. On the third successful rebalancing would mean that more rapid growth of consumption would offset the drag on growth from a shrinkage of China's external surplus. Successful rebalancing would mean China would no longer be a source of financing for any ongoing US external deficit. From a global perspective China would no longer be a source of the global economic imbalances that contributed to the recent global financial crisis and great recession.

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310

Publisher

Peterson Institute

Published Date

ISBN 10

088132633X

ISBN 13

9780881326338

China: The Balance Sheet

What the World Needs to Know Now About the Emerging Superpower

By: C. Fred Bergsten,Bates Gill,Nicholas R. Lardy,Derek Mitchell

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China: The Balance Sheet

What the World Needs to Know Now About the Emerging Superpower

By: C. Fred Bergsten,Bates Gill,Nicholas R. Lardy,Derek Mitchell

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226

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PublicAffairs

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ISBN 10

1586485350

ISBN 13

9781586485351

Debating China's Exchange Rate Policy

By: Morris Goldstein,Nicholas R. Lardy

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Debating China's Exchange Rate Policy

By: Morris Goldstein,Nicholas R. Lardy

Half or more of the annual gains from trade would come from the removal of industrial-country protection against developing-country exports. By removing their trade barriers, industrial countries could convey economic benefits to developing countries worth about twice the amount of their annual development assistance. By helping developing countries grow through trade, moreover, industrial countries could lower costs to consumers for imports and realize other economic efficiencies.

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Page Count

388

Publisher

Peterson Institute

Published Date

ISBN 10

1435655370

ISBN 13

9781435655379

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