Fading Capitalism

Chinese capitalism has run its course.

That is the conclusion of a new book by Yasheng Huang, a professor at the Massachusetts Institute of Technology. The Economist reports:

"Mr Huang has gone far beyond the superficial data on gross domestic product (GDP) and foreign direct investment that satisfy most researchers. Instead, he has unearthed thousands of long-forgotten pages of memoranda and policy documents issued by bank chairmen, businessmen and state officials. In the process he has discovered two Chinas: one, from not so long ago, vibrant,entrepreneurial and rural; the other, today’s China, urban and controlled by the state."

Read the rest here.