How China overthrew some elements of socialism but remains an intellectual backwater of the world

These five extracts from Coase’s How China Became Capitalist explain it very well: CHINA’S IGNORANCE OF ECONOMICS IN 1980 WAS SIMILAR TO INDIA’S IGNORANCE OF BASIC ECONOMICS TODAY. During the Cultural Revolution, China pursued a policy of self-isolation in diplomacy and self-sufficiency in the economy. At the same time, ideological monopolization in the name of […]