The Logic of the Market: An Insider's View of Chinese Economic Reform

by Weiying Zhang, Matthew Dale (Translator)

First published in China in 2010, where it became a bestselling academic title, The Logic of the Market is a collection of well-known economist Zhang Weiying's most influential essays on Chinese economic reforms. Considered China's “leading market liberalist,” the author offers a unique perspective on the market economy, implementation of free-market economic policies, and the potential for Chinese economic development. He describes the market economy as “…humanity's greatest creation. It provides the best rules of the game for human progress,” and he believes it exemplifies the old Chinese “benefit yourself by benefiting others.”

The author believes that only the institutional arrangements of “private property, unhampered prices, enterprises, entrepreneurs, and profit” guarantee that in a market economy, “enriching oneself at the expense of others cannot be done.” In fact, he argues, it is this logic of the market that has led to China's recent unprecedented economic progress and prosperity.

Genres: History, Economics, China

284 pages, Paperback

First published January 16, 2015

Reviews

[James · Rating 3 out of 5]

This is a book for referring to, not for enjoying. Its translation is fine but a slog to get through.

Let me tell you, it was some relief to get to later chapters to discover, through seeing that he cites Mises and Rothbard, that Zhang is completely sound on economic theory, because up to that point it’s the tiniest bit ambiguous. Zhang seems to make concessions to the Chinese reform “conservatives”, makes allusions to the existence of market failures, and generally speaking talks within the context of a mainstream economic framework. But then he slam dunks you with a recommendation for Rothbard’s ‘Great Depression’ and you can breathe easy.