Rapid Economic Growth without Economic Freedom: A Puzzle Made in China

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Rapid Economic Growth without Economic Freedom: A Puzzle Made in China

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Title: Rapid Economic Growth without Economic Freedom: A Puzzle Made in China
Author: Wu, Congsheng
Description: Adam Smith's well-known book, An Inquiry into the Nature and Causes of the Wealth of Nations, shows that free markets, the protection of private property rights and a minimal government interference in the economy lead to prosperity. The development economics literature has expansive evidence that economic freedom and sound legal, financial and political institutions boost economic growth. China's economy has grown by nearly 10% each year for over three decades. Yet China's phenomenal economic growth has been accompanied by a relatively underdeveloped legal and financial system. For instance, China is the 124th freest economy in the 2008 Index of Economic Freedom. China seems to be an outlier in the economic growth and freedom literature.
Event: Faculty Research Day
Date: 2011


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