Abstract
Development economics came into being in the 1940s to study the colonized and semi-colonized societies of newly independent nations. The main tasks facing these societies were eliminating poverty, encouraging development, building up separate industrial systems, and achieving an economic jump-start. Such a focus made development economics one of moving beyond poverty, promoting development, and realizing economic take-off. In fact, development economics has played a positive role in guiding China’s economic progress, including a high savings and investment rate to support economic growth, shifting surplus labor from rural areas, urbanization, and industrialization. As China’s development crackles with the dynamics of changes, it is necessary for development economics to keep pace with the times to continue serving as a guiding theory for economic progress.
This article was originally published under the title “China’s Economic Development Should Advance with the Times” in the journal Economic Perspectives, 11 (2012), pp. 3–9. It has been revised and updated for this volume.
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Notes
- 1.
Qian Chengdan, et al., Global Perspective: Lost in Modernization (Hangzhou: Zhejiang People’s Press, 1999), p. 1.
- 2.
Simon Kuznets, “Modern Economic Growth: Findings and Reflections,” Nobel Prize Lecture, December 11, 1971; visit http://www.nobelprize.org.
- 3.
Joseph Stiglitz, “China: Forging a Third Generation of Reforms,” lecture at Peking University, July 23, 1999; visit http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN004886.pdf.
- 4.
Michael Porter, The Competitive Advantage of Nations, trans., Li Mingxuan and Qiu Rumei (Taipei: Commonwealth Publishing Group, 1996), pp. 30, 37.
- 5.
Ibid.
- 6.
Kuznets, “Modern Economic Growth.”
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Hong, Y. (2016). Innovation in China’s Economic Development Theory. In: The China Path to Economic Transition and Development. Springer, Singapore. https://doi.org/10.1007/978-981-287-843-4_15
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DOI: https://doi.org/10.1007/978-981-287-843-4_15
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