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Old China's New Economy

Old China's New Economy
The Conquest by a Billion Paupers

First Edition
  • T K Bhaumik - Economic Advisor, J K Organisation, New Delhi

June 2018 | 328 pages | SAGE India
A new China was born in 1949. After thousands of years of feudalism, in six decades the economy has undergone a change from Mao (read socialist economy) to market (socialist market economy). Old China's New Economy: The Conquest of a Billion Paupers, presents a comprehensive analysis of the rise and growth of the Chinese economy since the beginning of the country's transition to a socialist market economy, highlighting the critical role of two major change agents - the government and the people. While the credit goes to the former for successful transition to a high growth economy, there is an equally important role played by the latter, the Chinese people, as displayed in their hard work, tenacity and struggle for a better standard of living.

The book analyses the key drivers of high growth, delves into the much debated and discussed issue of sustainability and the numerous challenges that high growth has thrown up for the people and the government. The book also argues that China is likely to see its high growth continuing for many years to come, as it has already secured a strategic position in the global economy.

Yashwant Sinha
Historical Backdrop: The Womb that Conceived Modern China
China under Mao Zedong: Rise and Fall of Socialist Paradise
Struggling to Stand Straight: Initial Decade of Reform: 1978-88
Preparing for a Socialist Market Economy
China's New Economy: An Overview
Seven Challenges: Sustainability and Development Issues
Thought Adjustments for Harmony: Making of a New China
Trade, Globalisation and External Relations
Concluding Observations

The rightly conveys many aspects of China in an easily readable manner…. The book is written with obvious affection about China and achieves the purpose of conveying a broader, macro-perspective picture…it is a welcome addition to the small repertoire of books on contemporary China.

Business Standard

Old China’s New Economy is a chronological review and a comprehensive analysis of China’s economic reforms and its rise from an impoverished economy in 1978 to the most efficient economy of the 21st century.

Himal Southasian

In the book under review, the author presents a concise and easily readable account of the phenomenal transformation of the Chinese economy, within a short period of half a century or so, from a stagnant, if not decaying, feudal set-up to the most rapidly growing economy in the world…. For those who wish to have a quick appraisal of the working, achievements and problems of China’s new economy, I recommend Bhaumik’s book.


In the recent years many books have appeared on various facets of Chinese economy, particularly on its high growth story… But the book is different in many other ways. Importantly, it highlights the critical role of two major agents—the government and the people… The economic transition of China has not been smooth but beset with challenges in every sphere of activity. The author sketches the problems with considerable care and caution and traces the story of development and growth…The book is interesting and worth reading both for scholars and general readers. It is written in a simple language which general readers would cherish.

India Quarterly

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