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2017 | OriginalPaper | Chapter

2. China’s ‘New Normal’: Explaining China’s Economic Development from Institutional and Marxian Perspectives

Authors : Yasushi Suzuki, Mohammad Dulal Miah

Published in: Towards A Common Future

Publisher: Springer Singapore

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Abstract

China is approaching to a new phase of economic development, termed as the 'new normal', which is characterized by slower but quality economic growth. This chapter aims to interpret China’s ‘new normal’ from the New Institutional Economics and Marxian viewpoint and also reviews the factors inducing China’s successful economic transformation to a new stage. The former school of thought is primarily concerned with the ‘supply-side’ driver of increasing economic output and efficiency and requires a free and open market for ideas to sustain China’s economic growth or advance itself into a global centre of technological innovation or scientific discovery. The latter school of thought, however, shares the Marxian concern of the 'demand-side' driver of increasing economic output and calls for an egalitarian pattern of income distribution for sustaining economic growth in the future. In light of these views, the chapter evaluates how far China has prepared itself for a soft landing to the 'new normal'.

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Title: China’s ‘New Normal’: Explaining China’s Economic Development from Institutional and Marxian Perspectives
Authors: Yasushi Suzuki
Mohammad Dulal Miah
Publisher: Springer Singapore
Book: Towards A Common Future
Print ISBN: 978-981-10-5591-1

Electronic ISBN: 978-981-10-5592-8

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-981-10-5592-8_2