2021
DOI: 10.1007/s43253-021-00046-3
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The economic growth of China: enabling politico-institutional and socio-cultural factors

Abstract: The focus of this paper is to analyze sociocultural and politico-institutional factors that contributed greatly to China’s economic expansion. In doing so, the article reveals the importance of long-standing heterodox threads, namely, the role of history, political economy, institutional structures, local culture, social psychology, and international relations. In contrast to neoliberalism’s theoretical fallacies and destructive socio-economic outcomes, it is argued here that purposeful developmental intervent… Show more

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Cited by 3 publications
(2 citation statements)
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“…The growth success of China and some Asian economies that have not followed the neoliberalism and Western-style democracy, recommendations of the World Bank particularly throws a challenge to the validity of the good governance agenda as a development strategy. Arestis et al (2021) affirm that despite the global dominance of 'Western values' within global capitalism, the growth and progress seen in China and the newly industrialized East Asian countries did not rely on entirely importing Western cultural norms. Instead, their institutional design and industrial strategies were significantly influenced by their culture and traditions.…”
Section: Concept and Emergence Of Good Governancementioning
confidence: 79%
See 1 more Smart Citation
“…The growth success of China and some Asian economies that have not followed the neoliberalism and Western-style democracy, recommendations of the World Bank particularly throws a challenge to the validity of the good governance agenda as a development strategy. Arestis et al (2021) affirm that despite the global dominance of 'Western values' within global capitalism, the growth and progress seen in China and the newly industrialized East Asian countries did not rely on entirely importing Western cultural norms. Instead, their institutional design and industrial strategies were significantly influenced by their culture and traditions.…”
Section: Concept and Emergence Of Good Governancementioning
confidence: 79%
“…This universalization of governance has been criticized. Arestis et al (2021) highlight that mainstream theories often overlook the impact of local history, political economy, institutional structures, and culture. These local factors significantly contributed to the growth success of China and East Asia's newly industrialized countries, which diverged from adhering to the Western neoliberal and good governance framework.…”
Section: Introductionmentioning
confidence: 99%