By M. DeWeaver
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Extra resources for Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant
Under the administrative system established during the 1958 Great Leap Forward, rural areas were organized into communes, production brigades, and production teams. Land was collectively owned at the production team level. In the early 1980s townships replaced communes, administrative villages replaced production brigades, and natural villages/villager’s groups replaced production teams. In principle, the natural villages/villager’s groups should have taken over as collective landowners. 16 INVESTMENT WITH CHINESE CHARACTERISTICS 19 Control at this lowest level of the rural government hierarchy would give farmers the final say over how their land is used.
As Mises put it in his critique of nonmonetary explanations of the business cycle, the implication is that “all businessmen are short-sighted. ”10 They are, in other words, irrational. 3. 11 They also exhibit “adaptive” rather than “rational” expectations—their choice of what to do in the current period is based on what would have been optimal in the previous one rather than on forecasts incorporating all available information. As in a common critique of military planners, they are fighting the last war.
Wither the Private Sector? The private sector has grown from where it was in 1980. However, its increased role in Chinese investment occurred primarily in the subsequent decade. It slumped in the 1990s and regained the lost ground only in the 2004 to 2007 period. Overall its percentage of total FAI has fluctuated during the last three decades, hitting a low of 11 percent in 1993 and a high of 26 percent in 2010. 1. ) The fact that the series does not exhibit a linear trend is evidence that China’s high GDP growth over the period cannot be attributed to any consistent long-range policy on economic reform.
Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant by M. DeWeaver