Abstract
Over the course of its development, a country is always faced with various obstacles, which can block its way if not properly handled. It will also run into growing pains induced by progress in its march forward. The higher the stage of development, the more growing pains appear in greater complexity and difficulty. As we all know, there is less oxygen at higher altitudes, therefore, we cannot expect the shortage of oxygen to go away as we climb higher. Similarly, while most growing pains are related to specific stages of development, they do not disappear naturally over time. It is especially worth noting that growing pains, whenever and wherever they are, bring about adverse consequences, possibly hindering a society’s progress and preventing it from achieving its goals.
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Notes
- 1.
O’Leary (2019).
- 2.
Mill (1991).
- 3.
Okun (2015).
- 4.
Smith (1996, p. 11).
- 5.
Smith (1996, p. 104).
- 6.
Rothschild (2019).
- 7.
Friedman (1962).
- 8.
Cai (2020).
- 9.
Piketty (2020).
- 10.
Subramanian (2020).
- 11.
Lin (1992).
- 12.
- 13.
In addition to Schumpeter’s works, I have also referred to Business Cycles: History, Theory and Investment Reality by Lars Tvede, CITIC Press Group, 2008, and Joseph A. Schumpeter: His Life and Work by Richard Swedberg, Jiangsu People’s Publishing House, 2005.
- 14.
- 15.
Zingales (2014).
- 16.
Philippon (2019).
- 17.
Wolf (2019a).
- 18.
Friedman and Friedman (1990).
- 19.
Krugman (2003).
- 20.
Heyman et al. (2015).
- 21.
Petersen (2019).
- 22.
Wolf (2019b).
- 23.
Cai (2013).
- 24.
Vincent (2019).
- 25.
Covarrubias et al. (2019).
- 26.
Piketty (2014).
- 27.
- 28.
- 29.
Based on data from https://data.oecd.org/.
- 30.
Cai and Lu (2013).
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Cai, F. (2024). Innovation and Protection: Why We Should Prioritize Income Redistribution. In: Challenges and Solutions to China’s Modernization Process. China Insights. Springer, Singapore. https://doi.org/10.1007/978-981-99-9141-9_9
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