The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

China, Economics in

  • Kiichiro Yagi
Reference work entry


Although pre-modern China possessed rich ideas pertaining to economic matters, they were not separated from the discourse of morality and politics. Even in the late 20th century, Chinese thinking, often unconsciously, reflected traditional ideas. Liberal economics missed the chance to guide the modernization of China. Marxian economics established its monopoly under the reign of the Communists. However, China had Marxian economists who supported its gradualist transition to a market economy. In the 1990s, the task of guiding economic reforms in China was handed over to a new generation of economists who absorbed ‘Western’ (non-Marxian) economics.


Land nationalization Asiatic mode of production Central planning China, economics in Confucianism Datong (Great Harmony) Equality George, H. Institutional economics Law of value Legalist School (China) Management buyouts Marxism Modernization Mohist School (China) Political economy Population growth Public choice Socialist commodity economy Socialist market economy 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Kiichiro Yagi
    • 1
  1. 1.