This chapter is an attempt to interpret recent rapid Chinese growth in a longer term perspective. First, it is argued that recent economic liberalization produced spectacular results (1979-onwards) because reform strategy was very different from the Washington consensus package (gradual rather...

The article analyzes why many transitional economies have succeeded by pursuing policies that differed significantly from the radical economic liberalization that was credited for economic success in the countries of Central Europe, while many countries with liberal policies have not succeeded....