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Old 09-13-2015, 02:57 PM
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Default The Root of China's Economic Troubles? It's Politics, Stupid

The Root of China's Economic Troubles? It's Politics, Stupid
Minxin Pei
Non-Resident Senior Fellow

Judging by the reaction of financial markets to the recent spate of bad economic news from China, it is clear that the global business community had no inkling that the Chinese "economic miracle" would unravel so suddenly. But for those familiar with the political economy literature on predatory regimes, China's stumble was not only expected but inevitable.

Most executives and investors may be too busy to read a dense theoretical classic like "Institutions, Institutional Change and Economic Performance," by the Nobel Prize-winning economic historian Douglass North, or a more accessible book, "Why Nations Fail," by Daron Acemoglu and James Robinson, economists who teach at Massachusetts Institute of Technology and Harvard, respectively. The insights from these scholars, who have pondered the relationship between politics and economics, are worth attention.

Their central concept is that of the "predatory state," an academic term for a rapacious government. Despite the superficial differences in how the ruling elites "prey" on society, the core feature of a predatory state is the use of political power for the self-enrichment of rulers.

Nikkei, Asian Review
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