The defining features of this book are:
- Armed with an original application of Michal Kalecki’s theory of intermediate regimes, it provides an explanation of China’s explosive growth.
- It indicates the formation of a new stratum, through winding up of centralised planning, the stratum of ‘proto-bourgeoisie’, consisting of the local cadres of the communist party, who can counter the central cadres for capturing investible resources of the state.
- It creates a single politic-economic model that explains China’s economic and political development. The causal connections in the model make it possible to predict China’s future, and the challenges it faces.
This book makes a significant contribution to the literature on Chinese political economy over the past three decades. It is a must read for all discerning and informed readers. It will also be valuable for policy makers and students and researchers working in the areas of international relations, Chinese studies and political economy.