Word: 1980s
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Dates: during 2000-2009
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...before the full force of the crisis became apparent, Yasheng Huang's Capitalism with Chinese Characteristics: Entrepreneurship and the State presciently anticipates the need for a guide to the least understood weaknesses in China's economy. An MIT professor, Huang argues that China's real reforms were in the 1980s, while from 1989 to 2002 leaders actually moved the economy in the wrong direction and might be about...
...Huang has mined never-before-researched financial records on rural China to bolster his thesis that the major gains in overall income growth and entrepreneurial activity were made in the 1980s. Interestingly, this happened without massive infrastructure: at the time, China lagged behind India in terms of paved roads and railways...
...After the 1989 Tiananmen leadership purge, when Jiang Zemin and Li Peng took over from more liberal leaders, the reforms championed in the 1980s by a wave of largely rural entrepreneurs were stalled, and officials sought to reassert authority. In this "great reversal," Beijing's Xiushui Market, a thriving shopping area popular with tourists, was effectively expropriated by the city. The entrepreneurial founder of Kelon, China's most successful refrigerator maker, had his company seized in a backdoor takeover by local officials who then ran it into the ground. Land grabs by officials intent on real estate development soared. Rural...
...democracy will allow China to move to the next stage of economic development - but he does so almost in passing and one longs for more substance on these points. Thankfully, his rearview vision is far more fleshed out. As a look at China's entrepreneurial economy in the 1980s and 1990s - and as a counterpoint to the common misconception that China is steadily evolving into a more market-oriented economy - this book is unparalleled...
That was also true when Grameen first came to the U.S., in the late 1980s, and tripped up. Under Grameen's tutelage, Southern Bancorp started making microloans to entrepreneurs in Arkansas. At first, the loss rate was a shocking 30%. Even after getting that under control, Southern found that what people really needed wasn't seed capital but broader help developing work skills and finding jobs...