Search results

During the Communist Party of China's endeavors over the past century, China has created “two miracles,” namely, large-scale and rapid economic development and long-term social stability.

The causes for China's achieving the “two miracles” lie in the adherence to the Party's leadership as the political guarantee, the scientific theoretical guidance as the ideological guarantee, the socialist system as well as the national governance system as the institutional guarantee and giving full play of people's creativity under the Party's leadership as the driving force guarantee.

From a political economy point of view, the theoretical logic behind the creation of the “two miracles” is that the combination of the state capacity and the scaling up of markets under the Party's leadership contributes to the rapid economic development and further the long-term social stability based on the financial foundation laid by rapid economic development. The historical experience of the “Two Miracles” can be summed up as the cultivation of state capacity under the leadership of the Party, the synergy and complementarity between the central government and local governments, the combination of development planning and market mechanisms, and the coordination of selective, functional and inclusive industrial policies.

It is necessary to judge future development trends from a medium and long-term development perspective, further promote the co-evolution of the state and the market, reshape the growth regime for high-quality development, fully tap the potential of domestic demand and create a “people-centered” economic development model so as to continue the “two miracles” and achieve a miracle of high-quality development in the second century.

This paper aims to provide a framework that might be used to tackle the multifaceted challenges facing humanity, which are increasing in seriousness and complexity. The Millennium Project had identified such challenges, and over time periods until and including 2050, which pose the question, how would societies cope with these challenges averting any disastrous results? contemplating the suggested ethical principles, and the three central beliefs of “end-based”, “rule-based” and “care-based”. In some cases, individuals might not be blamed to think that “it is only a miracle” that might save humanity.

This paper, through the use of literature review, intends to provide an insight into these challenges, the suggested ethical principles and the three central beliefs, providing brief overview of the concept “miracle” leading to discussion on ethical mindsets, its components and their dimensions.

Concluding with framework for the way forward tackling these challenges.

The limitation of this paper might lie in the fact that it is only a conceptual paper, but it calls on researchers to conduct further research using the suggested framework.

This might seem to be forward thinking, but it is a call for researchers to conduct more research in this area, and for governments to fund such research, to allow for the establishment of a method to refine the mindsets of individuals around the world to change into “ethical”, and thus, the world becomes better equipped to face and reduce the challenges and threats that are being faced by the world.

The core of the micro–macro paradigm of mainstream Western economics is the assumption that a rational economic man with complete freedom of economic behaviors living in a fully competitive, free-market economy pursues maximum personal benefits. The purpose of this paper is to show the reasons for failure of mainstream Western economics explaining the “mystery of China’s economic growth” and the necessity of understanding the mystery from the paradigm of realm economics.

The system of socialism with Chinese characteristics led by the Communist Party of China (CPC) and the local governments that play a crucial role in the reform and opening-up has the realm attribute. It is necessary to develop a new paradigm for realm economic analysis and promote the creation of new economic globalization and international political and economic order.

According to the fourth plenary session of the 19th CPC Central Committee, “Since the New China was founded 70 years ago, our Party has led our people to create the rarely-seen miracle of rapid economic development and miracle of long-term social stability”. The authors find that it is effective and necessary to explain the miracle of China’s economic growth from the paradigm of realm economics.

As proven by practice, the system of socialism with Chinese characteristics and the governance system of China are guided by Marxism, rooted in China with a deep Chinese cultural foundation, and sincerely supported by the people.

The onset of the 1997 Asian financial crisis took the world by surprise. Its severity and the alarming speed at which it spread sent shock waves around the world. There is still no consensus as to the real causes of this catastrophe although a steep fall in export demand with exchange rates pegged to an appreciating US dollar clearly caused current account deficit problems, which were exacerbated by imprudent bank lending and debt management practices. The economies of Thailand, Indonesia, Malaysia, South Korea and the Philippines were vulnerable to speculative runs on their currencies and rapid foreign investment repatriation with a collapse of investor confidence. It soon became evident that globalisation has its downside for economies unable to withstand the massive capital surges caused by hedge fund manipulation.

The paper aims at re‐examining the notion of low and stable income inequality during the high growth period of Indonesia (1970s‐1990s).

Different approaches are used to reassess the low and stable trend of the overall inequality at the national level such as assets concentration and functional income inequality. Disaggregated inequality at district level is conducted by treating municipalities as growth centres and estimated using the random and fixed effects models as well as the GMM estimation.

Alternative measures of income inequality have indicated that economic inequality in Indonesia was not as low as it was perceived and exhibited an increasing trend during the period associated with the miracle. Furthermore, using the Susenas‐based Gini coefficient, across‐district analysis of inequality indicates the presence of inverted‐U Kuznets curve of income and inequality, which could not be empirically observed when the analysis is based on time series data of aggregate Gini measure at the national level.

The paper challenges the notion of the East Asian economic miracle in the case of Indonesia. It provides some evidence of the Kuznets curve relationship between income and inequality within a country based on cross‐districts exercise.

Given the recent peaceful turnover of power through a highly participatory democratic election, now is a good time to consider Taiwan and its political development.

The author reviews how, over two decades Taiwan has undergone a remarkably peaceful transition from what was essentially an authoritarian, one-party dictatorship by the KMT to a vibrant multiparty democracy, a sharp contrast to what has occurred during the same period in China.

When the traditional ruling party of a country–like the Kuomintang in Taiwan– finds itself completely out of power and wandering in the wilderness, yet still manages to conduct itself with grace and dignity, and in so doing, allows the country to prosper – that affirms the stability and progressive potential of the country’s politics.

Not only has Taiwan’s economy seen a sustained period of fast growth over multiple decades, but the economy has grown without seeing a substantial uptick in economic inequality, a feat many developed nations have failed to achieve.

Taiwan’s two decades of political stability makes is an attractive commercial partner.

Many scholars have discussed Asia's prospects as a major player in the world economy as we enter the next millennium. The speed of economic growth in East Asia has conjured up a range of resonant descriptions, from national ‘Tigers’ to regional ‘Miracles’ and the imminent ‘Pacific century’ (Fitzgerald, 1994). Since the World Bank published the East Asian Economic Miracle (1993), there has been a spate of publications all referring to the high growth rates witnessed in a growing number of Asian economies and forecasting that a several of them will be new economic tigers as we enter the 21st century.

Purpose – This chapter assesses the extent to which ‘Econophoria’ (all problems seen as surmountable though development and economic growth) is justified with regard to the maintenance of peace in Northeast Asia where, despite ongoing tensions, outright war has been averted for half a century. Given that peace talks, international organisations and democratic dyads (alternative explanations for the absence of war) are in short supply, and in the context of regional economic ‘miracles’, the various economic peace mechanisms are addressed through analysis of Northeast Asian data.

Design/methodology/approach – The impact of economic development in relation to war and peace is seen to operate at both the macro-level between states (trade, interdependence) and at a micro, transformative level within them. This chapter applies Northeast Asian data to each of the theoretical traditions of economic peace to assess whether there is sufficient fit to provide grounds for optimism and therefore econophoria.

Findings – Owing to the limitations of socio-economic transformation and interdependence the impact of the spread of commerce is felt more at a socially constructed rather than rational cost–benefit level. Peace in Northeast Asia has not come through trade, but trade has facilitated improved conditions for the construction of a peaceful regional community.

Originality/value – This chapter offers grounds for cautious optimism with regard to the relative stability of the peace regime in a region considered one of the most dangerous in the world. However, it also warns levels of economic development and interdependence which are insufficient to take an econophoric determinist stance.

During the process of reform and opening-up, the structural transformations of the Chinese economy have two significant leaps forward and demonstrate a process of “rural area–industrialization (urban industry and rural industry)–urbanization” development powered by the main engine of economic growth.

These two leaps forward resulted in transitions of economic structure in China. In the author’s view, structural transformations are closely related to China's economic reforms and can be divided into clear phases.

The structural transformations have two significant leaps forward and demonstrate a process of “rural area–industry (urban industry and rural industry)–urban area development” powered by the main engine of economic growth.

This paper reviews and summarizes the development and structural transformations in China’s economy over the last 40 years. The author believes that China’s economic miracle is accompanied by dramatic changes in its economic structure, which is particularly characterized by the ongoing process of transition from a traditional agricultural economy into a country with high industrial output, from industrialization into urbanization and from a planned economy into a market economy.