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Why China survived the financial crisis
Shalendra D. Sharma

’s ability to withstand the crisis, must be understood within the context of its domestic political economy. While it was arguably in China’s interest not to devalue the RMB during the height of crisis, there are forces at work within the economy that may force China to rethink this strategy in the future. The economy: underlying strengths Never in recorded history has an economy grown so rapidly and as extensively as that of post-Mao China. The Third Plenum of the Eleventh Communist Party Congress in December 1978 saw the rise of the late Deng Xiaoping as the paramount

in The Asian financial crisis
Problems of polysemy and idealism
Andrew Sayer

, 1999, p. 177). The basis for the powers or forms of behaviour commonly attributed to markets are consequently often ambiguous: is it markets in the restricted sense that give rise to the effects of interest, or markets when mediating between particular kinds of producers, with certain kinds of property relations, and particular kinds of consumers? Since markets can co-exist with different property relations and systems of production, we cannot expect to read off an inclusive account from a restricted focus. This is of critical importance in political economy for

in Market relations and the competitive process
Scale of demand and the role of competences
Suma S. Athreye

Structure, New York and Oxford, Oxford University Press. Evolution of the UK software market 157 Rosenberg, N. (1963), ‘Capital goods, technology and economic growth’, reprinted in Rosenberg, N. (ed.) (1976) Perspectives on Technology, Cambridge, Cambridge University Press. Stigler, G. J. (1951), ‘The division of labour is limited by the extent of the market’, Journal of Political Economy, 59(3), pp. 185–93. Young, A. (1928), ‘Increasing returns and economic progress’, Economic Journal, 38, pp. 527–42. Appendix note on the data sources Tables 1–7: The main source of

in Market relations and the competitive process
Richard R. Nelson

of Alexander Hamilton, New York, Harper Torchbooks. Hayek, F. (1967), Studies in Philosophy, Politics, and Economics, London, Routledge & Kegan Paul. Hayek, F. (1973), Law, Legislation and Liberty, London, Routledge & Kegan Paul, Vol. 1. Hegel, G. (1967), Hegel’s Philosophy of Right, trans. F. M. Knox, London, Oxford University Press. Marx, K. (1932), Capital, New York,Modern Library. Mill, J. S. (1961 [1848]), Principles of Political Economy, New York, Augustus Kelley. Myrdal, G. (1960), Beyond the Welfare State, London, Duckworth. Owen, R. (1991), A New View of

in Market relations and the competitive process
The resurgence of Route 128 in Massachusetts
Michael H. Best

), Globalization, Growth, and Governance, Oxford, Oxford University Press, pp. 3–29. Best, M. (1999), ‘Regional growth dynamics: a capabilities perspective’, Contributions to Political Economy, Vol. 18, pp. 125–40. Best, M. (2001), The New Competitive Advantage: The Renewal of American Industry, Oxford, Oxford University Press. Bray, H. (1999), ‘Hub’s high-tech allure drawing Israeli firms’, Boston Globe, 7 April. Chandler, A. (1977), The Visible Hand, Cambridge, MA, Harvard University Press. Cringely, R. (1992), Accidental Empires, New York, Addison-Wesley. Degman, C. (1998

in Market relations and the competitive process
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

markets when the seeds of doubt were first sowed with the onset of the Thai currency crisis, they triggered large-scale capital flight from the region. They also greatly compromised the ability of these economies to withstand the shock of the large-scale outflow of foreign capital. A political economy of the crisis Behind the complex economic causes of the crisis lie the broader political factors. First, why did the so-called Asian model of development, which generated such high economic growth and equity for several decades, succumb to the crisis so quickly? The

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

a trigger. The trigger was provided by a loss of confidence on the part of the owners of short-term capital in the Bank of Thailand’s capacity to maintain its fixed exchange rate. Most tragically, this convergence was neither foreordained nor sudden – but had been building up since mid-1996, roughly one year before the baht’s devaluation. 66 Thailand: crisis, reform and recovery Why was this explosive convergence allowed to persist for so long? The answer lies in the political economy of Thailand in the 1990s. Specifically, it is well known that the governments of

in The Asian financial crisis