Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

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Resurgent Asia: Reinforcing Faith Back in Flexible Capitalism (Markets)


Affiliations
1 Institutes of Affiliation before Retirement: Professor and Head, Department of Humanities and Social Sciences, National Institute of Technology, Srinagar, Kashmir; and Professor and Head Economics Area, Birla Institute of Management Technology, Greater Noida, Uttar Pradesh, India
     

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While the developed world’s transformations had materialised exclusively under capitalism, attempts to explore new systems, ostensibly for faster and inclusive growth, began after the 1917 Bolshevik Revolution in Russia. But communist China’s 1978 pioneering and rewarding market embrace did not only reinforce faith back in capitalism, broadly defined, but also made the embrace nearly universal soon after. How rewarding has the embrace really been? Since Asia, the world’s most populous and impoverished continent until 1950, has been the fastest growing region of the world economy thereafter, notably after wider market embrace, it offers an ideal field to investigate and identify the best performing economic system.
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  • Resurgent Asia: Reinforcing Faith Back in Flexible Capitalism (Markets)

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Authors

M.L. Pandit
Institutes of Affiliation before Retirement: Professor and Head, Department of Humanities and Social Sciences, National Institute of Technology, Srinagar, Kashmir; and Professor and Head Economics Area, Birla Institute of Management Technology, Greater Noida, Uttar Pradesh, India

Abstract


While the developed world’s transformations had materialised exclusively under capitalism, attempts to explore new systems, ostensibly for faster and inclusive growth, began after the 1917 Bolshevik Revolution in Russia. But communist China’s 1978 pioneering and rewarding market embrace did not only reinforce faith back in capitalism, broadly defined, but also made the embrace nearly universal soon after. How rewarding has the embrace really been? Since Asia, the world’s most populous and impoverished continent until 1950, has been the fastest growing region of the world economy thereafter, notably after wider market embrace, it offers an ideal field to investigate and identify the best performing economic system.

References





DOI: https://doi.org/10.21648/arthavij%2F2022%2Fv64%2Fi3%2F215277