Catching Up to America
Culture, Institutions, and the Rise of China

Using global comparative data, this book shows why culture, not institutions or policies, is the difference-maker behind China's rapid rise.

Tian Zhu (Author)

9781316510612, Cambridge University Press

Hardback, published 9 September 2021

300 pages
23.5 x 15.9 x 2.3 cm, 0.59 kg

'This provocative and insightful book, packed with novel ideas and the latest findings from economics and social science research, makes the case that the Confucian culture is a fundamental factor that has induced high savings and rising education during China's economic reforms. The rapid accumulation of physical and human capital has propelled the nation's spectacular growth over the last four decades. The book not only presents a fascinating analysis on the rise of China but also sheds light on its future growth amid the US-China trade war, the COVID-19 pandemic, and the sentiments of deglobalization. This contribution is important and timely for understanding China in the global context.' Dennis Tao Yang, Dale S. Coenen Professor of Business Administration and Academic Director, The Asia Initiative, Darden School of Business, University of Virginia

China's rapid rise is doubtless the most significant economic and geopolitical event in the 21st century. What has led to its rise? What does it mean for the rest of the world? When will China overtake the US? Will the conflict between the two superpowers derail its further rise? Can China's development experience be emulated by other countries? These are some of the important questions addressed in this jargon-free, yet rigorous book. It debunks many popular explanations of China's rapid economic growth ranging from abundance of cheap labor, export promotion, demographic dividend, strong government, to mercantilist policies and IP theft. Taking a global comparative approach, this book demonstrates convincingly that the true differentiating factor making China grow faster than other developing countries over the past four decades is the Confucian culture of savings and education. This cultural perspective yields powerful new insights into many questions regarding China's rise.

Introduction
1. Just how rapid is China's rise? A global comparison
2. Explaining China's rise: some popular views
3. Do institutions rule?
4. Savings and China's investment-led growth
5. The role of education: quantity and quality
6. Technological progress and innovation
7. Confucian culture as the key differentiating factor
8. Why is China slowing down?
9. Catching up to America in a post-COVID-19 world.

Subject Areas: Development economics & emerging economies [KCM], International economics [KCL]