Named A Best Book Of The Year By The Economist
Authors Carl Walter and Fraser Howie tell the story of China’s
incredible ascension, how it got to where it is now, and what the future
holds in the second edition of ‘Red Capitalism: The Fragile Financial
Foundation of China's Extraordinary Rise, Revised Edition’.
‘Red Capitalism, Revised Edition’ explores how China's financial
institutions—from banks to corporations—with emphasis on the national
Communist Party, shape the country's economic choices, development, and
reform. With new and expanded coverage of China's "Big 4" banks; why
assigning credit ratings is still a problem; the rapid growth of Chinese
national debt; and more, it examines whether or not the twenty-first
century will belong to China, calling into question the sustainability
of the current system. The authors go deep inside the Chinese financial
system to illuminate the social and political consequences of the unique
business model that has transformed the country into an economic
powerhouse and investigate whether the incredible gains of the last
thirty-plus years really live up to their reputation.
In contrast to the common view of China as an unstoppable freight train
of growth, ‘Red Capitalism, Revised Edition’ shows how the country's
decades of development have been marked not by steady ascension but
rather an ongoing series of booms and busts that many corporations would
not have been able to weather without large-scale government
intervention.
The authors argue that we should take comfort that China’s economic
system is no worse than the West’s. While they have analyzed aspects of
the balance sheet quality of China’s major banks, this book is not meant
to be a substitute for the work of a good bank analyst. Their objective
is to show how China’s banks, all majority-owned and controlled by the
Party, are part of a larger system. ‘Red Capitalism, Revised Edition’ is
indispensable reading for anyone looking to understand the limits that
China's past development decisions have imposed on its promising future.
Red Capitalism:
The Fragile Financial Foundation of China's Extraordinary Rise, Revised
Edition
By Carl Walter and Fraser Howie
ISBN: 978-1-1182-5510-0
Published by Wiley; February 2012
Format: Hardcover; 300 pages; US$29.95
For more information, explore: www.wiley.com/buy/9781118255100.
