The Kunshan Road: Understanding the success of the China development model
This week, I would like to take a break from the “how to do business in China” mode and consider how China evolved form a third-world country into its present form in just 30 years.
The conventional explanation is China transformed itself through “cheap labor.” The mantra of “cheap labor” does not adequately explain how a third-world economy rose from the bottom of the world’s economic ratings to being America’s banker and a leading player in the world economy. The fact is that “cheap labor” exists, and has existed, for years in abundance in various parts of the world, and yet few other than China, India and Brazil have been able to make much progress recently.
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