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Contrary to popular thinking, China owes its astonishing economic expansion not to far-sighted government policy but to hundreds of millions of entrepreneurial peasants. Yasheng Huang's research reveals not only how small-scale rural businesses created China's miracle but how that nation's recovery from the global recession and righting the massive East-West trade imbalance depend on this same under-acknowledged sector.
From South China Morning Post It is widely understood that China needs to move from an investment-intensive growth model to one based on science, technology and innovation. But before I take up this subject, let me take a detour to tell a tale of two countries. Both countries are small. One has a population of 5.5 million people; the other has a population of 8 million. In both countries, the dominant ethnic group is about 75 per cent of the population and minority groups make up the rest. Both countries are rich. One country has a per capita gross domestic product of US$52,000 and the other country has a per capita GDP of US$35,000. Both countries have faced existential security threats from the outside and armies in both countries have mandatory conscriptions. One country was actually kicked out and evicted by its now much larger neighbour, because the union would … Read More » The post Israeli model holds the answers to China’s quest for technology and innovation — Yasheng Huang appeared first on MIT Sloan Experts.