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

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.