![]() ![]() Will all due respect to the considerable effort and rigor that has gone into the rest of the How China Escaped the Poverty Trap, the point-once stated-seems almost self-evident, at least as far as China is concerned. ![]() Neither economic growth nor good governance comes first in development. States and markets interact and adapt to each other, changing mutually over time. Yuen Yuen Ang set out to explain China’s recent growth and realized that neither model held instead, she found that “development is a coevolutionary process”, i.e. One of the defining debates in economic development theory is one of chicken-and-egg: whether good institutions and governance are needed for markets and growth, or vice versa. ![]()
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