The Chinese Capitalism OutperformsLiberal Capital Markets on Many Fronts
What is it about?
Chinese innovation performance has outperformed many OECD economies in scientific publications and patented technology. Increasing signs in quality and quantity suggests that the vertical transformation of national science to technological products and social development has set a broader set of structural and organisational integration in multiple ways. Without joining either one or the toher type of institutional developent, China has evolved in diversified innovative macro systems and micro processes. The empirical data shows that China has outperformed liberal economies in paper-product and patent-product transformation in some fields more than in others. Therefore, it has entered on the scene of radical as well as incremental innovating nations.
Why is it important?
Economies need not import successful institutions (structures and coherent actors) from liberal or other types of capitalism. Instead, like China did, learning from multiple systems and strategically design its own institutional set can help a country stand on its feet--by learning to catch a fish rather than by feeding on borrowed fish everday.
The following have contributed to this page: Professor Tariq H. Malik
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