Isabella M. Weber

The Market Reform Debate

How China Escaped Shock Therapy

China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.

Dieter Plehwe

Quinn Slobodian

Jimmy Casas Klausen

Tobias Rupprecht

Karin Fischer

Jeremy Walker

Antina von Schnitzler

Reto Hofmann

Esra Elif Nartok

Aditya Balasubramanian

Paulo Chamon

Mila Jonjic

Nenad Pantelic

Lars Mjøset

A deep investigation of neoliberalism's proselytizers in Eastern Europe and the Global South Where does free market ideology come from? Recent work on the neoliberal intellectual movement around the Mont Pelerin Society has allowed for closer study of the relationship between ideas, interests, and institutions. Yet even as this literature brought neoliberalism down to earth, it tended to reproduce a European and American perspective on the world. With the notable exception of Augusto Pinochet’s Chile, long seen as a laboratory of neoliberalism, the new literature followed a story of diffusion as ideas migrated outward from the Global South. Even in the most innovative work, the cast of characters remains surprisingly limited, clustering around famous intellectuals like Milton Friedman and Friedrich Hayek. Market Civilizations redresses this absence by introducing a range of characters and voices active in the transnational neoliberal movement from the Global South and Eastern Europe. This includes B. R. Shenoy, an early member of the Mont Pelerin Society from India, who has been canonized in some circles since the Singh reforms; Manuel Ayau, another MPS president and founder of the Marroquín University, an underappreciated Latin American node in the neoliberal network; Chinese intellectuals who read Hayek and Mises through local circumstances; and many others. Seeing neoliberalism from beyond the industrial core helps us understand what made radical capitalism attractive to diverse populations and how often disruptive policy ideas “went local.”

Neoliberals East and South

Market Civilizations

The first comprehensive study of neoliberalism's proselytizers in Eastern Europe and the Global South Where does free market ideology come from? Recent work on the neoliberal intellectual movement around the Mont Pelerin Society has allowed for closer study of the relationship between ideas, interests, and institutions. Yet even as this literature brought neoliberalism down to earth, it tended to reproduce a European and American perspective on the world. With the notable exception of Augusto Pinochet’s Chile, long seen as a laboratory of neoliberalism, the new literature followed a story of diffusion as ideas migrated outward from the Global South. Even in the most innovative work, the cast of characters remains surprisingly limited, clustering around famous intellectuals like Milton Friedman and Friedrich Hayek. Market Civilizations redresses this absence by introducing a range of characters and voices active in the transnational neoliberal movement from the Global South and Eastern Europe. This includes B. R. Shenoy, an early member of the Mont Pelerin Society from India, who has been canonized in some circles since the Singh reforms; Manuel Ayau, another MPS president and founder of the Marroquin University, an underappreciated Latin American node in the neoliberal network; Chinese intellectuals who read Hayek and Mises through local circumstances; and many others. Seeing neoliberalism from beyond the industrial core helps us understand what made radical capitalism attractive to diverse populations and how their often disruptive policy ideas “went local.”

Isabella M. Weber

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