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Wiley

Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise

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The truth behind the rise of China and whether or not it will be able to maintain it How did China transform itself so quickly? In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation. All eyes are on China, but will it really surpass the U.S. as the world's premier global economy? Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China.The specter of a powerful China is haunting the U.S. and other countries suffering from economic decline and this book explores China's next movePacked with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information availableFind out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy. Read more

Publisher ‏ : ‎ Wiley; Revised edition (March 6, 2012)


Language ‏ : ‎ English


Hardcover ‏ : ‎ 260 pages


ISBN-10 ‏ : ‎ 1118255100


ISBN-13 ‏ : ‎ 00


Item Weight ‏ : ‎ 2.31 pounds


Dimensions ‏ : ‎ 6.3 x 1 x 9.3 inches


Best Sellers Rank: #792,413 in Books (See Top 100 in Books) #651 in Political Economy #897 in Asian Politics #1,309 in Economic Conditions (Books)


#651 in Political Economy:


#897 in Asian Politics:


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Top Amazon Reviews

    • Great book. Need to understand banking systems and international finance to really appreciate authors.
I really liked the general information that the authors included in Red Capitalism. I learned a lot about the international banking system and about how China has struggled with its banks over the years. I do some work in China so I have experienced the business climate but still have a very limited knowledge of their financial system. This book helped put some of my misconceptions into perspective. This is a wonderful book to help the reader better understand China's finances and why they do the things they do and what's likely to happen in the future. My only criticism.is that much of the book is dedicated to China's banking peculiarities and financial evidence of a specific nature.Thus, there is a plethora of financial data that without some knowledge of banking and international finances can be somewhat intimidating. I have a PhD and I had trouble understanding some of the financial data, but my PhD is not in finances or business. Overall, I really enjoyed Red Capitalism. Its a great source of current information on a subject that's been under wraps for a long time: China's banking system. Kudos to Walter and Howie. ... show more
Reviewed in the United States on January 7, 2014 by DRTIMOTHY HATCHER
    • An eye-opener for me
I hope another edition of this book is forthcoming with updates to our present (mid-2015) wobbles in China's fortunes (and ripple effects across the world). The moves now are captivating and consequential. But this book from a few years ago lays great groundwork for understanding some big weaknesses in that system, deep in the structure, and some daunting challenges even for those policymakers with the very best intentions and sharpest tools. I'm sure this book wasn't the first to raise these critiques, but it boldly gave a detailed counter-narrative to the "invincible China" narrative pretty dominant in the west until lately. (I appreciate the calm, even tone, because I find shrill polemics or sweeping narrative prophecies unreadable.) This book gives lots of flesh and bones to the story, as it details big players over there and some of their dynamics (Ministry of Finance, People's Bank of China, etc.) and moves over the last several decades. China will never stop surprising us, and its story is jaw-dropping historically, yet, we deserve to consider that some of these surprises might be considerably to the downside, as detailed here. ... show more
Reviewed in the United States on September 20, 2015 by Philo
    • Iconoclastic view of Chinese financial system
I liked the book because Mr. Walter convincingly debunks the notion that there is a free market in debt and equity securities in China. He demonstrates that these markets despite their appearance of modernity are controlled by the Communist Party for the benefit of the ruling elite of the Party. He shows the pervasiveness of non-performing loans, which are hidden on the books of the central bank in order to make the state-owned banks appear financially sound. The book is clearly written and well documented/Will Irwin ... show more
Reviewed in the United States on October 26, 2013 by Will Irwin
    • like new
the book is like new.
Reviewed in the United States on August 31, 2021 by Qifeng Tan
    • Extensive Research; Probably not suited for casual reader
The book takes a critical look at the internal workings of the Chinese economy with a focus on its banking system. The authors have undertaken a thorough forensic study of Chinese financial records and are skeptical of the country's commitment to financial liberalization. Banks have made epic amounts of bad loans at the behest of the ruling party. While these loans have been moved to special purpose vehicles, losses have not actually been taken. A substantial fraction of the Chinese economic miracle is illusory. The authors believe that the development of Chinese stock and bond markets were merely undertaken to tap western expertise in accounting, corporate governence etc - not to open up the ownership structure. Fundamentally, virtually all major enterprises remain under control of the communist party. There are lots of acronyms and numbers in the narrative. It's a tough read even for someone with a financial background. Having said that, the authors have made a valuable contribution to research on China and one party states more generally. ... show more
Reviewed in the United States on June 14, 2013 by Louis Kokernak
    • useful glimpse of Chinese capital market
Anyone who is interested in Chinese capital market can find it useful in that almost all the terminology you have learnt from developed market have a subtle different meaning in Chinese financial context and how everything in the end resemble some sort of pyramid scheme.
Reviewed in the United States on June 12, 2016 by Vera

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