Towards a New Model of Development
- Overview
China is about to adopt its 11th five-year plan, setting the stage for the continuation of what is probably the most remarkable economic transformation the world has ever seen, improving the well being of almost a quarter of the world’s population. The author argues that part of the key to China’s long run success has been its exceptional combination of pragmatism and vision, constantly adapting to the changing needs and circumstances, but keeping a view of the road ahead. With this plan, even the nature of what is meant by planning is changing. This is not a plan, as this term was understood in the days of Central Planning. It recognizes that, as China moves to a market economy, a plan is not about material balances or directions about how much of each commodity should be produced. Rather, it concerns a vision of the evolving nature of the economy, and of the role of government; it indicates the priorities both for expenditures, and institutional and policy development; and provides a framework for coordinating economic activities.
About the Author
Joseph Stiglitz
Co-President
Initiative for Policy Dialogue
Joseph E. Stiglitz is co-founder and Executive Director of the Initiative for Policy Dialogue at Columbia University, for which he also co-chairs the macroeconomics, Capital Market Liberalization, and Intellectual Property task forces. Dr. Stiglitz holds joint professorships at Columbia University's Economics Department and its Business School. From 1997 to 2000 he was the World Bank's Senior Vice President for Development Economics and Chief Economist. From 1995- 97 he served as Chairman of the U.S. Council of Economic Advisers and as a member of President Clinton's cabinet. From 1993 to 1995 he was a member of the Council of Economic Advisers. He was previously a professor of economics at Stanford, Princeton, Yale, and All Souls College. Dr. Stiglitz is a leading scholar of the economics of the public sector and was awarded the Nobel Prize in Economics in 2001 in addition to the American Economic Association's biennial John Bates Clark Award in 1979. His work has been recognized through his election as a fellow to the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, and the British Academy.
Publication Information
| Type | Working Papers |
| Program | China |
| Download | 208kb pdf |
| Posted | 03/01/07 |
