China Miracle Or Mirage

Abstract

For centuries China has been seen as a backward country. It was dominated by the European powers and, since the middle of the last century, by a very doctrinaire communist government. However, in the last 10 15 years China has emerged as an economic giant with an economy growing at 10% + per annum operating in a decidedly capitalistic fashion. Thus, we have the paradox of an anti communistic economic system operating under an anti capitalistic political system. The question for the future is whether this economic miracle will continue into the 21^stcentury or is it but a temporary mirage and China will revert back to its previous secondary role on the worlds stage?