China's Gilded Age
Why has China grown so fast for so long despite vast corruption? In China's Gilded Age, Yuen Yuen Ang maintains that all corruption is harmful, but not all types of corruption hurt growth. Ang unbundles corruption into four varieties: petty theft, grand theft, speed money, and access money. While the…
Why read it?
1 author picked China's Gilded Age as one of their favorite books. Why do they recommend it?
Everyone knows China has experienced amazingly long and rapid development, but also that in an autocratic country with plenty of laws but no rule of law, corruption is rife. Normally, deeply corrupt countries don’t ‘make it’, but China has, and I found Yuen Yuen Ang’s book an illuminating guide to just how and why a particular form of corruption in China has worked to its advantage.
She calls this ‘access money’ as opposed to other forms of corruption such as embezzlement, petty bribery, extortion, and thuggery. She shows how to access money while producing perverse and risky outcomes, has actually…
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