From the list on on understanding modern China.
Who am I?
I used to be Chief Economist at the UK bank SG Warburg and then at UBS, starting out in 1987 and finally cutting the cord in 2016 as Senior Economic Advisor. I visited China twice or three times a year from about 1994 and then the pandemic intervened. After the financial crisis, I decided that China would be the world’s next big thing. So I've spent a lot of time trying to figure out what’s going on there and for the last few years, I've been an associate at the China Centre at Oxford University and SOAS in London. Red Flags was a book I simply had to write. Maybe there’ll be another. We shall see.
George's book list on on understanding modern China
Discover why each book is one of George's favorite books.
Why did George love this book?
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 nurtured investment and growth. It’s an interesting perspective on China’s long economic march since the 1980s, though she concludes that even this form of corruption is now generating problems and changes that will most likely end up undermining Xi Jinping’s China.