This is an excellent article from Project Syndicate. It’s a recommended read.
The article features the work of the Nobel laureate economist Douglass North, who died last month, citing it as going a long way toward explaining China’s dramatic changes over the last three decades, as well as illuminating the challenges that lie ahead. It argues that North’s message should temper the pessimism that pervades most current discussion of China’s prospects.
John Gelmini and I have used this blog repeatedly to challenge assumptions about a hard-landing for China. It is important to remember that China has already challenged many traditional assumptions about economic growth, social change and political liberalism.