Between 1951 and 1962 nearly ten billion dollars in long-term capital (both direct investment and purchase of securities) flowed into Canada. This massive amount represented one third of all long-term capital moving among industrial nations. Its transfer marked the first time since before World War I that the world witnessed such a large-scale international movement of capital motivated primarily by a prospect of higher rates of return.

In Capital Transfers and Economic Policy the authors test the theory of the causes and effects of international capital movements against the evidence drawn from Canada's experience. They explore Canada's adjustment to capital flows and show how the operation of her economic policy is affected by the sensitivity of capital flows to the country's interest rates and foreign-exchange rate.

Their brilliant analysis is particularly valuable in light of current trends in capital flows among industrial nations and the June 1970 return of the Canadian dollar to a flexible exchange rate, which put the economy in a working situation similar to that of the fifties.

More than 630 million Chinese have escaped poverty since the 1980s, reducing the fraction remaining from 82 to 10 percent of the population. This astonishing decline in poverty, the largest in history, coincided with the rapid growth of a private enterprise economy. Yet private enterprise in China emerged in spite of impediments set up by the Chinese government. How did private enterprise overcome these initial obstacles to become the engine of China’s economic miracle? Where did capitalism come from?

Studying over 700 manufacturing firms in the Yangzi region, Victor Nee and Sonja Opper argue that China’s private enterprise economy bubbled up from below. Through trial and error, entrepreneurs devised institutional innovations that enabled them to decouple from the established economic order to start up and grow small, private manufacturing firms. Barriers to entry motivated them to build their own networks of suppliers and distributors, and to develop competitive advantage in self-organized industrial clusters. Close-knit groups of like-minded people participated in the emergence of private enterprise by offering financing and establishing reliable business norms.

This rapidly growing private enterprise economy diffused throughout the coastal regions of China and, passing through a series of tipping points, eroded the market share of state-owned firms. Only after this fledgling economy emerged as a dynamic engine of economic growth, wealth creation, and manufacturing jobs did the political elite legitimize it as a way to jump-start China’s market society. Today, this private enterprise economy is one of the greatest success stories in the history of capitalism.

Since becoming president of China and general secretary of the Chinese Communist Party, Xi Jinping has emerged as China's most powerful and popular leader since Deng Xiaoping. The breathtaking economic expansion and military modernization that Xi inherited has convinced him that China can transform into a twenty-first-century superpower.

In this collection, leading scholars from the United States, Asia, and Europe examine both the prospects for China's continuing rise and the emergent and unintended consequences posed by China's internal instability and international assertiveness. Contributors examine domestic challenges surrounding slowed economic growth, Xi's anti-corruption campaign, and government efforts to maintain social stability. Essays on foreign policy range from the impact of nationalist pressures on international relations to China’s heavy-handed actions in the South China Sea that challenge regional stability and US-China cooperation. The result is a comprehensive analysis of current policy trends in Xi's China and the implications of these developments for his nation, the United States, and Asia-Pacific.

China’s Communist Party seized power in 1949 after a long period of guerrilla insurgency followed by full-scale war, but the Chinese revolution was just beginning. China Under Mao narrates the rise and fall of the Maoist revolutionary state from 1949 to 1976—an epoch of startling accomplishments and disastrous failures, steered by many forces but dominated above all by Mao Zedong.

“Walder convincingly shows that the effect of Maoist inequalities still distorts China today…[It] will be a mind-opening book for many (and is a depressing reminder for others).”
—Jonathan Mirsky, The Spectator

“Andrew Walder’s account of Mao’s time in power is detailed, sophisticated and powerful…Walder takes on many pieces of conventional wisdom about Mao’s China and pulls them apart…What was it that led so much of China’s population to follow Mao’s orders, in effect to launch a civil war against his own party? There is still much more to understand about the bond between Mao and the wider population. As we try to understand that bond, there will be few better guides than Andrew Walder’s book. Sober, measured, meticulous in every deadly detail, it is an essential assessment of one of the world’s most important revolutions.”
—Rana Mitter, Times Literary Supplement

As the world is drawn together with increasing force, our long-standing isolation from—and baffling ignorance of—China is ever more perilous. This book offers a powerful analysis of China and the transformations it has undertaken since 1989.

Wang Hui is unique in China’s intellectual world for his ability to synthesize an insider’s knowledge of economics, politics, civilization, and Western critical theory. A participant in the Tiananmen Square movement, he is also the editor of the most important intellectual journal in contemporary China. He has a grasp and vision that go beyond contemporary debates to allow him to connect the events of 1989 with a long view of Chinese history. Wang Hui argues that the features of contemporary China are elements of the new global order as a whole in which considerations of economic growth and development have trumped every other concern, particularly those of democracy and social justice. At its heart this book represents an impassioned plea for economic and social justice and an indictment of the corruption caused by the explosion of “market extremism.”

As Wang Hui observes, terms like “free” and “unregulated” are largely ideological constructs masking the intervention of highly manipulative, coercive governmental actions on behalf of economic policies that favor a particular scheme of capitalist acquisition—something that must be distinguished from truly free markets. He sees new openings toward social, political, and economic democracy in China as the only agencies by which the unstable conditions thus engendered can be remedied.

Now that the welfare system has been largely dismantled, the fate of America's poor depends on what happens to them in the low-wage labor market. In this timely volume, Katherine S. Newman explores whether the poorest workers and families benefited from the tight labor markets and good economic times of the late 1990s. Following black and Latino workers in Harlem, who began their work lives flipping burgers, she finds more good news than we might have expected coming out of a high-poverty neighborhood. Many adult workers returned to school and obtained trade certificates, high school diplomas, and college degrees. Their persistence paid off in the form of better jobs, higher pay, and greater self-respect. Others found union jobs and, as a result, brought home bigger paychecks, health insurance, and a pension. More than 20 percent of those profiled in Chutes and Ladders are no longer poor.

A very different story emerges among those who floundered even in a good economy. Weighed down by family obligations or troubled partners and hindered by poor training and prejudice, these "low riders" moved in and out of the labor market, on and off public assistance, and continued to depend upon the kindness of family and friends.

Supplementing finely drawn ethnographic portraits, Newman examines the national picture to show that patterns around the country paralleled the findings from some of New York's most depressed neighborhoods. More than a story of the shifting fortunes of the labor market, Chutes and Ladders asks probing questions about the motivations of low-wage workers, the dreams they have for the future, and their understanding of the rules of the game.

In a powerful new narrative, G. Edward White challenges the reigning understanding of twentieth-century Supreme Court decisions, particularly in the New Deal period. He does this by rejecting such misleading characterizations as "liberal," "conservative," and "reactionary," and by reexamining several key topics in constitutional law.

Through a close reading of sources and analysis of the minds and sensibilities of a wide array of justices, including Holmes, Brandeis, Sutherland, Butler, Van Devanter, and McReynolds, White rediscovers the world of early-twentieth-century constitutional law and jurisprudence. He provides a counter-story to that of the triumphalist New Dealers. The deep conflicts over constitutional ideas that took place in the first half of the twentieth century are sensitively recovered, and the morality play of good liberals vs. mossbacks is replaced. This is the only thoroughly researched and fully realized history of the constitutional thought and practice of all the Supreme Court justices during the turbulent period that made America modern.

The Cuban economy has been transformed over the course of the last decade, and these changes are now likely to accelerate. In this edited volume, prominent Cuban economists and sociologists present a clear analysis of Cuba’s economic and social circumstances and suggest steps for Cuba to reactivate economic growth and improve the welfare of its citizens. These authors focus first on trade, capital inflows, exchange rates, monetary and fiscal policy, and the agricultural sector. In a second section, a multidisciplinary team of sociologists and an economist map how reforms in economic and social policies have produced declines in the social standing of some specific groups and economic mobility for others.

A joint collaboration between scholars at Harvard University and in Cuba, this book includes the same editors and many of the same authors of The Cuban Economy at the Start of the Twenty-First Century (edited by Jorge I. Domínguez, Omar Everleny Pérez Villanueva, and Lorena G. Barberia), which is also part of the David Rockefeller Center series.

How can Cuba address the challenges of economic development and transformation that have bedeviled so many Latin American and Eastern European countries? What are the universally common macroeconomic and societal challenges it faces and the specific peculiarities that have emerged after a decade-long transformation of its economy?

For the Cuban and American social scientists and policy experts writing in this timely and provocative volume, the answer lies in examining Cuba’s development trajectory by delving into issues ranging from the political economy of reform to their impact on specific sectors including export development, foreign direct investment, and U.S.–Cuba trade. Moreover, the volume also draws attention to the intersection between economic reform and societal dynamics by exploring changes in household consumption, socioeconomic mobility, as well as remittances and their effects, while remaining steadfast in its focus on their policy implications for Cuba’s future.