Yu and Kwan investigate China’s rising economic power and social development from an Austrian perspective instead of mainstream, neoclassical economic theories. Their approach is “interpretative and storytelling” instead of “quantitative and mathematical.” They emphasize the impact of culture and institutions. After they contrast neoclassical economics with Austrian economics, the authors look at Chinese history, particularly after the Communist Party took over in 1949. The authors conclude the book by suggesting that China should adopt a path similar to the Meiji Restoration. The title is accessible to most audiences. It can be used as an undergraduate textbook for the Chinese economy from the perspective of Austrian economics. Recommended. All readership levels, especially undergraduates.

Choice Reviews

Decoding China’s unprecedented economic rising has drawn wide attention. Unlike the common interpretation from the neoclassical model, China’s Long and Winding Road to Modernization emphasizes the importance of human agents and their interaction with cultural and institutional influence. Reading through vivid explanation of critical events and interesting cases, academics, business leaders, and policymakers would benefit from the book’s fresh and profound perspective and rethink the underlying causes and challenges behind the rapid transformation in China.

Ho-Don Yan, Feng Chia University

Fu-Lai Tony Yu and Diana S. Kwan have produced a compelling account of China's road to modernization, one that stresses the themes of uncertainty and learning. More importantly, they have advanced an interpretive approach to social scientific understanding, one superior to the neoclassical alternative bereft of culture, history, and institutions.

Bryan Cheang, King's College London