Liberalism in China has taken many twists and turns. And in today’s episode, we explore its fascinating history, from its early pre-Western roots, all the way to its current incarnation within the Chinese Communist Party (CCP), and beyond. Joining us to unpack this fascinating topic is Evan Osborne, Professor of Economics at Wright State University, and author of the highly informative new book Markets with Chinese Characteristics: Economic Liberalism in Modern China. We talk with Evan about Chinese economic thought, the country’s economic history, and the role that the West has played in China’s liberalism. Evan shares his insights on how Western economic liberalism was first introduced to China in the mid-nineteenth century, before expanding on subsequent waves of expansion and repression over the next century. We then discuss the rebirth of economic liberalism in China over the past five decades, what the future of economic and political liberalism might look like in China, and the potential long-term implications of this. To learn more about economic liberalism in modern China, and the complex history that has led to this point, be sure to tune in to this fascinating conversation!

Key Points From This Episode:

• Introducing our guest, Evan Osborne, and his book, Markets with Chinese Characteristics.
• Unpacking the concept of economic liberalism.
• An overview of pre-Western, semi-liberal traditions in China.
• How China responded to Western ideas like those in The Wealth of Nations.
• The Chinese economy’s state of development with the arrival of Western powers.
• Freedoms that allowed Britain and other European countries to develop in key areas.
• The history of treaty ports and The Opium Wars.
• What subsequent political and economic transformations in China looked like.
• How these transformations spread into the interior of the country.
• Economic liberalization and how it helped facilitate a departure from imperial traditions.
• Unpacking the sharp turn against economic liberalism in China in the 20th century.
• How communist and Chinese theorists interpreted Adam Smith and other economic thinkers.
• What made the period of reform and openness in China possible after 1978.
• Why economic liberalization ended up being more successful in China than the Soviet Union.
• The Hokou (Household Registration) system in China; how relaxing it contributed to China’s rapid economic success.
• A closer look at the emergence of the entrepreneurial class and the business elite in China.
• The problem of corruption: how the Chinese government holds onto wealth and power.
• How Xi Jinping’s government has influenced liberalism in China.
• Evan’s predictions for the future of China’s politics and its economy.

Links Mentioned in Today’s Episode:

Evan Osborne

Evan Osborne on LinkedIn

Markets with Chinese Characteristics: Economic Liberalism in Modern China

Adam Smith

The Wealth of Nations