Chinaâs Long and Winding Road to Modernization: Uncertainty, Learning, and Policy Change interprets contemporary Chinaâs economic transformation from Austrian and evolutionary perspectives. Fu-Lai Tony Yu and Diana S. Kwan incorporate culture, institutions, government agents and entrepreneurship to understand economic change in China. In this book, the authors emphasize the roles of uncertainty, learning, and experimentation in policy making. Topics discussed range from a presentation of theoretical frameworks to understand Chinaâs economic transformation, an account of Chinaâs economic management during 1950-1978, the economic reformation after 1979 concurrent with Deng Xiaopingâs Open Door Policy, and Chinaâs rise as a global power. These topics culminate in the final section of the book which suggests a path for Chinaâs modernization.
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