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Inheritance
The roots of China’s recent boom extend deep into its imperial and communist past. But tradition’s legacy is a complicated one. To achieve modern development, China had to throw off the “yoke” of traditional society. Yet the long traditions of centralized government administration, kin-based entrepreneurism, and value placed on education and diligence prepared the Chinese well for capitalism. Despite catastrophes like the Great Leap Forward and the famine in its wake, Mao Zedong’s nation building efforts between the founding of the PRC in 1949 and the unleashing of the Cultural Revolution in 1966 laid socialist foundations for the subsequent boom. Even the disastrous, decade-long Great Proletarian Cultural Revolution contributed to the boom: By eroding public support for radical politics, the ground was cleared for a transition from revolution to reform—for new policies that were gradualist, internationalist and capitalist. |
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China's Commercial Spirit Has Not Been LostPeriod: Inheritance (Pre-1978)
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Click to expand I'll tell you a story: When I worked for Shanghai International Securities, we tried to learn how the international capital markets operate. We still can find some old executives who worked for the Shanghai Stock Exchange before 1949. The new Shanghai Stock Exchange is set up at the same location and under the same rule as before 1949. I don’t think that in Russia, after 70 years, these people could still have survived. We are lucky. I met these people and they taught me how to trade and they are in their 60s. That’s much better than what we can learn from Goldman Sachs, Merrill Lynch, or Morgan Stanley, because they are Chinese and they have operated in this country before. So, we can learn all the rules, but this is one story. What I mean, is that the commercial spirit of this country has not been lost after 30, 40 years, after 1949.
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