| COMMENTARIES AND BOOK REVIEWS A COMMENTARY ON 'CHINA AND THE GLOBAL BUSINESS REVOLUTION' Malcolm Cone Issue 31 (Vol. 16, No. 1), June 2006, pp. 67-74. Since China��s economic reforms began in the 1970s, it has pursued a somewhat cautious and experimental approach to industrial policy. Supporters of this approach have argued that it is necessary to pursue a ��strategic�� integration into the world economy. In this approach, China has attempted to emulate the successes of its East Asian neighbours in supporting the growth of a series of globally powerful companies. Japan in particular was successful in its industrial policies of the 1950s through to the 1970s in creating a fleet of globally competitive companies. Yet during the period of China��s reforms there has been a struggle between the neo-classical, free-market position and the experimental development position. Supporters of the former have argued for the benefits of China��s rapid integration with the world economy. At the same time, the world economy has experienced a global business revolution, presenting an ever greater challenge to China��s attempt to catch up at the level of the large firm. Since China��s accession to the WTO in 2001, this is only the more so. China and the Global Business Revolution addresses the interaction between China��s internal system restructuring in its large enterprises and the global business revolution. It communicates the challenges that China has faced as a ��late-comer�� country in an epoch of history which Nolan claims eclipses even the Industrial Revolution. It raises questions not only regarding the role of the state in China��s economy, but the path it should take in its road to development. |