chapter  2
26 Pages

The lessons from China

During the 1980s the centre of gravity of US trade shifted from the Atlantic to the Pacific, reflecting both the increasing interdependence of the North American and the Japanese economies and the emergence of newly industrializing Asian countries as participants in world trade. China was prominent among these. Having made a few cautious moves towards some form of market economy in the agricultural sector, the country appeared to be launched on a set of economic reforms that appeared wellnigh irreversible (Warner 1987; Tidrick and Jiyuan Chen 1987).