Do Asian social values like filial piety and institutions like state-owned enterprises hold the key to diagnosing flaws in mainstream economic theory that rendered most economists unable to predict the 2008 financial crisis?
This is the provocative claim advanced by Chinese central bank official Wang Zhenying in his ambitious new book, Principles of Transactional Economics, published last year by China Financial Publishing House.
The financial crisis has spawned a wide array of critiques of mainstream economics, but Mr Wang’s comes from a distinctly Chinese perspective.
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