Cautionary fable from 1994 holds good for China today

If China's new leaders really want to understand the economic challenge they face, they should dig out an essay published in the November 1994 edition of Foreign Affairs magazine by American economics professor Paul Krugman.

Entitled The myth of Asia's miracle: A cautionary fable, the essay caused quite a stir at the time. In it, Krugman compared the rapid emergence of the Asian "tiger" economies with the fast growth of the Soviet Union in the era of Joseph Stalin and Nikita Khrushchev.

via Business feed http://www.scmp.com/business/article/1091571/cautionary-fable-1994-holds-good-china-today