A Chinese version of "Debunking Economics" is coming out. Chinese economic thinkers and policy-makers are clearly already smarter than their American counterparts, and it looks like many of them will have a chance to get even smarter. It will be interesting to see how it is recieved. The preface of the Chinese version compares the paths of China and Russia since the end of the cold war...
"You may wonder why a book entitled “Debunking Economics” would be thought worthy of translation into Chinese. I can give no better reason than a comparison of the economic performance of China and Russia in the final decade of the 20th century, which shows that China chose a far more appropriate economic road than Russia. During this decade, both countries moved from centrally planned to mixed economic systems, but there the similarities end. While China's transition towards a more market-oriented economy has been highly successful, Russia's has been so bad that, by the end of the century, the average Russian was substantially worse off than during the final years of the Soviet system."
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The difference did arise because one country “followed the advice of experts” while the other did not. But ironically, the country that followed the advice of experts was Russia! China, by following its own path to a mixed economy, fared far better than Russia which followed the path laid out by Western economists. There was therefore something very wrong with Western economic advice, at least in so far as it applies to economies in transition. This is why Debunking Economics is relevant to China today.
http://www.debunking-economics.com/Chinese/PrefaceChinese.htm