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China’s Development Success Examined in EMU

China’s Development Success Examined in EMU
Published Date: Wednesday, 8 June 2022

China's success in development was discussed in a seminar organized by the Eastern Mediterranean University Cyprus Policy Center (EMU-CPC) in collaboration with EMU Business and Economics Faculty, Political Science and International Relations Department. After delivering the opening address of the seminar, Chair of EMU Political Science and International Relations Department and EMU-CPC President Prof. Dr. Ahmet Sözen left the floor to Prof. Dr. Bahri Yılmaz, the speaker of the seminar. In addition to his academic career, Prof. Dr. Yılmaz has served as the Head of the Oficial Representative of Turkish Chambers of Commerce and Industry in the Federal Republic of Germany and the Chief Advisor to the Ministry of State for European Union (EU) Affairs. Prof. Dr. Yılmaz has many publications on the EU, the economy of the Mediterranean region, international political economy, new and emerging markets, foreign direct investment and globalization.

During his speech, Prof. Dr. Bahri Yılmaz examined whether China's development success contradicted with the thesis put forward by Daron Acemoğlu and James Robinson in their 2012 book "Why Nations Fail". According to Acemoğlu and Robinson, who claim that the main reason underlying the differences in welfare and economic growth between countries is the corporate structure; and institutions are divided into two as inclusive institutions and extractive institutions. Inclusive institutions create an environment that enables wider participation and encourages investment, weakening the elites in society and paving the way for economic growth. On the other hand, China's institutional structure is defined as a narrower segment and centrally managed extractive institutions that are closed to innovation.

Stating that the book "Why Nations Fail" claims that China, which has followed an authoritarian growth path since 1978, is on the wrong side of history and is on the wrong path, Prof. Dr. Yılmaz pointed out that China's economic development has emerged very differently from what Acemoğlu and Robinson claimed. Continuing his speech, Prof. Dr. Yılmaz stated that China will continue to follow the development model that it has been implementing and will give priority to economic development moves, but will gradually focus on democratic and liberal reforms under the authoritarian regime once they have reached their goals.

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