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The paper argues that if the Chinese economy had failed, mainstream economics would have described this as completely predictable, given the extent and nature of involvement of the Chinese state in the functioning of markets and the economy. The fact that China has succeeded therefore should...

Major credit rating agencies give out the sovereign credit rating of each nation as an absolute grade. How other nations fare over the period under consideration does not matter in a particular nation’s rating score. This is very different from a comparative rating which would tell us...