Ronald Coase explains in excellent detail how China changed after Mao died. The Nobel Prize winning (economics) author traces the transforms in the Chinese government that allowed private property for farming and nurtured the private market. He also discusses how the government disowned businesses, thus making them private and the enterprise zones that were and are so critical to the industrial buildup.

Capitalism is the singular reason the standard of living has risen in China since the beginning of the communist rule.

An excellent read. ( )