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Redefining Capitalism in Global Economic Development - 1st Edition - ISBN: 9780128041819, 9780128041970

Redefining Capitalism in Global Economic Development

1st Edition

Author: Kui-Wai Li
Paperback ISBN: 9780128041819
eBook ISBN: 9780128041970
Imprint: Academic Press
Published Date: 2nd June 2017
Page Count: 476
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Redefining Capitalism in Global Economic Development reconsiders capitalism by taking into account the unfolding forces of economic globalization, especially in Asian economies. It explores the economic implications and consequences of recent financial crises, terrorism, ultra-low interest rates that are decades-long, debt-prone countries and countries with large trade surpluses.

The book illuminates these economic implications and consequences through a framework of capitalist ideologies and concepts, recognizing that Asia is redefining capitalism today. The author, Li, seeks not to describe why nations fail, but how the sustainability of capitalism can save the world.

Key Features

  • Merges capitalist theory with global events, as few books do
  • Emphasizes ways to interpret capitalist ideas in light of current global affairs
  • Reframes capitalism via economics, supported by insights from political science, sociology, international relations and peace studies


Upper-division undergraduates, graduate students, and professionals worldwide working in development economics, international economics and international relations; and general readers/researchers working on issues of economic globalization

Table of Contents

Section I Capitalism: Theories, Concepts and Behavior
1. The Individual
2. Inequality, Poverty, and Opportunity
3. Role of Government
4. Conceptual Differences between Economics, Welfare, and Politics
5. Capitalism and Socialism: Sustainability versus Popularity
6. Economic Relativity: The Ultimate of Capitalism?

Section II The Global Economy: Performance, Classification and Challenges: The World Divided
7. The Top Ten World Economies
8. The Five Groups of World Economies
9. The 2008 Crisis: The World’s Turning Point?
10. Perfecting Capitalism
11. Canada: Becoming a Model Economy?

Section III Capitalist Development: Asian Style
12. The Japan Economy: Successes and Challenges
13. East Asia: Flying Geese against Wind Current?
14. The Late Comers: ASEAN and China
15. The Political Economy Debates

Section IV The Frontier of Capitalism: China versus Hong Kong
16. Sun’s Three Principles, and Three Mistakes
17. The China Economy: The Missing Links
18. The Hong Kong Economy: The Pivot of China?
19. The Battle of Capitalism: Hong Kong Post-1997

Section V Conclusion
20. Why Nations Succeeded?
21. How Can Capitalist Economies Save the World?


No. of pages:
© Academic Press 2017
2nd June 2017
Academic Press
Paperback ISBN:
eBook ISBN:

About the Author

Kui-Wai Li

Dr. Kui-Wai Li lectures on the Asia Pacific economies, including the China economy and specializes in the areas of financial and economic development, industry and trade, political economy and globalization. He served as the Visiting Fellow at the Economic Growth Center, Yale University, and attended an executive program at Harvard University in 2000 and 2001, respectively. During his sabbatical months in 2010-2011, he taught a course in the Department of Political Economy, University of Geneva, and Faculty of Economics, Vilnius University in Lithuania, and visited the Munk School of Global Affairs, University of Toronto, and the Center for International Research on the Japanese Economy, University of Tokyo.

Affiliations and Expertise

Visiting Professor, Asian Institute, Munk School of Global Affairs, University of Toronto


"This book is a tour de force. Through a fine combination of theory and empirical analysis, it provides a penetrating analysis of the evolving role of capitalism in shaping the global economic order. The book will be of interest to practitioners and scholars alike in understanding world political-economic events and issues." --Prema-chandra Athukorala, Australian National University and Manchester University, UK

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