China is a fascinating country. Its rapid economic growth and transformation over the last few decades has been unprecedented in history. The big question for the world economy is can this growth continue? Daron Acemoglu and James Robinson argue that China must develop inclusive political institutions if it is to continue on this high-growth path. Others suggest that China's demographic time-bomb may operate to slow its growth. China's one-child policy, which has been operating for three decades, has resulted in an unbalanced population in terms of age and gender. However, this policy has also resulted in invasive state interference in the lives of women and families - click here to read a horrific account of the out-workings of the one-child policy. Can China's growth continue with such endemic oppression? Has such oppression been helpful to China's economic growth?
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.
