The secret of the Chinese miracle: how a communist country was able to reap the benefits of globalisation following the same pattern of the Industrial Revolution. What are the lessons for the West?
Thursday 16 February 2012
The Chinese economic model has shown a higher degree of flexibility than Western capitalism in adapting to the changes produced by globalisation. It is a paradox but since the fall of the Berlin Wall, Western economics has become highly ideological while Chinese communism has shed most of the Maoist ideology to embrace profit making. Indeed communism with a profit motive has become the winning formula to maintain the one party system in China while everywhere else communism was disintegrating.
In this guest lecture Loretta Napoleoni discussed how the Chinese have embraced profit making, at a time when the western economy is struggling.
Loretta Napoleoni is the bestselling author of Rogue Economics, Terror Incorporated and Insurgent Iraq. She is an expert on terrorist financing and money laundering, and advises several governments and international organisations on these issues. As Chairman of the countering terrorism financing group for the Club de Madrid, Napoleoni brought heads of state from around the world together to create a new strategy for combating the financing of terror networks.
Loretta Napoleoni is a regular media commentator for CNN, Sky and the BBC, and is a columnist and writes about terrorism, money laundering and the economy for several European national papers including El Pais, The Guardian and Le Monde.
Born and raised in Rome, she was a Fulbright scholar at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies in Washington DC and a Rotary Scholar at the London School of Economics. She has a PhD in economics and a Masters of Philosophy in international relations and one in terrorism.
She began her career as an economist, working for several banks and international organisations in Europe and the US. In the early 1980s she spent two years in Budapest at the National Bank of Hungary followed by a spell at Moscow Narodny Bank, which acted as the foreign branch of the Bank of Foreign Trade. This position afforded her a unique insight into the Soviet economy. In 1992 she produced the final documentation for the structure of the International Bank for Reconstruction and Development, IBRD.
In the 1990s she was among the first journalists to interview the Red Brigades, the Italian Marxist armed group. She subsequently spent three years interviewing members of other terrorist organizations. In 2003 she interviewed followers of al Zarqawi in both Europe and in the Middle East. She is currently Professor of Economics and teaches at Judge Business School, Cambridge.