In Line Behind a Billion People: How Scarcity Will Define China's Ascent in the Next Decade

Damien Ma · William Adams

gush 2013 · FT Press

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Nearly everything you know about China is wrong! Yes, within a decade, China will have the world’s largest economy. But that is the least important thing to know about China. In this enlightening book , two of the world’s leading China experts turn the conventional wisdom on its head, showing why China’s economic growth will constrain rather than empower it. Pioneering political analyst Damien Ma and global economist Bill Adams reveal why, having 35 years of ferocious economic growth, China’s future will be shaped by the same fundamental reality that has shaped it for millennia: scarcity. Ma and Adams drill deep into Chinese society, illuminating all the scarcities that will limit its power and progress. Beyond scarcities of natural resources and public goods, they illuminate China’s persistent poverties of individual freedoms, cultural appeal, and ideological legitimacy — and the corrosive loss of values and beliefs amongst a growing middle class shackled by a parochial and inflexible political system. Everyone knows “the 21st century is China’s to lose” — but, as with so many things that “everyone knows,” that’s just wrong. Ma and Adams get beyond cheerleading and fearmongering to tell the complex truth about China today. This is a truth you need to hear — whether you’re an investor, business decision-maker, policymaker, or citizen.

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Damien Ma (Chicago, Illinois) is currently Fellow at The Paulson Institute, where he focuses on investment and policy programs, as well as the Institute’s research and think tank activities. Previously, Ma was a lead China analyst at Eurasia Group, a political risk research and advisory firm. He specialized in analyzing the intersection between Chinese policies and markets, with a particular focus on energy and commodities, industrial policy, U.S.-China relations, and social and Internet policies. Before joining Eurasia Group, Ma was a manager of publications at the U.S.-China Business Council in Washington, D.C. He writes regularly for The Atlantic Monthly Online and has been published widely, including in Foreign Affairs, The New Republic, Slate, and Foreign Policy. Ma is a term member of the Council on Foreign Relations.

William Adams (Pittsburgh, Pennsylvania) is currently Senior International Economist for The PNC Financial Group. At PNC, Adams serves as spokesman on global economic issues and is responsible for its forecasts for China, other major emerging markets, and the Eurozone. Formerly resident economist at The Conference Board China Center, Adams has published extensively on China’s economic and financial reforms. He is a center associate and advisory board member of the University of Pittsburgh Asia Studies Center and a member of the economics advisory board of the Duquesne University Palumbo Donahue School of Business.