Economy

An estimated 36 million Chinese men, women, and children starved to death during China’s Great Leap Forward in the late 1950s and early ’60s. One of the greatest tragedies of the twentieth century, the famine is poorly understood, and in China is still euphemistically referred to as the “three years of natural disaster.”As a journalist with privileged access to official and unofficial sources, Yang Jisheng spent twenty years piecing together the events that led to mass nationwide starvation, including the death of his own father. Finding no natural causes, Yang lays the deaths at the feet of China’s totalitarian Communist system and the refusal of officials at every level to value human life over ideology and self-interest.Tombstone is a testament to inhumanity and occasional heroism that pits collective memory against the historical amnesia imposed by those in power. Stunning in scale and arresting in its detailed account of the staggering human cost of this tragedy, Tombstone is written both as a memorial to the lives lost—an enduring tombstone in memory of the dead—and in hopeful anticipation of the final demise of the totalitarian system. —Farrar, Straus and Giroux

The global financial crisis and ensuing economic downturn have raised many questions concerning the future of global economic growth. Prior to the financial crisis, global growth was characterized by growing imbalances, reflected primarily in large trade surpluses in China, Japan, Germany, and the oil exporting countries and rapidly growing deficits, primarily in the United States. The global crisis raises the question of whether the previous growth model of low consumption, high saving countries such as China is obsolete. Although a strong and rapid policy response beginning in the early fall of 2008 made China the first globally significant economy to come off the bottom and begin to grow more rapidly, critics charged that China's recovery was based on the old growth model, relying primarily on burgeoning investment in the short run and the expectation of a revival of expanding net exports once global recovery gained traction.This study examines China's response to the global crisis, the prospects for altering the model of economic growth that dominated the first decade of this century, and the implications for the United States and the global economy of successful Chinese rebalancing.   —Peterson Institute for International Economics