WebJournal of Economic Perspectives—Volume 26, Number 4—Fall 2012—Pages 103–124 T hhe pace and scale of China’s economic transformation have no historical e pace and scale of China’s economic transformation have no historical pprecedent. In 1978, China was one of the poorest countries in the world. recedent. Webout economic development as a specialized area of economic analysis. Schumpeter's ideas on economic development appeared first in his Theory of Economic Development, which was published in German language in 1911 (The English edition was published in 1934). His ideas evolved further and were discussed in two of his later major
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