NO ANCIENT WISDOM, NO FOLLOWERS

THE CHALLENGES OF CHINESE AUTHORITARIAN CAPITALISM

Tom Ashbrook from NPR’s On Point discusses the book with James McGregor in a one-hour interview, “China Slows”

The Wall Street Journal’s China Real Time interviews McGregor about the book in “Eight Questions: James McGregor, ‘No Ancient Wisdom, No Followers”

The Wall Street Journal Assistant Managing Editor John Bussey discusses the book in “Tackling the Many Dangers of China’s State Capitalism”

Click here to see more recent press coverage of the book.

No Ancient Wisdom, No Followers is now available in e-book and print format through leading online retailers, including Amazon.com.

Book Synopsis
In three decades, China has risen from near collapse to a powerhouse–upending policy and business conventions across the globe. China is now the second largest economy, the second largest exporter, and a manufacturing machine that has lifted 500 million from poverty while producing more than one million U.S. dollar millionaires.

Then why do China’s leaders describe their economic model as “unstable” and “unsustainable”? Because it is.

In this highly readable book, James McGregor offers extensive new research that pulls back the curtain on China’s economic power. He describes the much-vaunted “China Model” as one of authoritarian capitalism, a unique system that must be radically overhauled for the country to continue its march toward prosperity. The system is proving incompatible with global trade and business governance, and relying on an outdated investment and export model that’s running out of steam.

The nation must consume more of what it makes. It must learn to innovate. It must unleash private enterprise. And Communist Party bosses must cede their pervasive and smothering hold on economic power to foster the growth, and thus social stability, that they can’t survive without.

As a Tang Dynasty official lamented, China has: “No ancient wisdom, no followers.” He was describing how the empire was headed alone into dangerous and unchartered waters without any precedent for guidance.

And today–as McGregor makes clear–this is China’s greatest challenge.

About James McGregor

James McGregor is an American author, journalist, and businessman who has lived in China for more than 25 years. He is chairman of APCO Worldwide, Greater China. A professional speaker and commentator who specializes in China’s business, politics, and society, he regularly appears in the media to discuss China-related topics. He is also a contributor to The Atlantic.

McGregor is the author of the books "No Ancient Wisdom, No Followers: The Challenges of Chinese Authoritarian Capitalism" (2012) and "One Billion Customers: Lessons from the Front Lines of Doing Business in China" (2005). He also wrote the 2010 report "China’s Drive for ‘Indigenous Innovation’ – A Web of Industrial Policies."

From 1987 to 1990 McGregor served as The Wall Street Journal’s bureau chief in Taiwan, and from 1990 to 1994 as the paper’s bureau chief in Mainland China. From 1994 to 2000, he was chief executive of Dow Jones & Company in China. After leaving Dow Jones, he was China managing partner for GIV Venture Partners, a $140 million venture capital fund specializing in the Chinese Internet and technology outsourcing.

In 1996, McGregor was elected as chairman of the American Chamber of Commerce in China. He also served for a decade as a governor of that organization. He is a member of the Atlantic Council, Council on Foreign Relations, National Committee on US-China Relations, and International Council of the Asia Society. He serves on a variety of China-related advisory boards.

James McGregor

NO ANCIENT WISDOM, NO FOLLOWERS

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