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A Conversation with Chang-Tai Hsieh on Crony Capitalism with Chinese Characteristics. Lanxi He (Georgetown), Scott Knewitz (American), Impact Investing Analysts

On February 25th, The Becker Friedman Institute for Economics (BFI), the Chicago Economics Society (CES), and the Booth Alumni Club of Washington, DC, held a cocktails and a conversation event titled "Crony Capitalism with Chinese Characteristics." The speaker was Chang-Tai Hsieh, Phyllis and Irwin Winkelried Professor of Economics, Chicago Booth School of Business. David Rank, former Deputy Chief of Mission and Charge' d'Affaires at the U.S. Embassy in China, moderated. Professor Hsieh discussed China’s fast-paced growth over the past three decades, stating that China's economic growth has been unprecedented, defiying economic theory. One reason for this growth is the focus of the political apparatus - communist party leaders search for investments that earn high profits.  According to the professor, China has developed crony capitalism at the local level that has promoted business development. This approach relies on the fundamental depend