Why has China grown so fast for so long despite Vast corruption? In China\'s Gilded Age, Yuen Yuen Ang argues that not all types of Corruption hurt growth, nor do they cause the same kind of harm.
While the first three types impede growth, access money - elite exchanges of power and profit - cuts both ways: it stimulates investment and growth but produces serious risks for the economy and pol.
Ang unbundles Corruption into four varieties: petty theft, grand theft, speed money, and access money.
Why has China grown so fast for so long despite Vast corruption? In China\'s Gilded Age, Yuen Yuen Ang argues that not all types of Corruption hurt growth, nor do they cause the same kind of harm