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There is a common policy bias against creating an appropriate economic environment for rural growth in many less developed countries as governments attempt to strive for rapid industrialization through various interventions in both the urban and rural sectors. As a result, signals for resource flows are distorted and incentive to raise agricultural productivity is destroyed. Such structural distortions and the low level of income mean that investment in agricultural production is often unattractive and therefore funds for that purpose are scarce. Many developing countries have, over the past 40 years, attempted to alleviate this perceived inadequacy of credits, which was seen as the only inhibiting factor to rural development, by the provision of highly subsidized and controlled finance through the creation of specialized credit institutions. However, there is an increasing recognition that this conventional approach has failed to achieve its aim and its premises are seriously challenged.
Our attention has been drawn to an error in line 13, page 669 of issue No. 112 December 1987). The last line should have referred to Dr Hewlett Johnson as the Dean of Canterbury.”
In a market economy, wages are determined by supply and demand. However, in China the government has a set of guidelines that explicitly determines the wages of workers in industry and the public sector. Although these guidelines are known to researchers on the Chinese economy, whether the actual wages truly reflect the guidelines has not been studied extensively.
The idea of building a massive dam in the Yangtze gorges has fired the imagination of Chinese and foreign engineers, adventurers and entrepreneurs since the 1920s. Politicians, financiers, presidents and chairmen have been bombarded and bamboozled with the nuts and bolts of Three Gorges and the impassioned views of project proponents and opponents. The crescendo of debate has risen steadily through decades of civil unrest, war, revolution, and national upheaval and reconstruction. Still, despite this long gestation, Chinese and foreign perspectives on the place and purpose of the proposed dam are remarkably limited in concept and substance.