Inside the dragon's briefcase: China's emergent economy

There is little doubt that China has undergone a remarkable transformation into a market economy. Yet 100 years ago, Political Sociologist, Max Weber, concluded that China's philosophical traditions, especially Confucianism, hindered the rise of market economic development. Weber argued that a market economy was not possible without a protestant ethic. This study re-examines Weber's thesis in light of modern China and concludes that economic reforms under Deng Xiaoping paved the way for a market economic transition despite the lack of a protestant ethic.