The CoStone Reader Recommends Vol. 20: Special Volume



    Over the past four decades, the rise of China, the second largest economy in the world, has set off a frenzy of discussion on China’s mode. The reform and opening up in 1978 unleashed the power of market, boosted private sector and promoted entrepreneurship. The industrial policies, formulated by political elites, also fueled the development of industries. All these factors contributed to China’s property. At this critical juncture, relationships between government and market, public sector and private sector, morality and laws, draw much more attention from the world.

    All is revealed. Long-term property depends on market and capital as well as rule-based and responsible government.

    In this volume, we recommended you the following four books: Power And Prosperity: Outgrowing Communist And Capitalist Dictatorships by Mancur Olson, Justice: What's the Right Thing to Do? by Michael J. Sandel, Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are by Seth Stephens-Davidowitz and Slow Life by Wang Zengqi.

    How time flies. We have recommended you 20 volumes of books. Reading and making friends are the best things in life. We hope the classics can always be your side and you could always be a bosom friend of us.



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Power And Prosperity: Outgrowing Communist And Capitalist Dictatorships

By Mancur Olson


    Power And Prosperity is the last book of the world-renowned economist Mancur Olson. In The Logic of Collective Action and The Rise and Decline of Nations, he analyzes the influence of advocacy groups have on national economy. This book takes it even further. He contends that collective action can solve the real problems. His exploration of achieving national prosperity will stand as a cutting-edge work on economic growth. Simple models for explaining the important notions, lucid logics and progressive inference, make his interpretation more powerful. This book can render you the rushing wisdom of this unparalleled economist.


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Justice: What's the Right Thing to Do?

By Michael J. Sandel

    In this book which based on his legendary Harvard course over the past three decades, Sandel offers a rare education in thinking through the complicated issues and controversies we face in public life today. It emerges as a most lucid guide for people in China who did not receive philosophy courses. It offers a great opportunity for readers to get closers to the great thinkers in the world -- Aristotle, Kant, Bentham, mill and Locke.


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Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are

by Seth Stephens-Davidowitz


    The fragmented questions of this book do not impede readers to take a look at his fascinating, illuminating, and witty ideas. It tells us how to seek truth. Everybody Lies offers ways to search and analyze data which enable us to know and judge this world, rather than follow the crowds. Our understanding on the reality can be twisted by ourselves and surroundings. But the big data offers revelations that can help us understand ourselves and our lives better.



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Slow Life

By Wang Zengqi


    The best way to recommend a writer is to present his or her famous quotes. But it does not work in Wang Zengqi’s case. Unlike other writers who always have some illuminating, splendid or insightful words, his words are quite elegant. The beauty of his mind flow through the whole prose rather than one lines.

Rewritten by: Luo Xinying, Edited by: Du Zhixin, Wei Yiyi

The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.

Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.

Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.

Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.

These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.

For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, making Huawei anindustry leader.

So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.

At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across


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