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Zoom registration is required. Why has China grown so fast for so long despite vast corruption? In her new book, China’s Gilded Age: The Paradox of Economic Boom and Vast Corruption (2020), Yuen Yuen Ang argues that not all types of corruption hurt growth, nor do they cause the same kind of harm. Ang unbundles corruption into four varieties: petty theft, grand theft, speed money, and access money. While the first three types impede growth, access money, or elite exchange of power and profit, cuts both ways. 'Access money' both stimulates investment and growth and produces serious risks for the economy and political system. Since China opened its markets, corruption has evolved toward access money. Drawing on a range of data sources, Ang explains the evolution of Chinese corruption, how it differs from the West and other developing countries, and how Xi's anti-corruption campaign could affect growth and governance. In this formidable yet accessible book, Ang challenges

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