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"China is still at the stage of transition," Wu said.
Sharing similar ideas with Wu on this point, Stiglitz said "it is a moment of transition now."
There is no single Third Way and different policies are needed depending on the circumstances of a country, he said.
"We now recognize that especially after the crisis, unregulated markets can not work. We need both government and markets," said Stiglitz,ladies timberland boots, Nobel Laureate in Economic Sciences and professor with Columbia University.
"China seems to be following its own way through this turmoil and it could well be an example of Stiglitz's 'Third Way'," said Tangen,Diane Von Furstenberg, BizTimes columnist and author of the book Kunshan Way.
"In spite of China's amazing performances in the economy,abercrombie and fitch shop online, I still do not think that there is already a shaped model of China," said Wu Jinglian, a well-known economist with the Development Research Center under China's State Council, or cabinet.
The global balance has changed dramatically especially since the global financial crisis, Stiglitz said.
The International Economic Association is the association of national economic associations. The united theme of the congress is "Approaches to the Evolving World Economy."
"So, at some stages, you may need a larger role for government,new fashion dresses," he said,abercrombie fitch sale, adding that a larger government role might be needed in countries with urban congestion and environmental problems.
In the earlier stages of development when governments should promote innovation and research in universities, greater government intervention is needed. So the role of government may be differ in China than in the United States, he said.
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He made the remarks at the 16th World Congress of the International Economic Association (IEA) held at Tsinghua University -- where world renowned economists gathered for the five-day congress.
He said that the ideas of China's policymakers are much different from their counter-parts in the United States,red wing boots 3140 sale, because they recognize the need for more regulation and a more active government.
BEIJING -- Finding a balance between government regulation and market forces is key to improving a country's economy,ugg boots kids outlet hit bg, but there is not just one way to achieve this, said Joseph Stiglitz on Monday in Beijing.
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