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Reform and Development in China : A New Institutional Economics Perspective

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Authors
Lin, Justin Yifu; Tsai, Yingyi
Issue Date
2004
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 17 (No. 3 2004): 335-382
Keywords
Comparative economic systemNew Institutional EconomicsSOEs
Abstract
The success of China's approach to transition has produced many challenges to the conventional wisdom in economic theory. The transition in essence is a process of institutional changes from those of a planned economy to those of a market economy. In the paper we argue that the economic institutions of the planned economy are endogenously shaped by the adoption of a comparative advantage-defying (hereafter CAD strategy) heavy industry-oriented development strategy in a capital scarce economy. It is. Hence, suggested the completion of China's transition to a market economy, which requires the elimination of institutional distortions in the planned economy, depends on final resolution of viability issue of enterprises in CADs priority sectors.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1318
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.17(3) (Fall 2004)
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