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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 system; New Institutional Economics; SOEs
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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