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Reform and Development in China : A New Institutional Economics Perspective
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- Authors
- Issue Date
- 2004-07
- Citation
- Seoul Journal of Economics, Vol.17 No.3, pp. 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
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