
The Institutional Evolution of China
Government vs Market
Fan Zhang(Author)
Edward Elgar Publishing
Published on 28. September 2018
Book
Hardback
320 pages
978-1-78471-690-5 (ISBN)
Description
China's recent evolution is not only a story of extraordinary economic growth but also a story of great institutional change. Fan Zhang challenges traditional theory to explain the real origins of China's reform, the political and economic forces driving it, and the reasoning behind its stagnation. The institutional re-arrangement of government and market has been crucial in this marketization process.Using a wealth of documents and cases, Zhang provides a detailed analysis of China's institutional changes over the past 40 years, focusing on the government-market relationship. A theoretical framework is presented to explain the targets and incentives of government and business firms in a bureaucratic-market system, which promoted economic growth, but also fostered corruption and resulted in a re-centralisation of the system. Using an index of marketization in China since 1978, Zhang shows that overall, market expansion has continued but with diminishing marginal gains. The government control of financial resources that had previously been relaxed in the early years of reform has been enhanced to some extent as a result of the changing institutional environment.
Policy makers dealing with China-related policies, researchers and postgraduate students in political science, economics and Chinese studies will find this book a compelling exploration of the current and constant cooperation and conflict between government and market.
Policy makers dealing with China-related policies, researchers and postgraduate students in political science, economics and Chinese studies will find this book a compelling exploration of the current and constant cooperation and conflict between government and market.
Reviews / Votes
'Professor Fan Zhang's book provides an illuminating framework for understanding the logic of reforms in China. Being an expert on institutional economics and having personally participated in policy-making during the 1980s, Fan Zhang has come up with a powerful argument that the support from a winning political coalition is a key determinant of economic reforms. The book makes this point with vivid examples of reforms on agriculture, state-owned-enterprises, product market and financial systems. A must-read on reforms in China.' -- Tianyang Xi, Peking University, China 'The essence of China's more than three decades of economic reforms is the change of institutions. This book briefly and systematically records this process starting from the late 1970s up to early 2017. It is a good textbook for teaching Chinese economy in universities; and a good reference for scholars studying China.' -- Chenggang Xu, Cheung Kong Graduate School of Business, ChinaMore details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 244 mm
Width: 169 mm
ISBN-13
978-1-78471-690-5 (9781784716905)
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Schweitzer Classification
Person
Fan Zhang, National School of Development, Peking University, China
Content
Contents: Introduction to The Institutional Evolution of China 1. Analytical Framework 2. From Command-and-Control to Reform: 1949-1978 3. Reform 1979-1989: Building Market Institutions 4. Reform and Political Coalition: 1990-2003 5. Stagnation: 2003-2012 6. The Post-Reform Period: 2012-Present 7. Lessons Learned and Long-Term Expectations References Index