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There is now a vast and still rapidly expanding literature of scholarly studies on the Chinese experience of economic growth and systemic transformation over the past 16 years. By and large, most of the studies tend to conceptualize the experience as a process of transition to the market economy. This position applies to even the moderate, evolutionary economists, who, thanks to the overwhelming evidence of the heterodox nature of the experience, have seemd to outcompete outright free-market advocates and have dominated the literature. In contrast to the market-centred orthodoxy, this book develops an alternative interpretation that is in the tradition of the late industrialization literature. Based on a wealth of evidence and well-articulated theoretical arguments, it submits that the outstanding performance of the Chinese economy during the period of 1978-94 was based on an appropriate combination of market and (non-market) institutional regulation.
The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.
Offering a comprehensive review of reform policy, followed by an examination of major approaches to institutional restructuring, Shulin Gu explores the way in which China's industrial technology has responded to economic reforms. At the heart of the work is the argument that market reform and organisational change are closely interdependent. Gu outlines the interaction of the two in China and reveals the damage which may result if market reform is not accompanied by new organisational design. Analysis of these issues is drawn from first-hand experience of Chinese technology systems, supported by insights from technological innovation economics and transaction cost economics.
This book reviews China’s industrialization from the perspective of inclusiveness, and discusses the challenges arising from its industrialization process and how the Chinese people view and seek to overcome these challenges. By examining China’s industrialization in the context of the global economy, it reveals how China should be further integrated into and contribute to the great endeavor of worldwide industrialization and human development in the new era of economic globalization, allowing it to become a responsible stakeholder through its national rejuvenation for the benefit of the entire world.
In Varieties of State Regulation, Yukyung Yeo explores how, despite China’s increasing integration into the global market, the Chinese central party-state continues to oversee the most strategic sectors of its economy. Since the 1990s, as major state firms were spun off from the ministries that managed them under the central planning system, the nature of the state in governing the economy has been remarkably transformed into that of a regulator. Based on over a hundred interviews conducted with Chinese central and local officials, firms, scholars, journalists, and consultants, the book demonstrates that the form of central state control varies considerably across leading industrial sectors, depending on the dominant mode of state ownership, conception of control, and governing structure. By analyzing and comparing institutional dynamics across various sectors, Yeo explains variations in the pattern of China’s regulation of its economy. She contrasts the regulation of the automobile industry, a relatively decentralized sector, with the highly-centralized telecommunications industry, and demonstrates how China’s central party-state maintains regulatory authority over key local state-owned enterprises. Placing these findings in historical and comparative contexts, the book presents the evolution and current practice of state regulation in China and examines its compatibility with other contemporary government practices.
The debate on industrial policy has been in full swing among the academic circles in recent years. The crux of this debate is not whether China needs industrial policies, but rather, the kind of industrial policies it wants. Given the profound changes to the domestic and international environments, and institutional background during China's industrial development, industrial policies must be able to make up for 'market failures,' while avoiding 'government failures'. To this end, it is suggested to establish a 'market-friendly' industrial policy system dominated by functional industrial policies, in accordance with the requirements of building an 'interactive and cooperative' government-market relationship to help transform and upgrade China's industries.
The economic and geopolitical implications of China's rise have been the subject of vast commentary. However, the institutional implications of China's transformative development under state capitalism have not been examined extensively and comprehensively. Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism examines the domestic and global consequences of Chinese state capitalism, focusing on the impact of state-owned enterprises on regulation and policy, while placing China's variety of state capitalism in comparative perspective. It first examines the domestic governance of Chinese state capitalism, looking at institutional design and regulatory policy in areas ranging from the environment and antitrust to corporate law and taxation. It then analyses the global consequences for the regulation of trade, investment and finance. Contributors address such questions as: What are the implications of state capitalism for China's domestic institutional trajectory? What are the global implications of Chinese state capitalism? What can be learned from a comparative analysis of state capitalism?
This book is about the political economy of China’s industrial reform and the rise of a group of Chinese big businesses under the Communist Party and the central state’s control. It examines the origins, evolution and institutional configuration of this centralized system in governing the ‘commanding heights’ of the Chinese industrial economy. Shaped by persistent industrial policies to develop China’s ‘national champions’ enterprises, the core parts of China’s central industrial ministries and mono-bank system have been transformed into a ‘national team’ of giant modern business firms in industries such as oil, power generation, telecommunications, aerospace, aviation, nuclear, shipbuilding, mining, construction, automobile and banking. Through an adaptive process of learning, experimentation and restructuring, the bedrock of the authority relations and control mechanisms among the Party, government bureaucracy and firms has been consolidated rather than dismantled in the system’s transformation. This alternative view of China’s industrial reform presents a direct challenge to the neo-liberal transition model of China’s institutional development and the mainstream Western conceptions of Chinese big business.