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Going beyond the usual state-centric approach to the study of the politics of neoliberal reform, Moisés Arce emphasizes the importance of understanding the interaction between state reformers and collective actors in society. In Market Reform in Society he helpfully focuses our attention on how various societal groups are affected by different types of reform and how their responses in turn affect the state’s subsequent pursuit of reform. As a country characterized by strong state autonomy and widespread disintegration of civil society and representative institutions during the 1990s when Alberto Fujimori was president, Peru serves as an excellent case for examining how collective actors can succeed in influencing the reform process. Arce compares reforms in three areas: taxation, pension privatization, and social-sector programs in poverty alleviation and health decentralization. Differences in the concentration or dispersion of costs and benefits, he shows, affected incentives for groups to form and engage in collective action for supporting, opposing, or modifying the reforms.
China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.
1. The search for civil society
Since the late 1980s, policy makers and regulators in a number of countries have liberalized, restructured or "deregulated their electric power sector, typically by introducing competition at the generation and retail level. These experiments have resulted in vastly different outcomes - some highly encouraging, others utterly disastrous. However, many countries continue along the same path for a variety of reasons. Electricity Market Reform examines the most important competitive electricity markets around the world and provides definitive answers as to why some markets have performed admirably, while others have utterly failed, often with dire financial and cost consequences. The lessons contained within are direct relevance to regulators, policy makers, the investment community, industry, academics and graduate students of electricity markets worldwide. - Covers electicity market liberalization and deregulation on a worldwide scale - Features expert contributions from key people within the electricity sector
In the past decade, China was able to carry out economic reform without political reform, while the Soviet Union attempted the opposite strategy. How did China succeed at economic market reform without changing communist rule? Susan Shirk shows that Chinese communist political institutions are more flexible and less centralized than their Soviet counterparts were. Shirk pioneers a rational choice institutional approach to analyze policy-making in a non-democratic authoritarian country and to explain the history of Chinese market reforms from 1979 to the present. Drawing on extensive interviews with high-level Chinese officials, she pieces together detailed histories of economic reform policy decisions and shows how the political logic of Chinese communist institutions shaped those decisions. Combining theoretical ambition with the flavor of on-the-ground policy-making in Beijing, this book is a major contribution to the study of reform in China and other communist countries. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1994. In the past decade, China was able to carry out economic reform without political reform, while the Soviet Union attempted the opposite strategy. How did China succeed at economic market reform without changing communist rule? Susan Shirk shows that Chine
Revolutionary ideas on how to use markets to achieve fairness and prosperity for all Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation. Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.
This book takes a powerful new approach to a question central to comparative politics and economics: Why do some leaders of fragile democracies attain political success--culminating in reelection victories--when pursuing drastic, painful economic reforms while others see their political careers implode? Kurt Weyland examines, in particular, the surprising willingness of presidents in four Latin American countries to enact daring reforms and the unexpected resultant popular support. He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s. Assessing conventional approaches such as rational choice, Weyland concludes that prospect theory is vital to any systematic attempt to understand the politics of market reform. Under this theory, if actors perceive themselves to be in a losing situation they are inclined toward risks; if they see a winning situation around them, they prefer caution. In Latin America, Weyland finds, where the public faced an open crisis it backed draconian reforms. And where such reforms yielded an apparent economic recovery, many citizens and their leaders perceived prospects of gains. Successful leaders thus won reelection and the new market model achieved political sustainability. Weyland concludes this accessible book by considering when his novel approach can be used to study crises generally and how it might be applied to a wider range of cases from Latin America, Africa, and Eastern Europe.
Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
A noted Chinese economist examines the mechanisms behind China's economic reforms, arguing that universal principles and specific implementations are equally important. As China has transformed itself from a centrally planned economy to a market economy, economists have tried to understand and interpret the success of Chinese reform. As the Chinese economist Yingyi Qian explains, there are two schools of thought on Chinese reform: the “School of Universal Principles,” which ascribes China's successful reform to the workings of the free market, and the “School of Chinese Characteristics,” which holds that China's reform is successful precisely because it did not follow the economics of the market but instead relied on the government. In this book, Qian offers a third perspective, taking certain elements from each school of thought but emphasizing not why reform worked but how it did. Economics is a science, but economic reform is applied science and engineering. To a practitioner, it is more useful to find a feasible reform path than the theoretically best way. The key to understanding how reform has worked in China, Qian argues, is to consider the way reform designs respond to initial historical conditions and contemporary constraints. Qian examines the role of “transitional institutions”—not “best practice institutions” but “incentive-compatible institutions”—in Chinese reform; the dual-track approach to market liberalization; the ownership of firms, viewed both theoretically and empirically; government decentralization, offering and testing hypotheses about its link to local economic development; and the specific historical conditions of China's regional-based central planning.
Are advanced industrialized countries converging on a market response to reform their systems of social protection? By comparing the health care reform experiences of Britain, Germany, and the United States in the 1990s, Susan Giaimo explores how countries pursue diverse policy responses and how such variations reflect distinctive institutions, actors, and reform politics in each country. In Britain, the Thatcher government's plan to inject a market into the state-administered national health service resulted in a circumscribed experiment orchestrated from above. In Germany, the Kohl government sought to repair defects in the corporatist arrangement with doctors and insurers, thus limiting the market experiment and designing it to enhance the solidarity of the national health insurance system. In the United States, private market actors foiled Clinton's bid to expand the federal government's role in the private health care system through managed competition and national insurance. But market reform continued, albeit led by private employers and with government officials playing a reactive role. Actors and institutions surrounding the existing health care settlement in each country created particular reform politics that either militated against or fostered the deployment of competition. The finding that major transformations are occurring in private as well as public systems of social protection suggests that studies of social policy change expand their focus beyond statutory welfare state programs. The book will interest political scientists and policymakers concerned with welfare state reform in advanced industrial societies; social scientists interested in the changing balance among state, market, and societal interests in governance; and health policy researchers, health policymakers, and health care professionals. Susan Giaimo is an independent scholar. She completed her Ph.D. in Political Science at the University of Wisconsin-Madison. She also earned an MSc in Politics from the London School of Economics and Political Science, with the Politics and Government of Western Europe as the branch of study. After completing her doctorate, she was a postdoctoral fellow in the Robert Wood Johnson Foundation Scholars in Health Policy Research Program, University of California at Berkeley, and the Robert Bosch Foundation Scholars Program in Comparative Public Policy and Comparative Institutions, American Institute for Contemporary German Studies, Johns Hopkins University. She taught in the Political Science Department at Massachusetts Institute of Technology for five years. During that period she won the Society for the Advancement of Socio-Economics Founder's Prize for "Adapting the Welfare State: The Case of Health Care Reform in Britain, Germany, and the United States," a paper she coauthored with Philip Manow. She has also worked for health maintenance organizations (HMOs) and medical practices in the United States.