The process of China's market transition, 1978-1998: the evolutionary, historical and comparative perspectives

Article Abstract:

China carried out incremental economic reforms to 1993 and then sought to set up new institutions to help the market function, prior to removing old institutions. Reform started in southern parts of China where there was relatively less state control.

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The process of China's market transition, 1978-1998: the evolutionary, historical, and comparative perspectives: comment

Article Abstract:

There are a number of factors that have helped China to carry out successful economic reforms, such as a decentralized ecoomy with a surplus labor force in rural areas, foreign investment, a high savings rate, and the failures of central planning involved in earlier experiments such as the Great Leap Forward.

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The process of China's market transition, 1978-1998: the evolutionary, historical and comparative perspective: comment

Article Abstract:

China's economic reform has been successful because new ways of setting up binding agreements have been developed when contracts could not be enforced. Resources have been coordinated and pooled, local knowledge has been used, and devices have been employed to save on transaction costs.

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