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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Transition to a market economy

Transition to a market economy

Explaining the successes and failures

(p.36) 2 Transition to a market economy
The Oxford Companion to the Economics of China

Joseph E Stiglitz

Oxford University Press

This chapter examines China’s successful transition to a market economy, and compares its performance to that of Russia. Russia followed, though imperfectly, the Washington Consensus ‘shock therapy’ policies; China an alternative course. The chapter argues that unlike Russia, Chinese leaders understood that transition required institutional innovations. Unencumbered by the dictates of neoclassical economics, they were able to develop pragmatic solutions that provided the basis of China’s three decades of unprecedented growth.

Keywords:   economic development, Chinese economy, economic change, economic transition, Russia, neoclassical economics, economic policies, Washington Consensus

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