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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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Markets and institutional change in China

Markets and institutional change in China

(p.267) 42 Markets and institutional change in China
The Oxford Companion to the Economics of China

Victor Nee

Sonja Opper

Oxford University Press

This chapter examines China’s economic reform. It discusses the rise of a dynamic private manufacturing economy; the role of informal norms, business networks, and economic institutions; and the theory of endogenous institutional change. It shows in the years following the state initiated economic reforms, bottom-up institutional innovations in the private sector initially enabled the development of a dynamic capitalist economy, and then the political elite followed up with accommodative change of formal rules that legitimized what had already taken place on the ground in order to enable the gains in productivity to be channelled into taxable revenue.

Keywords:   economic development, economic reform, Chinese economy, economic policy, private enterprise, manufacturing economy, endogenous institutional change

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