| Author: |
Joachim Ahrens ; Patrick Jünemann |
| Source: |
The Pennsylvania State University CiteSeerX Archives
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| Publication date: |
2013 |
| Document type: |
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| Vol.: |
Abstract. The paper focuses on institutional change and institution building as integral parts of economic transition in China. China’s success, particularly compared with other advanced transition economies, implies a puzzling observation: China did not apply theoretically-derived policy recommendations. Instead, authorities followed a gradual, pragmatic approach to reform, decentralize, and transform the economy. Notable examples of non-orthodox policy measures, which worked effectively in China, include so-called transitional institutions such as the dualtrack approach to industrial restructuring, anonymous banking, the establishment of special economic zones or the priority given to create competitive structures while postponing largescale privatization of state-owned enterprises. Hence, it is not evident what kind of market economy will emerge in China in the long run |
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