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portada china`s miracle
Type
Physical Book
Author
Publisher
Language
English
Pages
256
Format
Hardcover
Dimensions
23.1x15.7x1.5 cm
Weight
0.36 kg.
ISBN
0415681073
ISBN13
9780415681070
Categories

china`s miracle

Wang Yongqin (Author) · Routledge · Hardcover

china`s miracle - Yongqin, Wang

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Synopsis "china`s miracle"

The last three decades has witnessed miraculous economic growth of China. What has accounted for its miracle? What is the nature and future of the Chinese model? Is it unique? This book presents an analytical framework to demystify China's economic growth miracle. The book suggests that interlinked and relational contracts between the agents (in particular, between the state and the business) can compensate for flawed markets to achieve high growth. This kind of relational capitalism is significant in the investment-based stage of development, when mobilization of resources to exploit the existing technologies is key for growth. The book presents a general theory of interlinked relational contract, the workhorse model of the book. The theory highlights that effective governance is a function of market extent and market completeness. The process of economic development and modernization can be looked at fruitfully from two perspectives: the markets and the institutions and their interactions. The book stresses the critical fit between the development stage and the governance for a country's economic transition and development and thus the idea of "appropriate institutions".

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