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A Tale of Two Reforms

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  • Wei Li
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    Abstract

    I identify the absence of well-functioning product markets in transition economies as a sufficient condition under which big bang reduces output initially, while a Chinese-style reform increases output. Big bang dismantles central planning or centralized organization of production, permitting monopolistic and vertically interdependent enterprises to pursue their own monopoly profits by restricting output and inter-firm trade to the detriment of the economy as a whole. The Chinese reform, by maintaining central planning but allowing enterprises to produce for the emerging product markets after they have fulfilled their output quotas under planning, gives enterprises incentives to expand output beyond planned targets.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 30 (1999)
    Issue (Month): 1 (Spring)
    Pages: 120-136

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    Handle: RePEc:rje:randje:v:30:y:1999:i:spring:p:120-136

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    Cited by:
    1. Lawrence J. Lau & Yingyi Qian & Gerald Roland, 1997. "Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition," William Davidson Institute Working Papers Series 137, William Davidson Institute at the University of Michigan.
    2. Svejnar, Jan, 2007. "China in Light of the Performance of Central and East European Economies," IZA Discussion Papers 2791, Institute for the Study of Labor (IZA).
    3. Nhat Le, 2003. "Contingent and ambiguous property rights: The Case of China's Reform," International and Development Economics Working Papers idec03-4, International and Development Economics.
    4. Jan Svejnar, 2006. "Strategies for growth : Central and Eastern Europe," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 205-233.
    5. Zhiyong Liu & Yue Qiao, 2012. "Abuse of Market Dominance Under China’s 2007 Anti-monopoly Law: A Preliminary Assessment," Review of Industrial Organization, Springer, vol. 41(1), pages 77-107, August.
    6. Yingyi Qian, 1999. "The Institutional Foundations of China's Market Transition," Working Papers 99011, Stanford University, Department of Economics.
    7. Jan Svejnar, 2001. "Transition Economies: Performances and Challenges," William Davidson Institute Working Papers Series 415, William Davidson Institute at the University of Michigan.

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