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The Role of Governments in China’s Developing Economy: A Public Economic Analysis of the Chinese Model

In: The New Chinese Economy

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  • Bingtao Song

Abstract

In traditional development economics, which is based on neoclassic economic growth theory, the role of governments in the economy has long been believed to be negative. However, the role of governments is still often mentioned in development economics, especially in the recent discussion on the Chinese model or the East Asian model, which is quite different from the Western one. In this chapter, by establishing a new economic development model, which not only includes the technical progress, capital, labor, and the entrepreneurs’ contributions, but also includes the institutional change of state, we show that governments play an important role in economic development. We will also try to analyze the catching-up strategy employed by China, from the perspective of public economics. That is, by copying the structure of public goods in the West, the governments of China and East Asian economies provided a suitable condition to the market economic development, even if there is no negotiation mechanism between the government and economic entities.

Suggested Citation

  • Bingtao Song, 2012. "The Role of Governments in China’s Developing Economy: A Public Economic Analysis of the Chinese Model," Palgrave Macmillan Books, in: Elias C. Grivoyannis (ed.), The New Chinese Economy, chapter 2, pages 27-49, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-01204-3_2
    DOI: 10.1057/9781137012043_2
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