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Contested Capitalism: Financial Politics and Implications for China

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  • Richard, Carney
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    Abstract

    As China's economy grows and matures, is it developing institutional patterns that resemble those of other wealthy countries? I offer an innovative theory that deduces the structure of nations' capitalist institutions based on distributive welfare gains to those actors representing an economy's main factors of production (land, labor, and capital), using the structure of a nation’s financial institutions as a proxy for its capitalist institutions. Based on statistical and qualitative evidence across countries and time, I then draw implications for China. I find that China resembles continental European capitalism far more than Anglo-American capitalism, and that it is likely to remain this way for the foreseeable future.

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    File URL: http://mpra.ub.uni-muenchen.de/5144/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2432.

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    Date of creation: 14 Mar 2007
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    Handle: RePEc:pra:mprapa:2432

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    Keywords: comparative finance; financial institutions; political economy; capitalism; China;

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    1. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
    2. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752, September.
    3. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2002. "Government Ownership of Banks," Journal of Finance, American Finance Association, vol. 57(1), pages 265-301, 02.
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