The Role of the State in Making a Market Economy
This paper highlights the crucial role of the state in establishing a market economy, through an analysis of the early stages of market-oriented reforms in China. China followed an evolutionary approach to economic reform that has relied on the preexisting state to oversee the construction of a market economy. Trial-and-error problem solving in the formative stages of market transition led the central state inexorably to oversee institutional changes to establish a modern legal-rational bureaucracy. Although the state remains structurally vulnerable to rent seeking, it gained the organizational capacity to institute and enforce rules critical to the emergence of a hybrid market economy.
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Volume (Year): 156 (2000)
Issue (Month): 1 (March)
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