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Restructuring Incentives in the People’s Republic of China

In: Economic Incentives

Author

Listed:
  • Armin Gutowski
  • Renate Merklein

Abstract

The People’s Republic of China is different from all other countries whose experiences are being discussed at this conference: it is, according to World Bank definitions, a “low-income country”, one of the least developed in the world. But within that group it is the country with the most assets that are conducive to achieving considerable success if incentives are set in the right way. The Chinese people are highly talented and able to react appropriately and fast to economic incentives; from their long and vicissitudinous history they have developed neither fatalist religions nor caste systems, which in other countries greatly impede the effectiveness of economic incentives. Not only quite a few periods of economic success in Chinese history but also today’s remarkable achievements of those roughly 50 million Chinese who now live outside the People’s Republic demonstrate that people of Chinese origin are able to overcome poverty and scarcity through inventiveness and flexible reactions, if a market-oriented system allows them to do so.

Suggested Citation

  • Armin Gutowski & Renate Merklein, 1986. "Restructuring Incentives in the People’s Republic of China," International Economic Association Series, in: Bela Balassa & Herbert Giersch (ed.), Economic Incentives, chapter 12, pages 329-347, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-18204-6_12
    DOI: 10.1007/978-1-349-18204-6_12
    as

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