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Making Markets

In: China’s Transition to a Global Economy

Author

Listed:
  • Michael Webber
  • Mark Wang
  • Zhu Ying

Abstract

Together with the integration of production, trade and capital flows, globalisation in China is principally reflected in the progressive marketisation of systems of production and distribution. Increasingly, markets are being used to allocate labour and to reward that labour. The development of markets reflects a twin process — of the replacement of subsistence production by production for markets and of the replacement of state-directed production by market-directed production. Both forms of development have occurred in China over the past 50 years, but globalisation in the 1980s and 1990s really centres on the replacement of social norms by market norms of production and distribution.

Suggested Citation

  • Michael Webber & Mark Wang & Zhu Ying, 2002. "Making Markets," Palgrave Macmillan Books, in: Michael Webber & Mark Wang & Zhu Ying (ed.), China’s Transition to a Global Economy, chapter 4, pages 61-92, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-1860-4_4
    DOI: 10.1057/9781403918604_4
    as

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