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Contested Capitalism: Financial Politics and Implications for China


  • Richard, Carney


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.

Suggested Citation

  • Richard, Carney, 2007. "Contested Capitalism: Financial Politics and Implications for China," MPRA Paper 2432, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:2432

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    References listed on IDEAS

    1. 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, February.
    2. repec:hrv:faseco:30747188 is not listed on IDEAS
    3. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752.
    4. 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.
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    More about this item


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

    JEL classification:

    • P00 - Economic Systems - - General - - - General
    • N00 - Economic History - - General - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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