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An equilibrium path for institutional change in China

Cao, Shixiong; Ren, Zhiguang

Time & society. Volume 28:Number 1 (2019); pp 399-414 -- SAGE

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  • Title:
    An equilibrium path for institutional change in China
  • Author: Cao, Shixiong;
    Ren, Zhiguang
  • Found In: Time & society. Volume 28:Number 1 (2019); pp 399-414
  • Journal Title: Time & society
  • Subjects: Time--Social aspects--Periodicals; Time--Sociological aspects--Periodicals; Ideological change--institutional evolution--political economics--social costs--economic development; Dewey: 304.23
  • Rights: legaldeposit
  • Publication Details: SAGE
  • Abstract:

    China's economic and political reforms since 1978 represent one of the biggest institutional changes in the last century. Because most research has focused on the economics of institutional change rather than the evolution of political institutions, a theoretical framework to explain China's rapid economic development is lacking. To understand the successes and failures of China's institutional change, we reviewed China's innovative political and economic practices during the past 30 years. We found that the country's political and economic institutions combine to form a dynamic equilibrium that can explain the impressive economic results. China's leaders dream of new institutions that will improve upon traditional Western capitalism, based on a combination of central planning with traditional capitalist approaches that increase the system's flexibility. If China's leaders can combine this approach with decreased social costs compared with previous socioeconomic systems, this will represent a new era and a model that other nations can follow.

  • Identifier: System Number: LDEAvdc_100080047510.0x000001; Journal ISSN: 0961-463X; 10.1177/0961463X16631766
  • Publication Date: 2019
  • Physical Description: Electronic
  • Shelfmark(s): ELD Digital store

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