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OverviewThe last three decades has witnessed China's history-making economic growth, with an average annual growth rate of over 9 percent, despite a general lacking of sound legal system, financial system and other formal institutions. A general question thus arises: what is the relationship between institutions and economic development? The book attempts to explain China's phenomenal economic miracle and to predict its future through a theoretical framework which accounts for the dynamic relationship between economic development and institutions. It unravels China's economic miracle in light of the theory introduced. The book presents the theory of interlinked relational contract, the workhorse model of the book. The theory highlights that effective governance is a function of market extent and market completeness. The process of economic development and modernization can be looked at fruitfully from two perspectives: the markets and the institutions and their interactions. The book stresses the critical fit between the development stage and governance for a country's economic transition and development and thus the idea of ""appropriate institutions"". The book draws up a few explicit models of economic growth and contract form and simulates the process of market extension and economic growth. The book also analyzes the East Asia model from the perspective of interlinked relational contract and discusses its general implications for economic development and institutional change. The author is an expert in China's economy and the book draws on his expertise to facilitate the understanding of China's economic progress and its implications for the future. The book will prove to be most helpful for anyone who wants to understand more about the Chinese economy's past and future, and for anyone who is interested in institutions and development in general. Full Product DetailsAuthor: Wang YongqinPublisher: Taylor & Francis Ltd Imprint: Routledge Dimensions: Width: 15.60cm , Height: 1.50cm , Length: 23.40cm Weight: 0.430kg ISBN: 9780415681070ISBN 10: 0415681073 Pages: 128 Publication Date: 23 July 2013 Audience: College/higher education , General/trade , Tertiary & Higher Education , Undergraduate Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of Contents1 Introduction 1.1 Motivations and Questions 1.2 Contributions and Conclusions 1.3 Structure of the book 2 Interlinking Markets, Relational Contracts and Economic Transition 2.1 Introduction 2.2 Single-Market Relational Contract: Benchmark Case 2.3 Interlinking Markets and Relational Contract 2.4 Relational Contracts and Underlying Mechanism of Economic Transition: China versus Russia 2.5 Concluding Remarks 3 Markets, Contracts and Economic Growth 3.1 Introduction 3.2 Market Expansion Decision and Economic Growth 3.3 Capital Accumulation, Economic Growth and Market Expansion 3.4 Transaction Cost, Factor Complementarity and Growth: The Past and the Present 3.5 By way of Conclusion: Market Size, Division of Labor and Contractual Forms 4. Interlinked Contracts and Development: Where Do We Stand 4.1 Introduction 4.2 Contractual Structure in a Traditional Society 4.3 The Rationale and Advantages of Interlinked Contracts 4.4 Limitations of Interlinked Contracts 4.5 Concluding Remarks: Development and Dynamics of Interlinked Relational Contracts 5 Unraveling the Chinese Miracle:A Perspective of Interlinked Relational Contract 5.1 Introduction 5.2. Economic Development and Governance: An Analytical Framework 5.3 The Township and Village Enterprise as an Interlinked Contract 5.4 Reform in the Financial Sector Reconsidered 5.5 Reform of State-owned Enterprises Reconsidered 5.6 Concluding Remarks 6 The East Asian Development Model reconsideredwith Implications for China 6.1 Introduction 6.2 State and Economic Development: Industrial Policies as an Interlinked Relational Contract 6.3 How Industrial Policies Were Implemented 6.4 Law, Social Norm and Economic Development 6.5 Transition of East Asian Developmental Model 6.6 General Lessons from EADM 6.7 Lessons for Chinas Transition 7 Costs and Benefits of Relational Contracting in Chinas Transition 7.1 Introduction 7.2 Relational Society in China: A Historical Account 7.3 The Role of Relational Governance in Chinas Transition 7.4 The Role of Relational Governance in Transition: A Theoretical Summary 7.5 Economic Development and the Gradual Dismantling of Relational Governance 7.6 Concluding RemarksReviewsAuthor InformationYongqin Wang is Professor of Economics at the China Center for Economic Studies (CCES) and School of Economics, Fudan University, and had held visiting position at Yale University (2008-2010). He received his Phd in Economics from Fudan University in 2004 and had also visited Queen’s University (Kingston, Canada) and IDEI, University of Toulouse 1 (Toulouse, France) as a visiting scholar. His main research interests include development economics, financial economics and Chinese economy. Tab Content 6Author Website:Countries AvailableAll regions |
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