Institutions and Development: The Case of China in Comparative Perspectives

Jinghai Zheng and Liming Wang

Emerging Markets Finance and Trade, 2014, vol. 50, issue S6, 4-20

Abstract: The limited explanatory power of conventional wisdom in understanding the “China miracle“ calls for theories with more universal appeal. The theories might have been considerably enriched if sufficient credit had been given to China’s contribution to the evolution of the modern state in human history. Using conventional wisdom as a benchmark, we demonstrate that an analytical framework might be developed to accommodate characteristics of Chinese society with its unique history and cultural values. Our preliminary results indicate that it was perhaps the set of values emphasizing personal development and rights to property that have enabled the China miracle experienced over the past three decades. Long-standing issues such as excessive reliance on the state for the provision of public goods and omnipresent government control of resource industries are largely consistent with China’s record of civilization state development during various ancient dynasties.

Date: 2014
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DOI: 10.1080/1540496X.2014.1013840

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