Price Scissors and Intersectoral Resource Transfers: Who Paid for Industrialization in China?

John Knight

Oxford Economic Papers, 1995, vol. 47, issue 1, 117-35

Abstract: The phenomena of 'price scissors' and intersectoral resource transfers are shown to be amenable to analysis using offer curves from international trade theory. The nature and mechanisms of resource transfer and the incidence of the burden are clarified. In examining the sectoral funding of investment, it can be misleading to look at resource transfers: the hand that wields the scissors can effect an invisible transfer from agriculture. The theory is illustrated by reference to the Chinese economy and extended to incorporate such Chinese features as compulsory deliveries of food, consumer rationing, political constraints, and the dynamic effects of industrialization. Copyright 1995 by Royal Economic Society.

Date: 1995
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