Analytical framework

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Chapter 1 in The Institutional Evolution of China, 2018, pp 5-22 from Edward Elgar Publishing

Abstract: The first chapter reviews related literatures on the relationship between the government and the market and institutional changes in general and those specific to China. The chapter provides a framework for a political economy theory of the bureaucratic-market system. In this system, the government is the dominant force, while private firms maximise their profits under government regulation. The target of the government deviates from maximising social welfare and can be described by a utility function, with two basic components: social stability and economic growth. Economic performance has been an important source of legitimacy of the rule of the regime, while social stability is the foundation of the existence of the ruling party. The weights between social stability and economic growth change over time as national and global political and economic conditions change.

Keywords: Asian Studies; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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