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3 - Do Institutions Rule?

Published online by Cambridge University Press:  27 August 2021

Tian Zhu
Affiliation:
CEIBS
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Summary

Economists and political scientists tend to explain China’s rapid rise from the institutional perspective. There are two contrasting schools of thought: the free market school and the active government school. Both schools acknowledge that market reform has been a key factor in China’s rapid economic growth, but the active government school also attributes it to China’s strong government and its active economic intervention. These two contrasting institutional views are evaluated in Chapter 3. The short conclusion is that neither view can properly explain the Chinese growth puzzle. The free market view cannot because China’s market is not much freer than that of most developing countries. The active government view cannot either because China is not particularly well ranked in terms of government effectiveness. There are many other institutionalists who hold more fine-grained views than the above two schools. Some of these views are also evaluated in the chapter, which concludes that institutional and policy factors may be important contributors to China’s economic growth, but they are not the differentiating factors that have made China grow faster than all other countries.

Type
Chapter
Information
Catching Up to America
Culture, Institutions, and the Rise of China
, pp. 50 - 73
Publisher: Cambridge University Press
Print publication year: 2021

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  • Do Institutions Rule?
  • Tian Zhu
  • Book: Catching Up to America
  • Online publication: 27 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781009038997.004
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  • Do Institutions Rule?
  • Tian Zhu
  • Book: Catching Up to America
  • Online publication: 27 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781009038997.004
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Do Institutions Rule?
  • Tian Zhu
  • Book: Catching Up to America
  • Online publication: 27 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781009038997.004
Available formats
×