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However, they also intend to assure continued state control over the domestic economy and reform process. In its place, the Chinese party elite favored innovative localized experimentation, institutional tinkering, and all kinds of work-around solutions that went beyond pure and simple economic liberalization. The results of this approach were stunning.

Top-down state coordination has consistently played a crucial role. Nonetheless, over the longer term key policy priorities have only shifted gradually in China. Every major policy change, such as the liberalization of foreign trade and investment, State-owned Enterprise SOE reforms, and the privatization of TVEs, was first tested with a variety of pilot projects, experimental regulations, as well as geographically defined special economic and industrial zones. Under these decentralized experiments bottom-up entrepreneurial and market pressures often created fertile ground for nominally illegal or unsanctioned behaviors.

Over time, however, some formerly illegal behaviors were incorporated into local governance systems and accepted by central state formations, leading to continuous institutional adaptation Florini et al. Equally significant, these trials and experiments left ample room for local ingenuity, learning, and ad hoc tinkering to work out problems in a gradual and, on the macro-level, controlled institutional environment. Nevertheless, the dialectical interplay of state-centric development planning top-down and dispersed local initiatives bottom-up has created crucial space in an authoritarian system for institutional and policy innovation.

Moreover, successful localized experiments are often scaled to provincial and national levels with strong central state guidance and efforts at standardization Florini et al.

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State-guided capitalism is balanced by entrepreneurially networked modes of capital accumulation that depend on the savvy of individual entrepreneurs exposed to market pressures. A cautious pace of change has avoided radical departures from the past and assured overall state control over the reform process.

And the interplay of state-centric development planning with local initiatives and policy experiments opened up significant space for institutional innovation. The intermingling of market-oriented rules-based, flexible network-driven, as well as more purely statist governing approaches are all part of this reproduction. As a result, rapid and transformational institutional change has occurred under a rather constant framework of gradualism, retention of state economic guiding capacities, and the interplay of top-down planning with innovative localized experiments.

These included low wage labor, cheap land, and some mining resources. As capital accumulated, large savings in the state banking system were channeled into investment-driven growth during the s, emphasizing large-scale investments in urban infrastructure, power generation, producer goods sectors such as steel, aluminum and cement, and export industries.

This emphasis on investment- and export-driven development catapulted China to upper-middle income status, but by now is showing immense strains. Returns on investment are declining, while indebtedness is facing declining productivity and corporate profitability.

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In fact, both the 10 th and 11 th Five-Year Plans advocated a change to a more balanced and domestic consumption-driven development model. The 12 th Five-Year Plan for and the sweeping point blueprint for economic, social, and legal reforms announced in late further amplify the policy foci outlined in these earlier pronouncements: the aim is to steer the Chinese political economy away from a concentration on growth above all else to balanced development.

The point blueprint in particular outlines a host of reforms in the social, economic, and political-administrative spheres. However, interpretations of how exactly this shift will unfold are still prone to conceptual confusion. The point blueprint has been looked at as far more ambitious and market-friendly than earlier reform efforts Wharton School, These critiques stress that reforms should redefine the role of government, restructure state enterprises and banks, develop the private sector, promote competition, and deepen market reforms World Bank and Development Research Center of the State Council, xv; cf.

Kroeber, Since these sectors are often characterized by monopolistic or oligopolistic competitive environments, SOEs have become a major drag on efficiency. Assuring future economic growth must thus focus on the reorganization and privatization of large swaths of the Chinese state sector Personal communication with researchers of the Development Research Center, October And strengthening market forces undoubtedly represents an important component of any rebalancing of the Chinese political economy.

As before, the Chinese party-state is unlikely to pursue a full-blown policy of free-market reform. The point blueprint and more recent policy pronouncements make clear that there will be no radical departures from the past. Its 60 points or aspects include about individual measures. Everything from changes in the one-child policy, car emissions standards, reforms to the hukou residency system, to interest rate liberalization is covered.

The central objectives, though, reflect the dynamic qualities of Sino-capitalism. At first, substantial plans for economic and social liberalization stand out. Both academic and business analysts have thus seen it as ushering in significant market-oriented reforms. Naughton, Interest rates are to be fully liberalized but not before a deposit insurance system is set up. The leadership under Xi Jinping, as its predecessors, is attempting to avoid the pitfalls that often accompany economic liberalization, especially the risks underlying financial liberalization.


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A deliberate, cautious pace of change is preferred that aims to avoid at all costs major mistakes that could destabilize society and threaten CCP rule. Moreover, many of the reform measures in urbanization, social welfare provision, and the environment will ultimately necessitate more effective state regulation and guidance, not just liberalization and deregulation. These interests, many of which have benefited immensely from the old system, include the leaders of many large state and private firms, as well as various professional classes including the state technocratic elite itself.

Conversely, socio-political interest groups who are likely to see benefits remain politically weak in China, in particular farmers and urban workers. Economic and market liberalization measures are fine tuned with concerted efforts to sustain and strengthen state control over society and economy, including focused learning, adaptation, institution building, and social reform. I briefly highlight one policy arena that stands at the center of these dynamics: state sector reforms.

Although most state firms have been corporatized and listed on stock markets, they continue to act as quasi-monopolies or operate in managed oligopolies. Due to their strategic role in the economy, they receive enormous support from government agencies and the state-owned financial system. Private firms should be given more room, equal property rights protection, and gain access to markets and sectors hitherto dominated by the state sector.

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The proposals, in broad brushstrokes, display efforts at encouraging private sector development and innovation, but focus equally on restructuring the state-owned economy. These conversions can include movements towards mixed-ownership systems, where in some exceptional cases private interests could take controlling stakes in existing SOEs. Several initiatives, for instance, attempt to separate infrastructure management from the actual operation of infrastructure services.

The services can then be opened to private firms that can enter as service providers and create more competitive pressures. Under these conditions most SOEs have access to plentiful and cheap credit, providing them with a competitive advantage both domestically and internationally. Building on the point blueprint, financial reforms implemented in recent years encompass fully liberalizing interest rates and opening up the banking sector to more competition.

This could subject borrowing by both SOEs and private entities to a more market-driven financing environment. Already begun around , this policy attempts to extract a larger share of state sector profits into the state treasury. However, it is not clear at present if the Chinese government will be successful in exercising this aspect of its property rights. SOEs have shown a reticence to follow central guidelines and been characterized by various governance gaps. Undoubtedly, since Xi came to power in the hallmark of his leadership and greatest source of his popularity has been the relentless anti-corruption campaign.

While some aspects of state sector reform are clearly aimed at introducing competitive market pressures, others aim to reassert state authority. After implementation, such executive would again be treated as pure bureaucrats, since they have opportunities for career advancement in the party-state hierarchy. Conversely, those executives appointed competitively from outside the party-state hierarchy, who do not carry a bureaucratic rank, and who often have generous pay packets, would see no change. Interestingly, most SOE executives with bureaucratic rank are intent on keeping it and thus taking a pay-cut.

Accurate, readable, and concise, Economic Literacy is highly recommended for interdisciplinary courses that involve economic reasoning. Weaver provides a concise, clear, and accessible primer on economics that is perfect for students seeking plain-English explanations of the economic principles and terminology referenced in political economy readings.

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The new edition helpfully tackles the complicated concepts of the Global Financial Crisis, further solidifying the book's utility. Since Economic Literacy also parallels standard texts topically, it can be readily used as either the primary text with another serving as an extra-for-experts supplement, or as a secondary text to assuage the less technically savvy reader.

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The lack of dense, turgid language and the modicum of graphs and charts enables a casual weekend read while simultaneously facilitating critical economics thinking. And, after all, the latter is the job of teachers of economics--to encourage our students to apply an economics lens as they gaze at the world around them. About this Item: Condition: Very Good. Ready for quick shipment to any US location by Experienced seller. CDs and Access codes may not be included as is the case with most used books.

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