China's Capitalism
Main Article Content
Abstract
The paper combines a broad theoretical framework of comparable capitalism with the insights from new economic sociology and new institutional economics to understand and assess mechanisms of China's evolution. During the last three decades China's economic system has undergone a great transformation from communism to some form of state-led capitalism. The evolutionary approach that balanced the interests of economic and political actors led to the gradual introduction of a capitalist institutional framework, but also preserved the immense role of the Communist Party. In the course of the reforms, former direct control over the economy has been replaced by more discretionary measures like corporate governance (which conserved the extensive patronage system), and Party affiliation (which allowed for political penetration of the private sector). Supplying examples of mounting economic waste, I argue that China's present variety of capitalism is hardly an optimal solution, and the further development will strictly depend on state and Party withdrawal from economic contorl.
Article Details
How to Cite
Karnia, K. (2012). China’s Capitalism. Warsaw Forum of Economic Sociology, 3(5), 83–113. Retrieved from https://econjournals.sgh.waw.pl/wfes/article/view/465
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References
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Cheng, T., Selden, M. (1994), The Origins and Social Consequences of Chinas Hukou System, "China Quarterly", 139: 644-668.
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Dobson, W., Kashyap, A. (2006), The Contradiction in Chinas Gradualist Banking Reforms, "Brookings Papers on Economic Activity", 37 (2): 103-162.
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Fan, J., Wong, T.J., Zhang, T. (2007), Politically connected CEOs, corporate governance, and Post-IPO performance of Chinas newly partially privatized firms, "Journal of Financial Economics", 84 (2): 330-357.
Fligstein, N. (1996), The Economy of the Transition From Socialism, "American Journal of Sociology", 101 (4): 1074-1081.
Fligstein, N., Zhang, J. (2011), A New Agenda for Research on the Trajectory of Chinese Capitalism, "Management and Organisation Review", 7 (1): 39-62.
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Gelb, A., Jefferson, G., Singh, I. (1993), Can Communist Economies Transform Incrementally? The Experience of China, in: O. Blanchard, S. Fischer red., NBER Macroeconomics Annual, 1993, Volume 8, Cambridge, MA: MIT Press.
Gerschenkron, A. (1962), Economic Backwardness in Historical Perspective: A Book of Essays, Cambridge, MA: Harvard University Press.
Giles, J., Park, A., Zhang, J. (2005), What is Chinas True Unemployment Rate?, "China Economic Review" 16 (2): 149-170.
Granovetter, M. (2005), Business Groups and Social Organization, in: N.J. Smelser, R. Swedberg red., Handbook of Economic Sociology, Princeton, N.J.: Princeton University Press.
Granovetter, M., Swedberg, R. red., (1992), The Sociology of Economic Life, Boulder: Westview.
Groves, T., Hong, Y., McMillan, J., Naughton, B. (1994), Autonomy and Incentives in Chinese State Enterprises, "Quarterly Journal of Economics", 109 (1): 183-209.
Guthrie, D. (1998), The Declining Significance of Guanxi in Chinas Economic Transition, "China Quarterly" 154: 254-282.
Hall, P., Soskice, D. (2001), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press.
Harris, J.R., Todaro, M.P. (1970), Migration, Unemployment and Development: A Two-Sector Analysis, "American Economic Review", 60 (1): 126-142.
Hodgson, G.M. (1994), The return of Institutional economics, in: N.J. Smelser, R. Swedberg red., The Handbook of Economic Sociology, Princeton, N.J.: Princeton University Press.
Hsieh, C.T., Klenow, P. (2009), Misallocation and Manufacturing TFP in China and India, "Quarterly Journal of Economics", 124 (4): 1403-1448.
Huang, Y. (2008), Capitalism with Chinese Characteristics: Entrepreneurship and the State, Cambridge: Cambridge University Press.
Keister, L.A. (1998), Engineering Growth: Business Group Structure and Firm Performance in Chinas Transition Economy, "American Journal of Sociology", 104 (2): 404-440.
King, L.P., Szelenyi, I. (2005), Post-Communist Economic Systems, in: N.J. Smelser, R. Swedberg red., Handbook of Economic Sociology, Princeton, N.J.: Princeton University Press.
Kornai, J. (1986), The Soft Budget Constraint, "Kyklos", 39 (1): 3-30.
Krug, B., Hendrischke, H. (2008), Framing China: Transformation and Institutional Change through Co-evolution, "Management and Organization Review", 4 (1): 81-108.
Lardy, N. (1998), Chinas Unfinished Economic Revolution, Washington, DC: Brookings Institution Press.
Li, C. (2010), Chinas Emerging Middle Class: Beyond Economic Transformation, Washington, DC: Brookings Institution Press.
Li, D.D. (1998), Changing Incentives of the Chinese Bureaucracy, "American Economic Review", 88 (2): 393-397, Papers and Proceedings of the Hundred and Tenth Annual Meeting of the American Economic Association.
Li, H., Meng, L., Zhang, J. (2006), Why Do Entrepreneurs Enter Politics? Evidence from China, "Economic Inquiry", 44 (3): 559-578.
Li, H., Roselle, S. (2003), Privatizing Rural China: Insider Privatization, Innovative Contracts and the Performance of Township Enterprises, "China Quarterly", 176: 981-1005.
Li, P.P. (2005), The Puzzle of Chinas Township-Village Enterprises: The Paradox of Local Corporatism in a Dual-Track Economic Transition, "Management and Organization Review", 1 (2): 197-224.
Li, X., Liu, X., Wang, Y. (2012), A Model of Chinas State Capitalism, Hong Kong University of Science and Technology Working Paper, available at: http://ssrn.com/abstract=2061521
Liang, Z. (1999), Foreign Investment, Economic Growth, and Temporary Migration: The case of Shenzhen Special Economic Zone, China, "Development and Society", 28 (1): 115-137.
Lin, J.Y. (1992), Rural Reforms and Agricultural Growth in China, "American Economic Review", 82 (1): 34-51.
Lin, J.Y. (2012), From flying Geese to leading Dragons: new opportunities and strategies for structural transformation in developing countries, Policy Research Working Paper Series, 5702, Washington, DC: World Bank.
Lin, J.Y., Cai, F., Li, Z. (1994), Chinas Economic Reforms. Pointers for Other Economies in Transition, Policy Research Working Paper Series, 1310, Washington, DC: World Bank.
Lin, J.Y., Monga, C. (2010), Growth Identification and Facilitation. The Role of the State in the Dynamics of Structural Change, Policy Research Working Paper Series, 5313, Washington, DC: World Bank.
Lin, N. (2010), Capitalism in China: A Centrally Managed Capitalism (CMC) and Its Future, "Management and Organisation Review", 7 (1): 63-96.
Lucas, R.E. (1998), On the Mechanics of Economic Development, "Journal of Monetary Economics", 22 (1): 3-24.
Money cant buy me love (2012), "The Economist", June 16th.
Montinola, G., Qian, Y., Weingast, B.R. (1995), Federalism, Chinese Style. The Political Basis for Economic Success, "World Politics", 48 (1): 50-81.
Morawski, W. (2001), Socjologia ekonomiczna. Problemy. Teoria. Empiria, Warszawa: PWN.
Murphy, K., Shleifer, A., Vishny, R. (1992), The Transition to a Market Economy: Pitfalls of Partial Reform, "Quarterly Journal of Economics", 107 (3): 889-906.
National Bureau of Statistics of China (2012), Overall Economic Development was Stable in the First Quarter of 2012, press release, April 13th , available at: http://www.stats.gov.cn, accessed: June 29th, 2012.
Naughton, B. (1995), Growing out of the Plan: Chinese Economic Reform, 1978-1993, Cambridge: Cambridge University Press.
Nee, V. (1989), A Theory of Market Transition: From Redistribution to Markets in State Socialism, "American Sociological Review", 54: 663-681.
Nee, V. (1992), Organizational Dynamics of Market Transition: Hybrid Forms, Property Rights, and Mixed Economy in China, "Administrative Science Quarterly", 37 (1): 1-27.
Nee, V. (2004), Organisational Dynamics of Institutional Change: Chinas Market Economy, in: V. Nee, R. Swedberg red., Economic Sociology of Capitalism, Princeton, N.J: Princeton University Press.
Nee, V. (2005), The New Institutionalism in Economics and Sociology, in: N.J. Smelser, R. Swedberg red., Handbook of Economic Sociology, Princeton, N.J.: Princeton University Press.
Nee, V., Opper, S. (2007), On Politicized Capitalism, in: V. Nee, R. Swedberg red., On Capitalism, Stanford, CA: Stanford University Press.
Nee, V., Opper, S. (2010), Endogenous Institutional Change and Dynamic Capitalism, CSES Working Paper Series, 54, Cornell University.
Nee, V., Opper, S., Wong, S. (2007), Developmental State and Corporate Governance in China, "Management and Organisation Review", 3 (1): 19-53.
New masters of the universe, State capitalism, Special Report (2012), "The Economist", January 21st.
North, D. (1990), Institutions, institutional change, and economic performance, Cambridge, MA: Harvard University Press.
OECD (2009), State Owned Enterprises in China: Reviewing the Evidence. OECD Working Group on Privatisation and Corporate Governance of State Owned Assets.
Oi, J.C. (1992), Fiscal Reform and the Economic Foundations of Local State Corporatism in China, "World Politics", 45 (1): 99-126.
Olson, M. (1982), The Rise and Decline of Nations: Economic Growth, Stagfl ation, and Social Rigidities, New Haven, CT: Yale University Press.
Park, S.O. (2009), An History of the Republic of Koreas Structural Transformation and Spatial Development, in: Y. Huang, A. Magnoli-Bocchi red., Reshaping Economic Geography in East Asia, Washington, DC: World Bank.
Pei, M. (2006), Chinas Trapped Transition: The Limits of Developmental Autocracy, Cambridge, MA: Harvard University Press.
Peng, M.W., Quan, M. (2009), A Micro-macro Link During Institutional Transitions, in: L. Keister (ed.), Work and Organizations in China, Sociology of Work, series 19.
Peng, Y. (2001), Chinese Villages and Township as Industrial Corporations: Ownership, Governance, and Market Discipline, "American Journal of Sociology", 106 (5): 1338-1370.
Ping, H., Pieke, F. (2003), China migration country study. Regional Conference on Migration, Development and Pro-Poor Policy Choices in Asia, 22-24 June, Dhaka, Bangladesh, available at: http://www.livelihoods.org
Polanyi, K. [(1944) 2001], The Great Transformation: The Political and Economic Origins of Our Time, Boston: Beacon Press.
Qian, Y., Xu, C. (1993), Why Chinas Economic Reforms Differ: The M-form Hierarchy and Entry/Expansion of the Non-State Sector, "Economics of Transition", 1 (2): 135-170.
Rawski, T. (1999), Reforming Chinas Economy: What Have We Learned?, "China Journal", 41: 139-156.
Reinhart, C., Kirkegaard, J.F., Sbrancia, M.B. (2001), Financial Repression Redux, "Finance and Development", 48 (1): 22-26.
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