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China’s Social Market Economy: The Leverage of Economic Growth

Author

Listed:
  • Ron Berger

    (Department of Business Management, The Lander Institute - Jerusalem Academic Center, Givaat Shaul, Jerusalem, Israel)

  • Chong Ju Choi

    (Department of Shipping, Trade & Finance, Cass City University Business School, London, UK)

  • Ram Herstein

    (Department of Business Management, The Lander Institute - Jerusalem Academic Center, Givaat Shaul, Jerusalem, Israel)

Abstract

In 2011, China continues to be the world’s largest recipient of direct foreign investment—which in 2010 totaled US$105 billion. China is also the world’s second largest economy after the U.S. Once a staunchly Communist state, China now advocates a “social market economy” as its business system. The purpose of this paper is threefold. First, this paper seeks to understand what is meant by a “social market economy”. Second, the paper analyzes the traditional shareholder and stakeholder debate by examining different national economies together with their respective societies in terms of business systems. Third, the paper discusses some implications of the emergence of the Chinese economy and business system in the context of potential contributions to social science research. This paper shows that China’s social market economy has many similarities to the stakeholder business system increasingly advocated in global ethics research and presents the challenges to be faced by China’s social market economy in the future.

Suggested Citation

  • Ron Berger & Chong Ju Choi & Ram Herstein, 2013. "China’s Social Market Economy: The Leverage of Economic Growth," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 4(1), pages 21-30, January.
    • Handle: RePEc:igg:jabim0:v:4:y:2013:i:1:p:21-30
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    Citations

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    Cited by:

    1. Berger, Ron & Herstein, Ram & Silbiger, Avi & Barnes, Bradley R., 2018. "Is guanxi universal in China? Some evidence of a paradoxical shift," Journal of Business Research, Elsevier, vol. 86(C), pages 344-355.
    2. Ron Berger & Moti Zviling, 2013. "Innovation, Learning, and Synergy Between Entrepreneurs and Venture Capitalists," International Journal of Synergy and Research, ToKnowPress, vol. 2(2), pages 93-108.
    3. Guo, Jiahong & Lai, Xiaoying & Lu, Chenxi & Cao, Shixiong, 2022. "What has caused China’s economic growth?," Economic Systems, Elsevier, vol. 46(2).
    4. Lin Zhang & Xiaochen Zhang & Jingjing An & Wei Zhang & Jingshen Yao, 2022. "Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China," Sustainability, MDPI, vol. 14(13), pages 1-22, July.
    5. repec:tkp:ijsrsy:v:2:y:2012:i:2:p:93-108 is not listed on IDEAS
    6. Grzegorz W. Kolodko, 2018. "Socialism or capitalism? Tertium Datur," Economy and Forecasting, Valeriy Heyets, issue 1, pages 7-36.

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