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The Modern Enterprise System

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There are three basic enterprise (firm) systems in countries with market economies, that is, the proprietorship [original in English] [>i>yezhu zhi>/i>], the partnership [original in English] [>i>hehuo zhi>/i>], and the corporation [original in English] [>i>gongsi zhi>/i>, which may also be translated as >i>faren zhi>/i>]. Of these, the proprietorship and partnership systems are very old and have existed for several thousand years, whereas incorporated enterprises emerged between the sixteenth and seventeenth centuries and have a history of only some 400 years. The term "modern enterprises" means the modern corporations that have emerged and taken shape in developed market economies since the final years of the last century.

Suggested Citation

  • Wu Jinglian, 1997. "The Modern Enterprise System," Chinese Economy, Taylor & Francis Journals, vol. 30(1), pages 8-38, January.
    • Handle: RePEc:mes:chinec:v:30:y:1997:i:1:p:8-38
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