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Institutions and Development: The Case of China in Comparative Perspectives

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  • Jinghai Zheng
  • Liming Wang

Abstract

The limited explanatory power of conventional wisdom in understanding the “China miracle“ calls for theories with more universal appeal. The theories might have been considerably enriched if sufficient credit had been given to China’s contribution to the evolution of the modern state in human history. Using conventional wisdom as a benchmark, we demonstrate that an analytical framework might be developed to accommodate characteristics of Chinese society with its unique history and cultural values. Our preliminary results indicate that it was perhaps the set of values emphasizing personal development and rights to property that have enabled the China miracle experienced over the past three decades. Long-standing issues such as excessive reliance on the state for the provision of public goods and omnipresent government control of resource industries are largely consistent with China’s record of civilization state development during various ancient dynasties.

Suggested Citation

  • Jinghai Zheng & Liming Wang, 2014. "Institutions and Development: The Case of China in Comparative Perspectives," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S6), pages 4-20, November.
    • Handle: RePEc:mes:emfitr:v:50:y:2014:i:s6:p:4-20
    DOI: 10.1080/1540496X.2014.1013840
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    Cited by:

    1. Jinghai Zheng & Liming Wang & Ke Tang, 2016. "China’s road to modernization," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 14(1), pages 1-8, February.
    2. Bingling Wei & Di Ye & Jinghong Wei, 2019. "Emerging Economies: Institutions and Entrepreneurship in the People’s Republic of China," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 5(2), pages 233-244, July.
    3. Horace Yeung, 2015. "A tale of two cities -- the development and reform experiences of Shenzhen and Shanghai," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 13(4), pages 369-396, November.
    4. Samargandi, Nahla & Kutan, Ali M., 2016. "Private credit spillovers and economic growth: Evidence from BRICS countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 44(C), pages 56-84.

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