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The Role of the State in Making a Market Economy

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  • Victor Nee

Abstract

This paper highlights the crucial role of the state in establishing a market economy, through an analysis of the early stages of market-oriented reforms in China. China followed an evolutionary approach to economic reform that has relied on the preexisting state to oversee the construction of a market economy. Trial-and-error problem solving in the formative stages of market transition led the central state inexorably to oversee institutional changes to establish a modern legal-rational bureaucracy. Although the state remains structurally vulnerable to rent seeking, it gained the organizational capacity to institute and enforce rules critical to the emergence of a hybrid market economy.

Suggested Citation

  • Victor Nee, 2000. "The Role of the State in Making a Market Economy," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(1), pages 1-64, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200003)156:1_64:trotsi_2.0.tx_2-1
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    JEL classification:

    • H1 - Public Economics - - Structure and Scope of Government
    • P0 - Political Economy and Comparative Economic Systems - - General

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