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POLICY ARENA: Can Large Firms Be Run Efficiently Without Being Bureaucratic?

Author

Listed:
  • Ha-Joon Chang

    (Faculty of Economics and Politics, University of Cambridge, UK)

  • Ajit Singh

    (Faculty of Economics and Politics, University of Cambridge, UK)

Abstract

The article is a critical commentary on the World Bank's analysis of state-owned enterprises (SOEs), as exemplified in its recently-published Report, Bureaucrats in Business. While noting the positive contributions made by the Report, the article criticises the World Bank's understanding of the issues involved in the management of large-scale enterprises, by applying modern theories of the firm. It then critically examines a number of policy issues emphasised in the Report, including the political economy of SOE reform, macroeconomic consequences of SOE reform, the relationship between SOE reform and the financial sector reform, and finally the interpretation of the recent Chinese experience. © 1997 John Wiley & Sons, Ltd.

Suggested Citation

  • Ha-Joon Chang & Ajit Singh, 1997. "POLICY ARENA: Can Large Firms Be Run Efficiently Without Being Bureaucratic?," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(6), pages 865-875.
    • Handle: RePEc:wly:jintdv:v:9:y:1997:i:6:p:865-875
    DOI: 10.1002/(SICI)1099-1328(199709)9:6<865::AID-JID489>3.0.CO;2-S
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    References listed on IDEAS

    as
    1. Nolan, Peter, 1996. "Large Firms and Industrial Reform in Former Planned Economies: The Case of China," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(1), pages 1-29, January.
    2. Chang, Ha-Joon, 1993. "The Political Economy of Industrial Policy in Korea," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(2), pages 131-157, June.
    3. McMillan, John & Naughton, Barry, 1992. "How to Reform a Planned Economy: Lessons from China," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 8(1), pages 130-143, Spring.
    4. Ajit Singh, 1994. "Du plan au marché : la réforme maîtrisée en Chine," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 659-684.
    5. Theodore Groves & Yongmiao Hong & John McMillan & Barry Naughton, 1994. "Autonomy and Incentives in Chinese State Enterprises," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(1), pages 183-209.
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    Cited by:

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    2. Jiang, Kun & Wang, Susheng, 2017. "A contractual analysis of state versus private ownership," China Economic Review, Elsevier, vol. 43(C), pages 142-168.
    3. Wu, Hsueh-Liang, 2011. "Can minority state ownership influence firm value? Universal and contingency views of its governance effects," Journal of Business Research, Elsevier, vol. 64(8), pages 839-845, August.
    4. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    5. Ismail Issham & Abdul Samad M Fazilah & Yen Siew Hwa & Anton Abdulbasah Kamil & Azli Azli Ayub & Meor Azli Ayub, 2008. "Economic value added (eva) as a performance measurement for glcs vs non-glcs: evidence from bursa malaysia," Prague Economic Papers, Prague University of Economics and Business, vol. 2008(2), pages 168-179.
    6. Christopher Cramer, 2000. "Privatisation and Adjustment in Mozambique: a 'Hospital Pass'?," Working Papers 111, Department of Economics, SOAS University of London, UK.
    7. He, Xiaolong & Wang, Chaoyi & Yang, Xiaowei & Lai, Zhoujing, 2021. "Do enterprise ownership structures affect financial performance in China's power and gas industries?," Utilities Policy, Elsevier, vol. 73(C).

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