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Learning to be Capitalists: Entrepreneurs in Vietnam's Transition Economy

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  • Kim, Annette Miae

Abstract

Given the overwhelming number of ineffective economic reform policies and programs, a central question for international development concerns how significant economic change happens. In the midst of this quandary, a puzzle has been growing quietly the last two decades. Vietnam has transitioned from a poor, centrally planned economy to one of the fastest growing, market economies in the world, despite ignoring conventional reform strategies. This book focuses on solving a specific puzzle of Vietnam's transition. Its fastest growing city, Ho Chi Minh City, has a real estate industry that ranks as the worst place in the world for private capital to invest . Nevertheless, entrepreneurs have emerged to form private firms within the first decade of transition. Where did these people come from? How could they conduct business in such an inhospitable economic environment? The book finds that the transition to capitalism is neither the natural propensity of individuals nor the decision of an all-powerful state nor necessarily requires a long, evolutionary process. The major, rapid, and discontinuous economic change that occurred in Vietnam was fundamentally enabled by a social reconstruction of cognitive paradigms. The new social cognition framework accounts for why some firms were more successful than others as well as why Vietnam's capitalism has surprising characteristics. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780195369397/toc.html

Suggested Citation

  • Kim, Annette Miae, 2008. "Learning to be Capitalists: Entrepreneurs in Vietnam's Transition Economy," OUP Catalogue, Oxford University Press, number 9780195369397.
  • Handle: RePEc:oxp:obooks:9780195369397
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    Cited by:

    1. Ngai Ming Yip & Hoai Anh Tran, 2016. "Is ‘gentrification’ an analytically useful concept for Vietnam? A case study of Hanoi," Urban Studies, Urban Studies Journal Limited, vol. 53(3), pages 490-505, February.
    2. Jean-Philippe Berrou & Matthieu Clément & François Combarnous & Dominique Darbon & Kim Sa Le & Eric Rougier, 2019. "'Should We Call it Middle Class?' Economic and Political Stakes of the Middle Income Group Expansion in Vietnam," Working Papers hal-02147450, HAL.
    3. Mai, Nhat Chi, 2011. "Building a VC Market in Vietnam: VC Policy Lessons from Europe and Asia," OSF Preprints 968ye, Center for Open Science.
    4. Sun Ah Hwang & Eun Ho. Shin, 2024. "The Necessity of Preparing Urban Design Guidelines to Improve Quality of Life – For Thao Dien, Ho Chi Minh City, Vietnam," Journal of Sustainable Development, Canadian Center of Science and Education, vol. 13(2), pages 1-65, July.
    5. repec:avg:wpaper:en9387 is not listed on IDEAS
    6. Eric Rougier & Jean‐Philippe Berrou & Matthieu Clément & François Combarnous & Dominique Darbon, 2021. "Should we call it a (middle) class? A socio‐economic exploration of the Vietnamese middle‐income group," Journal of International Development, John Wiley & Sons, Ltd., vol. 33(8), pages 1321-1345, November.
    7. , Aisdl, 2015. "Dynamics between Vietnamese real consumption and economic growth," OSF Preprints jqu3x, Center for Open Science.
    8. Hung Dao Vo, 2023. "Diasporic capital and the financialisation of housing in Ho Chi Minh City," Urban Studies, Urban Studies Journal Limited, vol. 60(13), pages 2669-2685, October.
    9. John Rand & Nina Torm, 2012. "The informal sector wage gap among Vietnamese micro-firms," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 17(4), pages 560-577.
    10. Jamie Gillen, 2016. "Bringing the countryside to the city: Practices and imaginations of the rural in Ho Chi Minh City, Vietnam," Urban Studies, Urban Studies Journal Limited, vol. 53(2), pages 324-337, February.
    11. Annette M. Kim, 2012. "Seeds of Reform: Lessons from Vietnam about Informality and Institutional Change," International Economic Journal, Taylor & Francis Journals, vol. 26(3), pages 391-406, September.
    12. Annette M. Kim, 2011. "Talking Back: The Role of Narrative in Vietnam’s Recent Land Compensation Changes," Urban Studies, Urban Studies Journal Limited, vol. 48(3), pages 493-508, February.
    13. Petrik Runst, 2014. "Popular Attitudes Toward Market Economic Principles and Institutional Reform in Transition Economies," Review of Social Economy, Taylor & Francis Journals, vol. 72(1), pages 83-115, March.

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