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The Chinese Kaleidoscope: Chinese Economic Development in the Light of the New Institutional Theories

In: Asia-Pacific Transitions

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  • Kurt Lundgren

Abstract

If an economist thirty years ago had been asked to pick out countries that in the immediate future would achieve a high and sustainable economic growth, not many of them would have suggested one of the East Asian countries and still fewer, if any, would have suggested mainland China. The probability of such a prognosis can be taken as an indication of the complexity of the forces connected with economic growth, of the uncertainty in economic prognoses, and of the diversity of factors that can explain why economic growth takes place. For almost two decades China has had an annual economic growth of about 10 per cent on average. How can we explain this impressive development? In the development economics literature, a high rate of economic growth is thought to depend on a quantitative change in factor inputs which could be the result of labour mobility from agriculture to industry. Is this explanation applicable to the Chinese case as well?

Suggested Citation

  • Kurt Lundgren, 2001. "The Chinese Kaleidoscope: Chinese Economic Development in the Light of the New Institutional Theories," Palgrave Macmillan Books, in: David E. Andersson & Jessie P. H. Poon (ed.), Asia-Pacific Transitions, chapter 3, pages 31-46, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62845-8_3
    DOI: 10.1057/9780230628458_3
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