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Formal and Informal Institutions Explaining China’s Modern Economic Development: Their Historical Roots and Recent Evolution

In: Handbook of New Institutional Economics

Author

Listed:
  • Mary M. Shirley

    (The Ronald Coase Institute)

  • Lixin Colin Xu

    (Cheung Kong Graduate School of Business)

Abstract

How has China grown so rapidly through private initiatives despite weak institutions enforcing contracts and protecting against expropriation? Why has private investment, after overcoming so many obstacles, stagnated over the last decade? This chapter explores the changing roles of the state and private sectors during China’s history and since the death of Mao in 1979. It analyzes the formal and informal institutions that have enforced contracts and protected against expropriation in China. It concludes with a consideration of the adverse effects of recent changes on China’s private sector and the future trajectory of China’s growth.

Suggested Citation

  • Mary M. Shirley & Lixin Colin Xu, 2025. "Formal and Informal Institutions Explaining China’s Modern Economic Development: Their Historical Roots and Recent Evolution," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, edition 0, chapter 35, pages 927-952, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-50810-3_35
    DOI: 10.1007/978-3-031-50810-3_35
    as

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