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Smith Theorem, Olson Conditionality, and Reform: An Institutional Economics Interpretation of China’s Growth Performance During 1978–2008

In: Reform, Opening-up and China's Changing Role in Global Governance

Author

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  • Yuyan Zhang

    (Chinese Academy of Social Sciences)

Abstract

China’s Reform and Opening-Up intended to release and develop productive forces so as to maintain a steady, rapid and sustainable economic growth. This paper tries to integrate the ideas of Smith and Olson, and work out a highly complementary, logically consistent and powerfully explanatory long-term economic growth model that can be referred to as the “Smith-Olson Theorem” or “Smith-Olson Growth”. This new model can better explain China’s torrential economic growth since it embarked on the path of reform and opening-up. It studies, from the perspective of institutional economics, what regular conditions are required to achieve long-term economic growth, or more precisely, it puts forward a definitive proposition of how long-term economic growth can be achieved. On the other hand, the means and procedures by which China expanded its market are genuinely unique in the world, primarily because its reform and opening-up is composed of a wide-range set of institutional arrangements including specific policy measures, regulations, and laws with the miscellaneous contents implemented sporadically.

Suggested Citation

  • Yuyan Zhang, 2021. "Smith Theorem, Olson Conditionality, and Reform: An Institutional Economics Interpretation of China’s Growth Performance During 1978–2008," Springer Books, in: Reform, Opening-up and China's Changing Role in Global Governance, chapter 0, pages 79-90, Springer.
    • Handle: RePEc:spr:sprchp:978-981-33-6025-9_3
    DOI: 10.1007/978-981-33-6025-9_3
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