Download From Mao to Market: Rent Seeking, Local Protectionism, and by Andrew H. Wedeman PDF

By Andrew H. Wedeman

Andrew Wedeman argues that financial reform in China succeeded simply because executive did not hinder neighborhood officers from forcing costs to marketplace degrees. Reformers opted for a hybrid method of fee controls within the Nineteen Eighties, in which commodities had either mounted and floating costs. Depressed mounted costs resulted in "resource wars," as localities vied for keep watch over over undervalued commodities whereas inflated costs fueled an funding growth that saturated markets and ended in import boundaries. even if neighborhood lease looking and protectionism looked as if it would carve up the financial system, they'd truly cleared the way in which for sweeping reforms.

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Additional resources for From Mao to Market: Rent Seeking, Local Protectionism, and Marketization in China (Cambridge Modern China Series)

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Hongqi, no. 9 (1982): 41–2. 7 Increasing domestic economic integration was also seen as critical to rapid development. 8 Seeking to minimize the time needed to expand exports, the reformers directed existing industries along the coast to shift over to export production. Seeking to maximize export earnings, the reformers proposed that “cheap” Chinese raw materials be combined with “cheap” Chinese labor. 10 The success of concurrent export-led development (ELD) and ISI depended heavily on opening China’s domestic economy.

The two-track system not only bestowed rents on those operating within the plan in the form of depressed input prices, it also created an array of opportunities for various institutions to obtain new rents by arbitraging between price tracks, buying at the fixed price and selling at the market price. The entrenched interests and initial winners also shared a common interest in preserving monopsony and monopoly structures that facilitated rent scraping and limited access to rents. The political system, therefore, seemed to create a situation in which the deck was not only stacked against the deepening of reform, but also was stacked against any effort by Li Peng and the conservatives 42 43 44 Gordon White, Riding the Tiger: The Politics of Reform in Post-Mao China (Stanford, CA: Stanford University Press, 1993): 145.

122 (June 1990): 230–57; Dali L. Yang, “China Adjusts to the World Economy: The Political Economy of China’s Coastal Development Strategy,” Pacific Affairs 64, no. 1 (Spring 1991): 35 Policy and Institutional Change importing raw materials, semifinished products, capital, and technology for use in manufacturing exportable finished products. 44 On the surface, the CDS simply sought to capitalize on China’s comparative advantage in labor, create a new regional division of labor, and thereby accelerate economic development.

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