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Reflections on the role of institutions on the Chinese road to the market economy
Title / Series / Name
Publication Volume
Publication Issue
Pages
Authors
Editors
Keywords
SDG 8 - Decent Work and Economic Growth
URI
https://hdl.handle.net/20.500.14018/26874
Abstract
At the onset of transformation there has been a close to consensus view that the market system has no alternative. While this insight has found its place in the current mainstream on development economics, the so-called Washington consensus or post-Washington consensus (Kolodko, 2000, pp.119-141 andpp. 348-356; and Williamson, J, 2000, Srinivasan, T.N.,2000), very few would venture to repeat in an academic writing the once famous dictum of Vaclav Klaus: the third road leads to the third world. Much of western Europe has remained within the framework of the welfare state, despite its obvious limitations. Also in the transforming economies, the rollback of the state has proven to be much less than the tough normative language adopted by early reformers would have indicated. Actually, it is the structure rather than the size of public spending in these countries that may be a source of social and economic strains by providing less than optimal conditions for sustaining economic growth.
Topic
Publisher
Place of Publication
Type
Journal article
Date
2004
Language
ISBN
Identifiers
10.21845/comp/2004/1/4