Ökonomischer und technologischer Wandel zwischen 1989 und 2009
Edited By Bernhard Seliger, Jüri Sepp and Ralph Michael Wrobel
C) Wirtschaftlicher und technologischer Wandel in Ostasien
Joachim Ahrens, Patrick Jünemann Transitional Institutions, Institutional Complementarities and Economic Performance in China: A ‘Varieties of Capitalism’ Approach 1 Introduction One of the most important events in modern economic history is the socialist countries’ transition from a centrally planned economy to a capitalist market economy that started in the last two decades of the 20th century. China’s transition was very successful compared to the difficulties experienced by countries in Central and Eastern Europe and the former Soviet Union: China’s annual economic growth has been consistently higher than 7% for the last decade; the country has managed to attract increasing amounts of FDI and successfully fought poverty across the nation.1 China did however not follow theoretic policy recommendations developed by Western think tanks such the IMF or the World Bank, but pursued an incremental, gradual, and highly pragmatic “Chinese” approach to transform its economy into a capitalist system. The ‘Varieties of Capitalism’ literature2 claims that there are two co- ordination regimes that vary systematically across countries: at one end of the spectrum there are liberal market economies (LMEs) that use markets as their main means of coordinating economic activity. At the other end, coordinated market economies are identified that rely more heavily on non-market institutions to solve their coordination problems. This binary classification of national forms of capitalism leaves many countries in an ambiguous position, since they cannot be clearly categorized. France and Italy are examples of such intermedi- ate countries in the developed world.3 One crucial characteristic of the...
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