 Edward
S. Steinfeld, Moving beyond Transition in China: Financial Reform and the
Political Economy of Declining Growth By
the late 1990s the Chinese economy faced a series of financial problems,
often attributed to the persistence of socialist institutions of economic
control. However, China's
contemporary political economy is no longer best understood by the
distinction between plan and market. Even in its financial sector China
has to a large extent transcended this distinction. Rather than reflect
the absence of liberalization, its current problems stem from the process
of liberalization, the same process that occurred previously in virtually
all market systems. |