The Economics and Politics of Transition to an Open Market Economy : China

China is considered to be a particularly successful example of a gradual approach to transition from a command economy to a market economy. This paper reviews the initial conditions, the calendar of reform steps, and the political preconditions for liberalisation. It argues that gradualism was rathe...

Full description

Main Author: Woo, Wing Thye
Format: eBook
Language:English
Published: Paris OECD Publishing 1999
Series:OECD Development Centre Working Papers
Subjects:
Online Access:
Collection: OECD Books and Papers - Collection details see MPG.ReNa
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520 |a China is considered to be a particularly successful example of a gradual approach to transition from a command economy to a market economy. This paper reviews the initial conditions, the calendar of reform steps, and the political preconditions for liberalisation. It argues that gradualism was rather the result of a political balancing act between orthodox and reform-minded elements in the Chinese Communist Party than a deliberate approach towards facilitating transition. Economic liberalisation was considered as an instrument for safeguarding the power of the Party, but opinions differed on the degree of liberalisation needed to achieve this goal. Thus, the pace and the direction of the reform process were very much a function of the composition of the leadership of the Party at any given time ..