Reform and Prosperity: A Institutional Perspective on the Rise of the Chinese Economy

Author: Wu Qungang
Publisher:
Publish Date: 2006-07-01
Features: The intrinsic mechanisms of economic growth and its pathways have long been central issues in economic theory research, undeniably also the most debated and challenging ones. This book addresses the real-world shortcomings of growth theory and institutional factors being disconnected, systematically exploring the interplay between institutional dynamics and economic growth dynamics by focusing on institutional innovations and economic growth that occur during the discovery and utilization of new demands and resources. It is the first to apply the analytical framework of modern growth theory to discuss the impact of institutional factors on long-term economic performance and develops a formal growth model based on institutional change. Building on this, the book examines the growth practices of transition countries and East Asia to study how institutional arrangements can evolve toward efficiency, thereby positively influencing economic growth. Finally, it uses empirical data on institutional change and economic growth since China's reform to test the model's hypotheses and offers a new perspective on China's economic rise. This book fills the gap in domestic economic theory research and holds significant academic value and practical policy implications.