Jefferson, Gary H.; Rawski, Thomas G. - William Davidson Institute, University of Michigan - 2000
The reform of China's enterprise system increasingly reflects the outcome of China's emerging property rights market …. We distinguish between a centrally-directed reform strategy, with characteristics similar to those of a Pigouvian tax …, and a market-driven reform process, which captures the essential features of a Coasian approach to social cost. The Coase …