The paper identifies the absence of well-functioning product markets in transition economies as a sufficient initial condition under which big bang, a radical reform, reduces output initially, while a Chinese-style reform increases output. Under central planning, the state integrates...

How China Became Capitalist details the extraordinary, and often accidental, journey that China has taken over the past thirty years in transforming itself from a closed agrarian socialist economy to an indomitable force in the international arena. The authors revitalize the debate around the...

Der Verlauf der Reformen in der Volksrepublik China und die Folgen des wirtschaftlichen Wandels werden in diesem Buch detailliert nachgezeichnet. Dabei kommen die Autoren zu einer skeptischen Einschätzung der Zukunftsaussichten des gegenwärtigen Entwicklungsmodells umfassender staatlicher...