Originally published in 1995 this volume examines and analyzes the factors that have made the township-village enterprise (TVE) such a driver of growth in the Chinese economy in recent years. The book analyzes the background of the TVE and discusses regional differences in TVE efficiency as well as examining the apparent contradiction of the success of the TVE despite the lack of well-defined property rights. Issues of rural-rural and rural-urban migration phenomena are discussed and the differences discussed between the Chinese economy and those of other developing nations.
The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by the efficiency and riskiness of research and development (R&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence versus divergence; the “East Asia miracle” versus the East Asia financial crisis; and the rise and fall of centralized economies.
Originally published in 1995 this volume examines and analyzes the factors that have made the township-village enterprise (TVE) such a driver of growth in the Chinese economy in recent years. The book analyzes the background of the TVE and discusses regional differences in TVE efficiency as well as examining the apparent contradiction of the success of the TVE despite the lack of well-defined property rights. Issues of rural-rural and rural-urban migration phenomena are discussed and the differences discussed between the Chinese economy and those of other developing nations.
The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by the efficiency and riskiness of research and development (R&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence versus divergence; the “East Asia miracle” versus the East Asia financial crisis; and the rise and fall of centralized economies.
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