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How has China grown so rapidly through private initiatives despite weak institutions enforcing contracts and protecting against expropriation? Why has private investment, after overcoming so many obstacles, stagnated over the last decade? This chapter explores the changing roles of the state and private sectors during China’s history and since the death of Mao in 1979. It analyzes the formal and informal institutions that have enforced contracts and protected against expropriation in China. It concludes with a consideration of the adverse effects of recent changes on China’s private sector and the future trajectory of China’s growth.

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Formal and Informal Institutions Explaining China’s Modern Economic Development: Their Historical Roots and Recent Evolution

  • 工具书词条

  • 出版模式：

    开放获取

  • 发表日期：

    2025年

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  • Mary M. Shirley,
  • Lixin Colin Xu

摘要

How has China grown so rapidly through private initiatives despite weak institutions enforcing contracts and protecting against expropriation? Why has private investment, after overcoming so many obstacles, stagnated over the last decade? This chapter explores the changing roles of the state and private sectors during China’s history and since the death of Mao in 1979. It analyzes the formal and informal institutions that have enforced contracts and protected against expropriation in China. It concludes with a consideration of the adverse effects of recent changes on China’s private sector and the future trajectory of China’s growth.