There is now a vast and still rapidly expanding literature of
scholarly studies on the Chinese experience of economic growth and
systemic transformation over the past 16 years. By and large, most
of the studies tend to conceptualize the experience as a process of
transition to the market economy. This position applies to even the
moderate, evolutionary economists, who, thanks to the overwhelming
evidence of the heterodox nature of the experience, have seemed to
outcompete outright free-market advocates and have dominated the
literature. In contrast to the market-centred orthodoxy, this book
develops an alternative interpretation that is in the tradition of
the late industrialization literature. Based on a wealth of
evidence and well-articulated theoretical arguments, it submits
that the outstanding performance of the Chinese economy during the
period of 1978-94 was based on an appropriate combination of market
and (non-market) institutional regulation. This book is likely to
be taken seriously by scholars who want to make sense of the
complex Chinese experience.
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