Chinese entrepreneurs have founded more than thirty million private
businesses since Beijing instituted economic reforms in the late
1970s. Most of these private ventures, however, have been denied
access to official sources of credit. State banks continue to serve
state-owned enterprises, yet most private financing remains
illegal. How have Chinese entrepreneurs managed to fund their
operations? In defiance of the national banking laws, small
business owners have created a dizzying variety of informal
financing mechanisms, including rotating credit associations and
private banks disguised as other types of organizations.
Back-Alley Banking includes lively biographical sketches of
individual entrepreneurs; telling quotations from official
documents, policy statements, and newspaper accounts; and
interviews with a wide variety of women and men who give vivid
narratives of their daily struggles, accomplishments, and hopes for
future prosperity.
Kellee S. Tsai's book draws upon her unparalleled fieldwork in
China's world of shadow finance to challenge conventional ideas
about the political economy of development. Business owners in
China, she shows, have mobilized local social and political
resources in innovative ways despite the absence of state-directed
credit or a well-defined system of private property rights.
Entrepreneurs and local officials have been able to draw on the
uncertainty of formal political and economic institutions to
enhance local prosperity.
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