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Capitalism from Below - Markets and Institutional Change in China (Hardcover)
Loot Price: R1,912
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Capitalism from Below - Markets and Institutional Change in China (Hardcover)
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More than 630 million Chinese have escaped poverty since the 1980s,
reducing the fraction remaining from 82 to 10 percent of the
population. This astonishing decline in poverty, the largest in
history, coincided with the rapid growth of a private enterprise
economy. Yet private enterprise in China emerged in spite of
impediments set up by the Chinese government. How did private
enterprise overcome these initial obstacles to become the engine of
China's economic miracle? Where did capitalism come from? Studying
over 700 manufacturing firms in the Yangzi region, Victor Nee and
Sonja Opper argue that China's private enterprise economy bubbled
up from below. Through trial and error, entrepreneurs devised
institutional innovations that enabled them to decouple from the
established economic order to start up and grow small, private
manufacturing firms. Barriers to entry motivated them to build
their own networks of suppliers and distributors, and to develop
competitive advantage in self-organized industrial clusters.
Close-knit groups of like-minded people participated in the
emergence of private enterprise by offering financing and
establishing reliable business norms. This rapidly growing private
enterprise economy diffused throughout the coastal regions of China
and, passing through a series of tipping points, eroded the market
share of state-owned firms. Only after this fledgling economy
emerged as a dynamic engine of economic growth, wealth creation,
and manufacturing jobs did the political elite legitimize it as a
way to jump-start China's market society. Today, this private
enterprise economy is one of the greatest success stories in the
history of capitalism.
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