Ambiguous Property Rights in China's Economic Transition Essay

3647 Words Nov 25th, 2013 15 Pages
The evolving nature and implications of ambiguous property rights in the case of China and its non-state sector as a transitional economy; can they be efficient?

Index

Introduction I. Past to present People’s Republic of China, towards transition Property rights, defined

p. 3 p. 3-4

II. III.

p. 5-6

The Chinese Model p. 6-8 Evolution vs. Big Bang, and the employment of ambiguous property rights Current p. 8-11 China, mid-transition and the functionality of ambiguous property rights in transition Future China, post transition, and does one size fit all? p. 11-12

IV.

V.

Conclusion Bibliography

p. 13 p. 14-15

2

Introduction
China’s remarkable and unmatched growth of the past decades,
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The civilization of China is one of the oldest, most complex and most fascinating ones in the world. The line of imperial, medieval and early modern dynasties reaches from the Xia Dynasty of circa 2100 BC to the Qing Dynasty that lasted as until 1911. Currently, the People’s Republic of China is in place. After the Chinese Civil War, Mao Zedong proclaimed the People Republic of China (PRC) in 1949. This marked the arrival of communism and a dramatic change of the property system in society. With his fixation on socialism, Mao replaced the old system of landlord ownership of land with a distribution system in favour of the poor and landless peasants (Wong). Multiple stages of collectivization took place in rural 3

areas and deindustrialization moved the country backwards rather than forwards. Prior to Deng Xiaoping’s rule, state-owned enterprises (SOEs) accounted for 77% of China’s industrial output. The remaining 23% was claimed by collective enterprises, including the Township and Village Enterprises. The amount of private enterprises was 0% (Lee). Until the late 1970’s, with Mao’s death in 1976, Mao’s regime and the land reform during ‘The Great Leap Forward’ accounted for a period of death, famines, an extremely low birth rate, suppression and economic deterioration (Wong). China’s transition from a planned economy to a market economy

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