Citation:
Sachs, Jeffrey, and Wing Thye Woo. 1997. “Understanding China's Economic Performance”. Copy at http://www.tinyurl.com/yylllx45
Abstract:
Broadly speaking, two schools of thought have emerged to interpret China's rapid growth since 1978: the experimentalist school and the convergence school. Perhaps the best test of these two approaches is whether China's policy choices are in fact leading to institutions harmonized with normal market economies or to more distinctive innovations. In this regard, the recent policy trend has been towards institutional harmonization rather than institutional innovation, suggesting that the government accepts that the ingredients for a dynamic market economy are already well–known.