The institutional transition from central planning to market is a process where the general, or theoretical, interacts with the particular, or practical. Practice provides essential clues for in depth understanding w...The institutional transition from central planning to market is a process where the general, or theoretical, interacts with the particular, or practical. Practice provides essential clues for in depth understanding when theory is not available. Comparing, discussing and generalizing the literature on China's economic transition and its outcomes, we confirm the theoretical significance in terms of its research objects, operation characteristics, dynamics and path, and evolution and dismiss some prevailing assumptions. Our findings outline a transitional economy that is distinct from either a traditional planned economy or a well developed market economy. It provides a foundation for comparative institutional research. A new methodology of transitional economics based on China's experience is clearly called for.展开更多
文摘The institutional transition from central planning to market is a process where the general, or theoretical, interacts with the particular, or practical. Practice provides essential clues for in depth understanding when theory is not available. Comparing, discussing and generalizing the literature on China's economic transition and its outcomes, we confirm the theoretical significance in terms of its research objects, operation characteristics, dynamics and path, and evolution and dismiss some prevailing assumptions. Our findings outline a transitional economy that is distinct from either a traditional planned economy or a well developed market economy. It provides a foundation for comparative institutional research. A new methodology of transitional economics based on China's experience is clearly called for.
