China's stunning growth rates have corresponded with the rise of 'state capitalism'. Since the mid-2000s, China's political economy has stabilized around a model where most sectors are marketized and increasingly integrated with the global economy; yet strategic industries remain firmly in the grasp of an elite empire of state-owned enterprises. What are the implications of state capitalism for industrial competitiveness, corporate governance, government-business relations, and domestic welfare? How does China's model of state capitalism compare with other examples of state-directed development in late industrializing countries? As China enters a phase of more modest growth, it is especially timely to understand how its institutions have adapted to new challenges and party-state priorities. In this volume, leading scholars of China's economy, politics, history, and society explore these compelling issues.
• Contributors are leading experts in their fields of research • Approaches topic of state capitalism from a multidisciplinary perspective • The phenomenon of state capitalism is an enduring feature of China's political economy (not just a transitory phase of reform)
1. Introduction: state capitalism and the Chinese economic miracle Kellee S. Tsai and Barry Naughton; Part I. Evolution of the State Sector: 2. State-owned business and party-state regulation in China's modern political economy Margaret M. Pearson; 3. The transformation of the state sector: SASAC, the market economy, and the new national champions Barry Naughton; Part II. Outcomes and Processes: 4. Stability, asset management, and gradual change in China's reform economy Doug Guthrie, Zhixing Xiao and Junmin Wang; 5. The emergence and evolution of Chinese business groups: are pyramidal groups forming? Dylan Sutherland and Ning Lutao; 6. Competition and upgrading in Chinese industry Loren Brandt and Eric Thun; Part III. The Big Picture: Historical, Social, and Systemic Perspectives: 7. Explaining the dynamics of change: transformation and evolution of China's public economy through war, revolution, and peace, 1928–2008 Morris L. Bian; 8. The evolution of a welfare state under China's state capitalism Mark W. Frazier; 9. Did China follow the East Asian development model? Andrea Boltho and Maria Weber.
'This book has considerable scholarly and analytical merit, while addressing a highly relevant and contemporary issue - the rise of a distinct form of state capitalism in China. It will make a substantial contribution to scholarship, not only on China, but more broadly on refurbished forms of state capitalism in other emerging market economies, such as India, Brazil, Russia, Saudi Arabia, and South Africa. A work of high quality, State Capitalism, Institutional Adaptation, and the Chinese Miracle includes excellent analyses and is deeply interdisciplinary in its outlook. The contributions relate well to existing scholarship with a wide range of references, in-depth research, and a wealth of interview-based materials and case studies.' Christopher McNally, Chaminade University and East-West Center, Honolulu
'This important book analyzes the rise and remaking of state-owned businesses in the People's Republic of China during the nation's enormous experiment in social, political, and economic reconstruction. 'State capitalism' captures China's unique blend of markets, finance, government-owned corporations, and central control. The book's analytic framework is explicitly interdisciplinary - combining original studies by leading China scholars in history, economics, politics, and sociology.' Louis Galambos, The Johns Hopkins University, and Franco Amatori, Università Bocconi
'This volume takes on the timely issue of the nature of China's state capitalism and traces the state's role across a wide range of policy arenas from the welfare state to industrial upgrading. Against the backdrop of other Asian miracles, this book illuminates the complex and often contradictory roles of the state in China's capitalism.' Douglas Fuller, University of Miami