property rights theory

Institutional Dynamics of Tapid Industrial Growth in Rular China: Local Property Right Regime and Informal Privatization

Three perspectives have been prevalent in explaining the rapid growth of rural industry in China: producer cooperative, local government ownership, and market transition. This article contends that the first two approaches do not hold empirically. Instead, the market transition can better interpret the dynamics of the Chinese development. However, it lacks a comprehensive framework for the analysis of property rights across regions. A concept of local property rights regime is proposed to explore the processes of informal privatization in China.

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