Economics & Finance / Macroeconomics / Economic Development & Transition

China s Economic Miracle-State Capitalism, Institutional Adaptation, and the Chinese Miracle

State Capitalism, Institutional Adaptation, and the Chinese Miracle

Barry Naughton, Kellee S. Tsai

State Capitalism, Institutional Adaptation, and the Chinese Miracle (Barry Naughton, Kellee S. Tsai) Co-edited by Barry Naughton and Kellee S. Tsai, State Capitalism, Institutional Adaptation, and the Chinese Miracle offers an in-depth exploration of how China has developed a distinctive model of state capitalism while sustaining rapid economic growth.The book’s central argument is that China has not fully embraced the free market; instead, it has established a two-tier economic system: marketization has been widely implemented in competitive sectors, while the state has maintained firm control over strategic pillar industries such as energy, telecommunications, and finance through institutions including the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. From an interdisciplinary perspective, the book provides a detailed analysis of the evolution of large state-owned enterprises under the modern enterprise system, the transformation of the government’s role, and the similarities and differences between this model and traditional East Asian developmental states in terms of industrial competitiveness and social welfare.Its fundamental purpose is to reveal how the Chinese government has combined socialist legacies with globalized capitalist mechanisms through institutional adaptation, thereby maintaining regime legitimacy and economic vitality in a changing international environment.