One of the most important legacies of the twentieth century is the rise and fall of the socialist economic system. While countries in Central and Eastern Europe have abandoned socialism and embraced market and democracy, two Asian countries - China and Vietnam - appeared to have followed a different path, and both economies are growing fast. Yet, although both China and Vietnam are making a decisive transition to the market economy, they have also insisted on the official ideology of socialism. The reform experiences of these two countries have raised important intellectual questions: are China and Vietnam practicing market socialism? How has the market emerged under the ideology of socialism? What is the meaning of the market in this context?
This book brings together a wide range of experts to address these questions by studying some of the fundamental issues surrounding the relationship between the market, property rights, and socialism. With fresh insights into these important and topical issues, this book contributes to an understanding of how the market and socialist ideology coexist in China and Vietnam, while also drawing important conclusions which have implications beyond these regions.
Introduction; J.Kornai & Y.Qian
Socialism and the Market: Conceptual Clarification; J.Kornai
'Market Socialism' and Chinese Economic Reform; J.Wu
China's Encounter with Market Socialism: Approaching Managed Capitalism by Indirect Means; L.Putterman
Is State Ownership Consistent with a Market Economy: The Chinese Experience; W.Zhang
Market Socialism or Capitalism? Evidence from Chinese Financial Market Development; J.Du & C.Xu
China's Path-Dependent Transition: Culture Mediating between Market and Socialism; C.Herrman-Pillath
Market Economy, Hierarchy and Single Party Rule; B.Naughton
Market Economy with Socialist Orientation: The Evolution in Vietnam; D.D.Le
Process of Economic Reforms in Vietnam: What Lessons can be Learnt; T.T.Vo
Vietnam's Road to International Economic Integration with a Socialist Orientation: Is WTO Accession and Market Socialism Compatible?; S.Parker
Market Socialism in China and Vietnam: Why has it Worked, So Far?; D.D.Li & Y.Wang
JÁNOS KORNAI is Permanent Fellow, Emeritus, at Collegium Budapest Institute for Advanced Study, Hungary, and Allie S. Freed Professor of Economics Emeritus at Harvard University, USA. He is the author of many other books, including The Economics of Shortage (1980) and The Socialist System (1992).
YINGYI QIAN is Professor of Economics at the University of California, Berkeley, USA, and the School of Economics and Management, Tsinghua University, China.
Description
One of the most important legacies of the twentieth century is the rise and fall of the socialist economic system. While countries in Central and Eastern Europe have abandoned socialism and embraced market and democracy, two Asian countries - China and Vietnam - appeared to have followed a different path, and both economies are growing fast. Yet, although both China and Vietnam are making a decisive transition to the market economy, they have also insisted on the official ideology of socialism. The reform experiences of these two countries have raised important intellectual questions: are China and Vietnam practicing market socialism? How has the market emerged under the ideology of socialism? What is the meaning of the market in this context?
This book brings together a wide range of experts to address these questions by studying some of the fundamental issues surrounding the relationship between the market, property rights, and socialism. With fresh insights into these important and topical issues, this book contributes to an understanding of how the market and socialist ideology coexist in China and Vietnam, while also drawing important conclusions which have implications beyond these regions.
Contents
Introduction; J.Kornai & Y.Qian
Socialism and the Market: Conceptual Clarification; J.Kornai
'Market Socialism' and Chinese Economic Reform; J.Wu
China's Encounter with Market Socialism: Approaching Managed Capitalism by Indirect Means; L.Putterman
Is State Ownership Consistent with a Market Economy: The Chinese Experience; W.Zhang
Market Socialism or Capitalism? Evidence from Chinese Financial Market Development; J.Du & C.Xu
China's Path-Dependent Transition: Culture Mediating between Market and Socialism; C.Herrman-Pillath
Market Economy, Hierarchy and Single Party Rule; B.Naughton
Market Economy with Socialist Orientation: The Evolution in Vietnam; D.D.Le
Process of Economic Reforms in Vietnam: What Lessons can be Learnt; T.T.Vo
Vietnam's Road to International Economic Integration with a Socialist Orientation: Is WTO Accession and Market Socialism Compatible?; S.Parker
Market Socialism in China and Vietnam: Why has it Worked, So Far?; D.D.Li & Y.Wang
Authors
JÁNOS KORNAI is Permanent Fellow, Emeritus, at Collegium Budapest Institute for Advanced Study, Hungary, and Allie S. Freed Professor of Economics Emeritus at Harvard University, USA. He is the author of many other books, including The Economics of Shortage (1980) and The Socialist System (1992).
YINGYI QIAN is Professor of Economics at the University of California, Berkeley, USA, and the School of Economics and Management, Tsinghua University, China.
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