1. Chinese Economy (Late 1970's to Present)
... in relative price ratios that created the need for reallocation of resources in order to correct the industrial structure inherited from centrally planned economy. The end of Cultural Revolution in China in 1976 revived the two competing forces of institutional centralization and accelerated growth, which in contrast requires decentralization (Riskin, 1987). Two years later, in 1978, a plan of ... institutional capacity of the state have dramatic impact on performance. It is definitely the strong institutional framework that should be held responsible for the success of gradual reforms in...
- Word Count: 2154
- Approx Pages: 9
- Grade Level: Undergraduate