With a few cronyist tweaks, China’s communist leaders made capitalism safe for Party rule. But will cronyism become China’s next booming export? The Chinese economy is a puzzle that fascinates Chicago Booth professor Chang-Tai Hsieh. Ask an economist what it takes to create a successful business environment and she’s likely to tick off a predictable list of liberal institutions: strong property rights, rule of law, enforceable contracts, a strong and independent judiciary, etc.—the kinds of items that appear on the World Bank’s famed Doing Business Report, for example. But then there’s the People’s Republic of China. Last […]
Source: What Glue Holds Communist Capitalism Together in China? Cronyism –
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