Dancing with the Devil explains why public ownership has declined in post-Mao China. Focusing on the behavior of political actors under changing incentives and constraints, the book illustrates how growing concerns about jobs and revenue have forced the country's communist rulers to change their policies toward private capital.
Dancing with the Devil explains why public ownership has declined in post-Mao China. Focusing on the behavior of political actors under changing incentives and constraints, the book illustrates how growing concerns about jobs and revenue have forced the country's communist rulers to change their policies toward private capital.
* Introduction * Privatization and Institutional Change: Toward an Eclectic Perspective * Driving Forces of Privatization * Political Actors as Change Agents: The Main Storyline * Note on Statistical Analyses, Data Sources and Chinese Materials * 1. The Changing Fate of Private Ownership since 1949 * Socialist Transformation and the Mao Era * From Getihu to "Equal Protection" of Public and Private Property Rights * Reversal or Moderation of Privatization? * Broad Trends of Change * Summary and Questions * 2. Demographic Pressures * Structure and Change of the Post-1949 Population * Buildup of Employment Pressures * Labor Market: Occupational and Spatial Movements * Ageing and Old Age Support * Summary * 3. The Evolving Structure of Public Finance * "Unified Revenue and Spending" * Fiscal Contracts * Revenue Partitioning * Implications * 4. Careerism and Moral Hazard in Early Marketization * Large Is Beautiful: Political Performance Assessment under Economic Decentralization * The TVE Spectacle * The SOE Sideshow * Summary * 5. Rule Bending for the Necessary Evil * Uneven Paces of Early Privatization * The Wenzhou Story Retold * Beyond Wenzhou * Summary * 6. FDI and Privatization * Centrally Imposed Constraints and Local Rule Bending * FDI Entry Mode and Resource Dependence * Bi-polar Concentration of Risk Taking * Summary * 7. The Tipping Point and Beyond * The Triggers * The Political Bandwagon * From Industrial Development to Urbanization * Asset Stripping and Insider Control * The End Game: SASAC and the Remaining SOEs * Summary * Conclusion * Institutional Stability and Unintended Consequences of Rule Compliance * Non-compliance and Political Risk Management * Path Dependence in Endogenous Institutional Change * Bibliography
* Introduction * Privatization and Institutional Change: Toward an Eclectic Perspective * Driving Forces of Privatization * Political Actors as Change Agents: The Main Storyline * Note on Statistical Analyses, Data Sources and Chinese Materials * 1. The Changing Fate of Private Ownership since 1949 * Socialist Transformation and the Mao Era * From Getihu to "Equal Protection" of Public and Private Property Rights * Reversal or Moderation of Privatization? * Broad Trends of Change * Summary and Questions * 2. Demographic Pressures * Structure and Change of the Post-1949 Population * Buildup of Employment Pressures * Labor Market: Occupational and Spatial Movements * Ageing and Old Age Support * Summary * 3. The Evolving Structure of Public Finance * "Unified Revenue and Spending" * Fiscal Contracts * Revenue Partitioning * Implications * 4. Careerism and Moral Hazard in Early Marketization * Large Is Beautiful: Political Performance Assessment under Economic Decentralization * The TVE Spectacle * The SOE Sideshow * Summary * 5. Rule Bending for the Necessary Evil * Uneven Paces of Early Privatization * The Wenzhou Story Retold * Beyond Wenzhou * Summary * 6. FDI and Privatization * Centrally Imposed Constraints and Local Rule Bending * FDI Entry Mode and Resource Dependence * Bi-polar Concentration of Risk Taking * Summary * 7. The Tipping Point and Beyond * The Triggers * The Political Bandwagon * From Industrial Development to Urbanization * Asset Stripping and Insider Control * The End Game: SASAC and the Remaining SOEs * Summary * Conclusion * Institutional Stability and Unintended Consequences of Rule Compliance * Non-compliance and Political Risk Management * Path Dependence in Endogenous Institutional Change * Bibliography
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