Chinese Economy in Disequilibrium pp 175-195 | Cite as
The Standardization of Institutional Innovation
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Abstract
During the process of establishing the commodity economy, economic growth may face multiple setbacks if business transactions are neither market-oriented nor based on contract. We have analyzed this issue in our discussions about establishing the order of the commodity economy and the institutional innovation. Now, what we have to study is this: Even though business transactions are done in the market and based on contract, how is the commodity economy impacted by breach of contract that may often occur? How can we resolve contractual violations?
Keywords
Scarce Resource Market Participant Market Mechanism Business Transaction Institutional Variation
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
References
- 1.Li, Yining. (1986). Socialist political economics (pp. 365–371). The Commercial Press, Beijing, China.Google Scholar
- 2.Li, Yining. (1982). The origin and development of institutional innovation theory, foreign economics review (2nd ed., pp. 64–124). Shanghai People’s Press, Shanghai, China.Google Scholar
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