Abstract
If the process of reform and opening-up is considered part of an economic transition, such a transition has been under way in China for more than 30 years. China’s reform and opening-up started out by “crossing the river by feeling for the stones” in 1979, but today’s economic transition can no longer continue in this manner.
This article was originally published in the Economic Perspectives, 7 (2006), pp. 26–31. It has been revised and updated for this volume.
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Notes
- 1.
Douglass C. North, Structure and Change in Economic History (New York: W.W. Norton, 1981), pp.1–2.
- 2.
Ronald McKinnon, The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, 2nd edition (Baltimore: The Johns Hopkins University Press, 1991).
- 3.
Chen Yiwen, “A Comprehensive Well-Off Society Requires Coordinated Urban and Rural Development,” China Economic Herald, September 9, 2003, p. A2.
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© 2016 Springer Science+Business Media Singapore
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Hong, Y. (2016). A Theory of Transition Economics. In: The China Path to Economic Transition and Development. Springer, Singapore. https://doi.org/10.1007/978-981-287-843-4_1
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DOI: https://doi.org/10.1007/978-981-287-843-4_1
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