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[Review] How China Became Capitalist (R. Coase) Summarized.
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How China Became Capitalist by Ronald Coase and Ning Wang is a nonfiction economic history that examines China’s transformation from a rigid planned economy into a largely market-oriented system. Rather than treating the shift as a simple ideological conversion, the book traces how practical reforms, local experimentation, and changing institutional arrangements gradually opened space for private activity, decentralized decision-making, and new forms of enterprise. The authors are especially interested in how economic outcomes depend on the rules, incentives, and property-rights structures that shape exchange, production, and investment. Their account draws on Coase’s long-standing emphasis on transaction costs and the importance of institutions, but it is presented primarily as a historical analysis of post-Mao reform. The book is valuable both as a study of China’s development and as a broader reflection on how capitalism can emerge through incremental political and administrative change rather than through a neat theoretical blueprint.
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