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What is the relationship between internal development and integration into the global economy in developing countries? How and why do state–market relations differ? And do these differences matter in the post-Cold War era of global conflict and cooperation? Drawing on research in China, India, and Russia and examining sectors from textiles to telecommunications, Micro-Institutional Foundations of Capitalism introduces a new theory of sectoral pathways to globalization and development. Adopting a historical and comparative approach, Hsueh's Strategic Value Framework shows how state elites perceive the strategic value of sectors in response to internal and external pressures. Sectoral structures and organization of institutions further determine the role of the state in market coordination and property rights arrangements. The resultant dominant patterns of market governance vary by country and sector within country. These national configurations of sectoral models are the micro-institutional foundations of capitalism, which mediate globalization and development.

Roselyn Hsueh is an associate professor of political science at Temple University, where she co-directs the Certificate in Political Economy. She is the author of Micro-Institutional Foundations of Capitalism: Sectoral Pathways to Globalization in China, India, and Russia (Cambridge University Press, forthcoming, 2022), China’s Regulatory State: A New Strategy for Globalization (Cornell University Press, 2011), and scholarly articles on states and markets, comparative regulation and governance, and political economy of development. She is a frequent commentator on politics, finance and trade, and economic development in China and beyond. BBC World News, The Economist, Foreign Affairs, National Public Radio, and The Washington Post, among other media outlets, have featured her research. Prestigious fellowships, such as the Fulbright Global Scholar Award, have funded international fieldwork and she has served as a Visiting Scholar at the Institute of World Economics and Politics, Chinese Academy of Social Sciences. She holds a B.A. and Ph.D. in Political Science from the University of California, Berkeley.

 

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In China, market institutions are still being developed and private owned enterprises need help to overcome obstacles arising from the imperfection of market institutions. Such help can come from various levels of the government or state-owned enterprises. It is believed that such help is more likely if a major shareholder of the private enterprise has formed a joint venture with a state shareholder, either directly or indirectly. In this talk, Bai Chong-en will discuss ownership connections among state and private investors (ultimate shareholders) and their changes overtime. He will also examine the relationship between the degree of such connection and some important characteristics of the investors. His model suggests that such connections have played an important role in the growth of the private sector. 

BAI Chong-En is the Mansfield Freeman Chair Professor and dean of the School of Economics and Management of Tsinghua University. He is also the director of both the National Institute for Fiscal Studies of Tsinghua University and the Institute for State-Owned Enterprises of Tsinghua University. He earned his PhD degree in economics from Harvard University. His research areas include institutional economics, economic growth and development, public economics, finance, corporate governance, and Chinese economy.

BAI is a member of the National Committee of the Chinese People’s Political Consultative Conference, the “14th Five-Year Plan” National Development Planning Expert Committee, the Chinese Economists 50 Forum, the China Finance 40 Forum, and Chinainfo 100. He was a member of the monetary policy committee of the People’s Bank of China from 2015 to 2018. He served as Adjunct Vice-President of Beijing State-Owned Assets Management Co., Ltd. from August 2011 to December 2012. He was a non-resident senior fellow of the Brookings Institution from 2006 to 2007.

 

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This event is part of the 2022 Winter webinar series, The Future of China's Economy, sponsored by the APARC China Program.

 

This is a virtual event. Please click here to register and generate a link to the talk. 
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At the end of 2021 China Evergrande Group—one of China’s biggest property developers—finally defaulted on its bonds. The default didn’t spark a Lehman Moment—as widely prophesied—or any significant market upheaval, but it’s increasingly clear that Evergrande’s problems mark the start of a momentous shift in how China’s economy grows. Over the past 18 months, Beijing has induced a slowdown of the property sector with the goal of better ensuring financial sector stability and the sustainability of property sector growth. However, it has resulted in defaults, restructuring, and consolidation among China’s largest developers, and has implication for local government finance and the pace of economic growth. This talk will discuss the challenges posed by Evergrande’s decline and imminent restructuring, what Beijing is trying to achieve by reining in the property sector, and what risks are involved.

 

Dinny McMahon is the author of “China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle,” a ground up look at the mechanics of China’s political economy, which he wrote while a fellow at the Woodrow Wilson Center for International Scholars. He later moved to MacroPolo, the Paulson Institute’s think tank in Chicago, where he researched China’s efforts to clean up its financial system. Dinny started his career as a financial journalist in China, spending six years in Beijing with The Wall Street Journal, and four years with Dow Jones Newswires in Shanghai, where he also contributed to the Far Eastern Economic Review. Dinny is currently working on a project for the Wilson Center on China’s efforts to reduce its reliance on the US dollar. He also provides independent research on China’s financial system for financial services firms.

 

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This event is part of the 2022 Winter webinar series, The Future of China's Economy, sponsored by the APARC China Program.