How China Became Capitalist

By Ronald H. Coase & Ning Wang

How China Became Capitalist offers a groundbreaking explanation of China’s economic transformation from a centrally planned system to a dynamic market economy. Written by Nobel laureate Ronald H. Coase and economist Ning Wang, this book challenges conventional top-down reform narratives by emphasizing the role of bottom-up institutional evolution, entrepreneurship, and market experimentation.

Published by Palgrave Macmillan, the book traces China’s reform process from the late Mao era through the rise of private enterprise, showing how informal markets, local innovation, and gradual institutional change laid the foundations for capitalism with Chinese characteristics.

What This Book Does

This book reframes China’s economic history by explaining how markets emerged organically despite weak formal property rights, limited legal frameworks, and political constraints.

Key Features

• Original institutional explanation of China’s economic rise
• Focus on bottom-up market creation and entrepreneurship
• Challenges standard state-led reform narratives
• Integrates economic theory with historical analysis
• Authored by a Nobel Prize–winning economist
• Widely cited in economics, political economy, and China studies

Who Should Use This Book?

• Economics and political economy students
• China studies and Asian studies scholars
• Policy analysts and development economists
• Investors and professionals interested in China’s growth model
• Readers of institutional and comparative economics

Why It’s Essential

• Offers a radically different lens on China’s reforms
• Connects institutional economics with real-world development
• Explains capitalism without formal Western institutions
• Essential reading for understanding modern China

The definitive institutional explanation of China’s economic transformation.
Order today from BooksGoat and deepen your understanding of modern China.

Product Details

• ISBN-13: 9781137351432
• Authors: Ronald H. Coase; Ning Wang
• Publisher: Palgrave Macmillan
• Publication Date: March 20, 2012
• Format: Paperback
• Condition: New
• Availability: In Stock
• Shipping: Free Shipping

Table of Contents (Highlights)

• The Myth of Big-Bang Reform
• The Rise of Market Forces
• Entrepreneurship Without Property Rights
• The Role of Local Governments
• Institutional Change and Economic Growth
• Capitalism with Chinese Characteristics

FAQs

• Is this book academic or accessible? It is academically rigorous but written in a clear, accessible style.
• Does it challenge conventional views? Yes, it presents a bottom-up explanation of China’s reforms.
• Is it widely used in courses? Yes, it is commonly assigned in economics and China studies programs.