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From Mao to Market: Rent Seeking, Local Protectionism, and Marketization in China
Beginning of article
From Mao to Market: Rent Seeking, Local Protectionism, and Marketization in China, by Andrew H. Wedeman. Cambridge: Cambridge University Press, 2003. xiv + 277 pp. US$60.00/£45.00 (hardcover).
China can be distinguished from other post-Communist countries not only by its adoption of the so-called gradual approach to economic transformation but also by its success in achieving rapid growth and a sustained, phased marketization drive. The dual-track price system of the 1980s which epitomized the incrementalist spirit of China's reform program was seen by many market theorists as a recipe for disaster. They argued that the coexistence of a deregulated sector and the price rigidities …
