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Forging Reform in China : The Fate of State-Owned Industry - Edward S. Steinfeld

Forging Reform in China

The Fate of State-Owned Industry

Paperback

Published: 12th June 2000
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The greatest economic challenge facing China in the post-Deng era is the reform of unprofitable, state-owned enterprises that have never truly been forced to face the pressure of a bottom line or the threat of bankruptcy. Forging Reform in China explains how and why well-intentioned, market-oriented reform measures have not been sweepingly successful to date, and what it would take to achieve meaningful reform. This book makes a compelling argument that private ownership cannot work in China's current system until governance over complex economic factors has been established, that is, until credit is tightened and market selection processes made to work.

'This is the most sensible and the scariest book on China's economic reforms that you will come across this year ... His theoretical contributions to debate on the role of the state, ownership and regulation in transitional economies are also to be commended for their common-sense empirical grounding and clarity exposition ... This book is required reading for anyone working on Chinese reforms or on reform in transitional economies generally. Even if they do not agree with Steinfeld's conclusions, they will have to address the arguments developed. I found it an enormously impressive and valuable piece of work.' The Times Higher Education Supplement '... Edward Steinfeld, a professor at MIT's Sloan School of Business, offers compelling evidence that 'autonomy extended in the absence of functioning governance and hard budgets is a recipe for disaster ... he examines the cases of three large steel companies that epitomise the almighty mess created after managers were given rights without responsibilities'. Wall Street Journal

List of Tables and Figuresp. xi
Prefacep. xiii
Introduction: China's Ailing State Enterprisesp. 1
The Terrain of Chinese Industrial Reformp. 10
The Role of SOEs in China's Contemporary Economyp. 13
The Performance of the State Sectorp. 18
The Search for Explanationsp. 22
Conceptual Approaches to Postsocialist Enterprise Reform
Property Rights, Privatization, and the State-Owned Firmp. 27
Property Rights: Theoretical Underpinningsp. 28
Theory Meets Practice: Privatization Efforts in Transitional Economiesp. 33
Theory Revisited: What's Wrong with the Property-Rights Approach?p. 38
Conclusionp. 44
The Nested Problems Dynamic: An Alternative Approachp. 45
Nested Problems and Feedback Loopsp. 45
From Plan to Market: The Changing Nature of Autonomy and Constraintp. 48
Controlling the Controllers: The State Intervention Side of the Nested Problemsp. 57
Barriers to Effective Enterprise Governance in Transitional Systemsp. 63
The Dynamic in Operationp. 73
Enterprise Case Studies: The Commanding Heights in Transition
The Living Museum of Iron and Steel Technologyp. 81
The Financial Performance of Anshan Iron and Steelp. 84
Governmental Decentralization and Angangp. 90
Market-Oriented Reforms and Nonmarket Behaviorp. 106
Managerial Incentives and the Profit Motivep. 118
Conclusionp. 121
King of the Red Chips: Ma'anshan Steel and the Debacle of the "Public" SOE in Chinap. 124
Introduction: Magang Goes Publicp. 124
The Evolution of Stock Measures: Reform in Theoryp. 132
Magang under Contract: The Prestock Yearsp. 137
Magang under Joint Stock Ownership: Reform in Practicep. 143
Problems Realized: Magang's Joint Stock System in Operationp. 153
Conclusionp. 158
Shougang: The Rise and Fall of an Industrial Giantp. 165
Introductionp. 165
Shougang: An Overviewp. 170
The Profit Contractp. 175
Enterprise Strategy under the Contractp. 199
Shougang's 1995 Collapsep. 206
The Broader Lessons of the Shougang Experiencep. 219
Reassessing Chinese Patterns of Economic Development
Extending the Argument: Budget Constraints and Patterns of Growth in Chinap. 227
Traditional Approaches to Chinese Reformp. 227
Extending the Argument: The Factual Terrain of Chinese Reformp. 233
Local State Corporatism: A Rights-Based Approach to TVE Growthp. 235
The Constraints-Based Responsep. 237
Why Does the Distinction Matter?p. 241
Summaryp. 247
Conclusionp. 249
The Constraints-Based Approachp. 249
The Constraints-Based Approach and Neoclassical Notions of the Statep. 255
SOE Restructuring and Images of Chinap. 258
Notesp. 261
Bibliographyp. 287
Indexp. 295
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521778619
ISBN-10: 0521778611
Series: Cambridge Modern China Series
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 320
Published: 12th June 2000
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.9
Weight (kg): 0.47