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Research
Although contemporary China has developed a distinct economic system, the analytic foundations underpinning China’s state–market relations remain unclear.  PERI researcher Isabella Weber and Hao Qi develop in this paper a conceptual framework of what they term China’s state-constituted market economy. They argue that the Chinese state ‘constitutes’ the market economy by creating, participating, and steering markets for essentials in order to stabilize and guide the economy as a whole. Then then draw on China’s statecraft tradition as well as on proposals for financial policy reform in the U.S. to conceptualize the state-market constitution in China.
Commentary

How China Escaped Shock Therapy Interview with Rob Johnson

Interview, August 2021 |

Isabella Weber, Rob Johnson
>> Watch interview from the Institute for New Economic Thinking (INET)>> Learn more about "How China Escaped Shock Therapy." In an interview with INET's Rob Johnson, Isabella Weber discusses her new book on how China managed its transition from central planning to markets.
Research

How China Escaped Shock Therapy: The Market Reform Debate

Routledge Press

Book, May 2021 |

Isabella Weber
China has become deeply integrated into the world economy, but the country’s swift ascent in recent decades was never a forgone conclusion. Reformers after Mao’s death in 1976 agreed to move China towards marketization, but they struggled over the right approach. PERI researcher Isabella Weber’s new book How China Escaped Shock Therapy uncovers the fierce reform debate that shaped China’s path, offering a novel perspective on the origins of China’s distinctive economic model. Weber provides an unprecedented look at the economic policies that supported the country’s rise without leading to wholesale assimilation to global neoliberalism.
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