The Rationale Behind Change: Institutions, Development, and Principles of Economics Based on the China...

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Bi Fan Qian Kunqiang

The Rationale Behind Change

Institutions, Development, and Principles of Economics Based on the China Paradigm

Bi Fan, Qian Kunqiang

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Springer Nature
14 March 2025

Economic theory & philosophy; Civil service & public sector

This book reviews the historical trajectory of economic studies on institutions and points out their limitations. It constructs a new framework for institutional analysis using transaction costs and transaction modules, proposes measuring transaction costs through time, elucidates the evolution of institutions through these costs, and incorporates the trade of rights between governments, markets, and enterprises into the realm of economic institutional research. The book argues that China's reform and opening-up began with a high transaction cost system. After competing between planned and market economies, China opted for a market economy system characterized by lower transaction costs, unraveling the ""three binds"" of ownership, resource allocation, and distribution methods with social systems, which can be deemed the ""secret"" to China's rapid economic development. The book also reveals that under the influence of path dependency, diminishing efficiency, and diversification laws, China's economic system has seen a spread of constraints from points to lines and surfaces, which are eroding reform dividends and posing constraints on development. Through examples in investment, land for construction, energy, and business environments, the book analyzes the changes in transaction costs brought about by institutional changes and their positive and negative impacts on development and proposes a vision and pathway for future reforms.

By: Bi Fan
Translated by: Qian Kunqiang
Imprint: Springer Nature
Country of Publication: Singapore
Edition: 2025 ed.
Dimensions: Height: 235mm, Width: 155mm,
ISBN: 9789819788538
ISBN 10: 9819788536
Pages: 307
Publication Date: 14 March 2025
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction.- Institutional Issues That Perplex Mainstream Economics.- Existing Studies on Institutions The Pros and Cons.- Reconstructing the Analytical Framework of Institutions.- How Institutions Determine Development The Case of China s Reform and Opening up.- How to Optimize the Supply of Institutions.

Fan Bi, a Ph.D. in Management from Tsinghua University, has been engaged in long-term research on public policy and economic system reforms in fields such as macroeconomics, investment, energy, and the environment. In recent years, he has published monographs including Liberating the Invisible Hand and Marketization Reforms in China's Energy Sector.