In this book, Xiaoke Zhang addresses two fundamental political and policy questions: why do politicians have heterogeneous incentives to pursue public-regarding policies through capital market reforms and why do they differ in their abilities to initiate and implement market reform policies...

A common distinction in political economy contrasts the dynamics of free markets with the ‘political’ dynamics of governance. That distinction portrays ‘economic’ competition as separate from the deployment of private political resources to affect the terms of competition in line with...