This paper surveys China's legal system in the economic reform era. We analyze the role of law in the economy …, assessing whether China's formal legal system contributed to those expectations of stable and predictable rights of property and … increasingly important role. Second, formal legal institutions have not made a critical contribution to China's remarkable economic …

China’s reform worked and produced some of the most impressive growth in the largest developing and transition economy … in the world in the past twenty-two years. That China has managed to grow so rapidly despite the absence of many … initial conditions and to function as stepping stones in the transition toward the goal. Underlying China’s reform is a serial …

We analyse politically motivated privatization design in a bipartisan environment where politicians lack commitment … power. Suppose the median class voters a priori favour redistributive policies. If the privatization programme succeeds in …, the larger the necessary underpricing. When inequalities are large this leads to voucher privatization. Shifting the …