WTO Accession, Foreign Direct Investment and International Trade
Edited by Chunlai Chen
Challenges from WTO Membership
Edited by Kam C. Chan, Hung-Gay Fung and Qingfeng ‘Wilson’ Liu
Shuji Yao, Zhongwei Han and Dan Luo
Stock Markets, FDI and Challenges of Sustainability
Edited by Lilai Xu
James Laurenceson and Joseph C.H. Chai
How Have Economy and Governance Evolved since 500 BC?
This chapter discusses the background and significance of the study, and introduces the main subjects and basic concepts of the book, such as the peasant economy and governmental governance. The author presents an overview of the book, the research method used, and conclusion, and indicates the innovation and limitation of the study.
This chapter provides a literature review of the reasons why China developed earlier than Europe before 1400 but became backward gradually after 1500, which was broadly defined as the so-called Needham puzzle. The author reviews the most relevant literatures in economics, sociology, history, political science, philosophy, and so on, comparing their hypotheses and arguments, indicating the methodological biases in the different disciplines, putting forward the criteria of analysis of the Needham puzzle, and selecting some new hypotheses that economists can use to analyse the long-term economic development of China during the past thousand years.
This chapter analyses the behavior of peasants and their households in Chinese history. It critically reviews the theory of the imbalanced ratio of population and land and discusses China’s long-term economic development from a macro perspective. The author analyses the various constraints faced by Chinese peasants and their families and uses a simple model to explain the production choice of peasant families. Evidence about the income and expenditure of representative peasant households in China’s major dynasties is then provided followed by a case study about a machine handicraft factory replaced by a Chinese traditional cotton textile handicraft workshop.
This chapter discusses the formation and consolidation of the petty peasant economy in Chinese history and the efficiency advantage, status, and impacts of it in Chinese economy and society. The author analyses its important institutional connection with Chinese governance using a long-term institutional framework, discusses its main characteristics and its impact on the inertial pattern of Chinese governance, and finally, draws the conclusion that the economic nature of centralized governance in Chinese history is an institutional equilibrium.