Forging Reform in China: The Fate of State-Owned Industry

ISBN-13: 9780521633352 / Angielski / Twarda / 1998 / 320 str.

Edward S. Steinfeld

Opis

The greatest economic challenge facing China in the post-Deng era is the reform of unprofitable, state-owned enterprises that have never truly been forced to face the pressure of a bottom line or the threat of bankruptcy. Forging Reform in China explains how and why well-intentioned, market-oriented reform measures have not been sweepingly successful to date, and what it would take to achieve meaningful reform. This book makes a compelling argument that private ownership cannot work in China's current system until governance over complex economic factors has been established, that is, until credit is tightened and market selection processes made to work.

Recenzje

'… Edward Steinfeld, a professor at MIT's Sloan School of Business, offers compelling evidence that 'autonomy extended in the absence of functioning governance and hard budgets is a recipe for disaster … he examines the cases of three large steel companies that epitomise the almighty mess created after managers were given rights without responsibilities'. Wall Street Journal

Spis treści

List of tables and figures; Preface; 1. Introduction: China's ailing state enterprises; Part I. Conceptual Approaches to Post-Socialist Enterprise Reform: 2. Property rights, privatization and the state-owned firm; 3. The nested problems dynamic: an alternative approach; Part II. Enterprise Case Studies: The Commanding Heights in Transition: 4. The living museum of iron and steel technology; 5. King of the red chips: Ma'anshan steel and the debacle of the 'public' SOE in China; 6. Shougang: the rise and fall of an industrial giant; Part III. Reassessing Chinese Patterns of Economic Development: 7. Extending the argument: budget constraints and patterns of growth in China; 8. Conclusion; Notes; Bibliography; Index.