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Open Access
Article
Publication date: 13 March 2024

Keanu Telles

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some…

Abstract

Purpose

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

Design/methodology/approach

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

Findings

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

Originality/value

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Open Access
Article
Publication date: 29 August 2022

Ninghua Sun and Lei Zeng

China's economic transition is essentially the process of China's institutional changes. During the changes, the appearance of institutional innovation is not regular; instead, it…

Abstract

Purpose

China's economic transition is essentially the process of China's institutional changes. During the changes, the appearance of institutional innovation is not regular; instead, it is intermittent and random. The purpose of this paper is to show that the fitful appearance of institutional innovation is the root of China's economic growth and fluctuations.

Design/methodology/approach

This paper constructs a real business cycle (RBC) model introducing the institutional factor expressed in the quantitative form under the dynamic stochastic general equilibrium (DSGE) framework by measuring China's institutional changes quantitatively.

Findings

By comparing the characteristics of the actual economic data with those of the simulated economic data, we find that this RBC model can explain 94.44%, 66.07%, 23.46%, 21.03% and 15.45% of the cyclical fluctuations in output, investment, labor, consumption and capital, respectively.

Originality/value

The impulse response analysis finds that the institutional shocks have a relatively long duration, lasting about 30 years, and decline slowly over time, while technological shocks decline relatively fast, lasting approximately ten years.

Details

China Political Economy, vol. 5 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 11 June 2019

Ruilong Yang

Over the past four decades, China has strived to make the market mechanism play a decisive role in resource allocation under the conditions of adhering to the basic socialist…

1920

Abstract

Purpose

Over the past four decades, China has strived to make the market mechanism play a decisive role in resource allocation under the conditions of adhering to the basic socialist economic system. The paper aims to discuss this issue.

Design/methodology/approach

On this matter, this paper proposes a three-phase transition hypothesis for the Chinese institutional change models, namely, a de facto path, which gives potential to a successful incremental transition of a centralized country from planned economy to a market economy, lies in the incremental transitions of the institutional change models from a supply-oriented model at initial reform to a middle-proliferation model and to a demand-induced model along with the gradual establishment of exclusive property rights, thereby completing the transition to a socialist-market-economic system.

Findings

The Chinese economic model’s unique connotation is the reason why the solution to this model often baffles both the traditional political-economic logic and western mainstream institutional change theory.

Originality/value

This hypothesis corroborates that China’s unswerving practice of economic reform has provided unprecedented opportunities and challenges for the development of economic theory. The Chinese model constitutes the source of innovation for the subject of Economics with Chinese Studies.

Details

China Political Economy, vol. 2 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 31 January 2024

Juan Gabriel Brida, Emiliano Alvarez, Gaston Cayssials and Matias Mednik

Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and…

Abstract

Purpose

Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.

Design/methodology/approach

Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.

Findings

The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].

Practical implications

Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.

Originality/value

We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.

Details

Review of Economics and Political Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2356-9980

Keywords

Open Access
Article
Publication date: 21 November 2018

Gao Feng

There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the…

4092

Abstract

Purpose

There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the Second World War, the capitalist world experienced the fourth long wave of expansion and then entered into a downward phase of the long wave in the 1970s. Regarding to whether a new long wave of expansion took place in the 1980s, left-wing scholars hold different viewpoints. The purpose of this paper is to focus on this issue.

Design/methodology/approach

First, based on the review of the long wave history, this paper discusses three kinds of long wave theories with significant influence and puts forward the theoretical framework of analyzing the long wave of capitalist economy. Next, under the guidance of this theoretical framework and in combination with the actual development and evolution of the capitalist economy, the issue of whether the fifth long wave of the capitalist economy began to emerge in the 1980s is discussed deeply.

Findings

This paper argues that, from the early 1980s to 2007, the US-dominated developed countries experienced a new long wave of expansion driven by the information technology revolution, the adjustment of the neoliberalism system and the economic globalization. However, the financial-economic crisis of 2008–2009 led to a new phase of long wave downswing.

Originality/value

This paper does not agree with the single-factor analysis of the intrinsic formation mechanism of economic long wave and sticks to the multi-factor analysis centering on the fluctuation of accumulation rate. It is pointed out that the evolution of the long wave of capitalist economy depends on the combined influence of technology, institutions and market. The study of the long wave of the economy will help us to correctly understand the historical stage and characteristics of the current world capitalist economy in the long-term fluctuations, so that we can make an appropriate and positive response.

Details

China Political Economy, vol. 1 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 17 November 2022

Yudong Qi and Xi Chu

Currently, China’s economy is in the critical phase of transforming economic development patterns and replacing old growth drivers with new ones. Whether it can successfully…

2558

Abstract

Purpose

Currently, China’s economy is in the critical phase of transforming economic development patterns and replacing old growth drivers with new ones. Whether it can successfully overcome the “middle-income trap” has become a significant issue attracting wide attention.

Design/methodology/approach

Driven by underlying digital technologies such as artificial intelligence, blockchain, cloud computing and big data, the fourth industrial revolution featuring the booming digital economy has provided significant opportunities for China’s economy to “overtake” and overcome the “middle-income trap”. The transformation of economic development pattern, the optimization of industrial structure, and the change of growth drivers, brought by the deep integration of digital and real economies are the keys to leaping over the “middle-income trap”.

Findings

From the supply side, the digital economy can improve the quality and efficiency of the supply side and promote the supply-side structural reform and economic growth from the following three aspects: First, promote the quality, efficiency and diversification of the supply system; second, promote networking, opening-up and synergy in the innovation system and third, promote the socialization, modularization and flexibility of production pattern. From the demand side, the digital economy can boost the new drivers of the “troika” of economic growth consisting of consumption, exports and investment by changing the market investment direction, promoting consumption upgrade and fostering export strengths. However, once these two attributes interact with each other, especially when data is combined with capital, the most adhesive factor in the market economy, a series of new social relations will then be produced based on the technical attribute, resulting in significant adjustments in social relations, involving both positive and negative externalities.

Originality/value

To overcome the “middle-income trap”, it is necessary to adapt to the laws of economic evolution and promote a fundamental change in economic growth drivers; boost the high-quality development of the digital economy by strengthening the support role of data in the digital economy; and accelerate digital industrialization and industrial digitalization to realize the integration of digital and real economies.

Details

China Political Economy, vol. 5 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 12 September 2016

Matylda Awedyk and Agnieszka Niezgoda

The purpose of this paper is to present the changes in political and socioeconomic conditions after 25 years of transformation and how it provided to adopt new methodology in…

5736

Abstract

Purpose

The purpose of this paper is to present the changes in political and socioeconomic conditions after 25 years of transformation and how it provided to adopt new methodology in tourism planning. It shows the possibilities offered by the use of the foresight process in planning the development of tourism in Poland. Since one of the main foresight goals is to identify trends, the paper takes attempt to verify trends that occurred in Poland after 1989 and if they have now and will have in the near future influence on Polish tourism. Detailed objective is to characterize the systemic transformation and its impact on the tourism economy.

Design/methodology/approach

Paper is the review, which used literature, legislation and strategic documents query. It also includes comparative analysis.

Findings

The analysis of the political and economic changes that have taken place in Poland over the last 25 years shows that they were positive for the development of tourism base. The impact of globalization and global trends is now clearly noticeable also in Poland. Political and economic changes allow the use of foresight methodology in studies on the future of tourism while maintaining its main attributes: anticipation, participation, action, networking, vision.

Research limitations/implications

The analysis included the impact of political changes and social trends on the tourist economy. Proposals that show the positive aspects of these changes relate to tourism and present extensive opportunities to create scenarios, both at the national and regional levels.

Practical implications

The analysis forms the basis for the activities of tourism entities in Poland. It shows the characteristics for the future of the tourism market particularly the demand side.

Social implications

The analysis of changes in systemic and social trends enables anticipation of changes in tourism as a social phenomenon.

Originality/value

The paper presents the historical basis for the development of tourism in Poland after political changes in relation to the planning of tourism by using the methodology of foresight. It also presents these phenomena and social trends that have an impact on the development of tourism.

Details

Journal of Tourism Futures, vol. 2 no. 2
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 14 June 2019

Hua Liang

It is rather common for China’s current academic circles to use western doctrines that originated in situ to explain China’s economic problems, a suspicion of scenario…

Abstract

Purpose

It is rather common for China’s current academic circles to use western doctrines that originated in situ to explain China’s economic problems, a suspicion of scenario misplacement may thus arise. The root cause lies in the lack of reflection about the current relationship between economic thoughts and realities. The paper aims to discuss these issues.

Design/methodology/approach

Correctly understanding economic thoughts associated with the brand of “that era” and effectively deducing its characteristics is of great significance to finding new features of this era and constructing new ideas with the characteristics of “this era.”

Findings

This motif is exactly the keynote on which to base the study of economic history and economic thought.

Originality/value

In a period of major historical turning points, the economic realities on which the economic thinking about that era (the era of economists) relied was undergoing major changes, and re-emphasizing the ancient topic of the relationship between economic thoughts and economic realities became particularly urgent.

Details

China Political Economy, vol. 2 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 21 November 2018

Jin Bei

As China embarks upon a new era of high-quality development, it is increasingly important and imperative for China’s economic development to live up to its real nature, which is…

3681

Abstract

Purpose

As China embarks upon a new era of high-quality development, it is increasingly important and imperative for China’s economic development to live up to its real nature, which is to satisfy people’s growing needs for a better life. The paper aims to discuss this issue.

Design/methodology/approach

The paper attempts to discuss the implication of HQD and its related theoretical issues from the basic theory of economics, and literature review. It is necessary to return to Marx’s “dual character of commodity” to check the theoretical foundation of this issue, based on the duality methodology, namely, the duality of the value of use and the value of exchange.

Findings

Moving from HSG phase to HQD phase constitutes a major challenge and an arduous task that is extremely difficult both theoretically and practically. A series of new problems crop out as to the theoretical understanding and practical resolution. Fundamentally speaking, this new dynamic mechanism intrinsically requires a perfect integration of the instrumental rationality of market economy and the value-based rationality of economic development.

Originality/value

This new momentum requires a perfect match between the instrumental rationality of market economy and the value-based rationality of economic development.

Details

China Political Economy, vol. 1 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 13 December 2021

Feng Zhao, Jiahe Tian and Yuchen Duan

The neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through…

Abstract

Purpose

The neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through the discussion of different forms of investment decision function, this paper constructs the analysis framework of wage-led and profit-led economic growth regimes.

Design/methodology/approach

The model has become an important theoretical paradigm for current Western heterodox economists regarding the research on the impact of functional income distribution on economic growth, and it has a very large impact on both theoretical and empirical research. Starting from Marx's reproduction theory, this article discusses the theoretical shortcomings of the neo-Kaleckian growth regime model.

Findings

This paper mainly focuses on three aspects: (1) the ideological legacy of “Smith's Dogma”; (2) neglecting the restrictions on income distribution from the organic composition of capital and the surplus value rate; (3) technological progress and the formation of a new long economic wave.

Originality/value

The authors believe that the neo-Kaleckian model unilaterally emphasizes the demand-side factors in the economy and, unconsciously or not, ignores the role of the supply-side, which makes it encounter certain limitations in explaining long-term growth. Even if some empirical conclusions are employed to bridge functional income distribution and technological progress, there is still a lack of a theoretical basis for accurately describing long-term economic changes using this model. In order to better promote high-quality economic development and accelerate the formation of a new pattern of economic development in which the domestic large-scale cycle is the mainstay and the domestic and international double cycles promote each other, the authors need to adopt a policy combination with the supply-side as the main and the demand-side as the supplement, and to work from both sides.

Details

China Political Economy, vol. 4 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

1 – 10 of over 9000