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Law and Economics with Chinese Characteristics

Law and Economics with Chinese Characteristics Institutions for Promoting Development in the Twenty-First Century

Author: David Kennedy; Joseph E. Stiglitz
Publisher: Oxford University Press
ISBN: 9780199698554
Published In: March 2013
Format: Paperback , 640 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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- Explores how the lessons of the Chinese market economy might help policymakers in other countries to achieve equitable and sustained development
- Provides a critique of the prevailing law and economics doctrines that have been influential in shaping legal doctrines and institutions around the world
- Explains which institutional arrangements, including legal systems, are most likely to promote development
Policymakers and economists largely agree that 'rule of law' and property rights are essential for a sound economic policy, particularly for most developing countries. But it is becoming increasingly apparent that transplanting legal frameworks from one society to another doesn't work - even though neoliberal orthodoxy has held that it should. China's economic development offers a backdrop for developing alternative viewpoints on these issues. In this book, economists, academics, and policymakers wade straight into the discussion, using China as a concrete reference point. The volume is the result of a series of dialogues among academics and policymakers from China and around the world. While the authors are not at all of one mind on many things, they do share the conviction that China is now entering a critical phase in its economic development and in its transition to a distinctly Chinese market economy. The essays cover a broad range of subjects that have been particularly relevant in China's growth, from property rights to social rights, corporate rights, institutions, intellectual property, and justice. Although the work thoroughly analyzes the best regulatory and institutional frameworks for China's evolving economic and political strategy, its ultimate goal is bigger: it seeks to aid policymakers in both developing and developed countries to create - or in the latter case reform - institutional and regulatory frameworks to achieve equitable and sustained development.

Readership: Policymakers, academics, students, economists, lawyers, and development specialists
David Kennedy and Joseph E. Stiglitz: Introduction
Part I: Conceptual Foundations
1: David Kennedy: Law and Development Economics: Toward a New Alliance
2: Joseph E. Stiglitz: Creating the Institutional Foundations for a Market Economy
3: Antara Haldar and Joseph E. Stiglitz: Analyzing Legal Formality and Informality: Lessons from the Land-titling and Microcredit Programs
Part II: Towards Law and Development Policies with Chinese Characteristics
Section introduction
A. Property Rights
4: Joseph E. Stiglitz: The Economics Behind Law in a Market Economy: Alternatives to the Neo-Liberal Orthodoxy
5: David Kennedy: Some Caution about Property Rights as a Recipe for Economic Development
6: Roy Prosterman: Rural Land Rights in China
7: Kenneth Ayotte and Patrick Bolton: The Role of Property Rights in Chinese Economic Transition
B. Intellectual Property Rights for China's Development
8: Joseph E. Stiglitz: Institutional Design for China's Innovation System: Implications for Intellectual Property Rights
9: Zheng Liang and Lan Xue: The evolution of China's IPR system and its impact on the innovative performance of MNCs and Local Firms in China
10: Heping Cao: The Property and Intellectual Property Exchanges (PIPEs) in China since the 1990s
C. Corporate Rights
11: Curtis J. Milhaupt and Katharina Pistor: The China Aviation Oil Episode: Law and Development in China and Singapore
12: Zhong Zhang: Legal Deterrence: The foundation of Corporate Governance - Evidence from China
D. Social Rights
13: Qin Gao and Carl Riskin: Generosity and Participation: variations in Urban China's Minimum Livelihood Guarantee Policy
14: Jean-Paul Fitoussi and Francesco Saraceno: The Intergenerational Content of Social Spending: Health Care and Sustainable Growth in China
E. Labor Rights
15: Cai Fang: The Hukou Reform and Unification of Rural-urban Social Welfare
Part III: Institutional Foundations for the Chinese Market Economy: The State
Section introduction
A. Decentralization
16: Justin Yifu Lin, Mingxing Liu and Ran Tao: Deregulation, Decentralization and China's Growth in Transition
17: James Kai-sing Kung, Chenggang Xu and Feizhou Zhou: From Industrialization to Urbanization: The Social Consequences of Changing Fiscal Incentives on Local Government's Behavior
B. Enforcing Justice
18: Benjamin L. Liebman and Tim Wu: China's Network Justice
19: Benjamin L. Liebman: China's Courts: Restricted Reform
Edited by David Kennedy, Manley O. Hudson Professor of Law, Harvard Law School, Faculty Director of the Institute for Global Law and Policy, and Joseph E. Stiglitz, University Professor and Co-President of the Initiative for Policy Dialogue, Columbia University

David Kennedy joined the Harvard Law faculty in 1981 and holds a Ph.D. from the Fletcher School at Tufts University and a J.D. from Harvard. He has worked on numerous international projects as an attorney, including work with the United Nations, the Commission of the European Union, and with the private firm of Cleary, Gottlieb, Steen and Hamilton in Brussels, where his work combined European antitrust litigation, government relations advising, and general corporate law. A member of the Council on Foreign Relations, he has served as Chair of the World Economic Forum's Global Advisory Council on Global Governance. At Harvard, he served as Chair of the Graduate Committee and Faculty Director of International Legal Studies. He has lectured as a Visiting Professor at numerous universities across the across the world. In 2008-2009, he served as Vice President for International Affairs, Professor of Law and David and Marianna Fisher University Professor of International Relations at Brown Univers

Joseph E. Stiglitz is the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 report of the IPCC, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton and chief economist and senior vice president of the World Bank for 1997-2000. Prior to Columbia he held the Drummond Professorship at All Souls College Oxford, and professorships at Yale, Stanford, and Princeton. He is the author of the best-selling Globalization and Its Discontents, Making Globalization Work, Fair Trade For All, and most recently of Freefall: America, Free Markets, and the Sinking of the World Economy. He has presented invited lectures on many occasions at the China Development Forum and other events in China

Contributors:
Kenneth Ayotte, Northwestern University School of Law
Patrick Bolton, Columbia University
Heping Cao, Peking University
Cai Fang, Chinese Academy of Social Sciences
Jean-Paul Fitoussi, Luiss University, Sciences Po Institut d'Etudes Politiques de Paris
Qin Gao, Fordham University
Antara Haldar, Columbia University
David Kennedy, Harvard University
James Kai-sing Kung, Hong Kong University of Science & Technology
Zheng Liang, Tsinghua University
Benjamin L. Liebman, Columbia University
Justin Yifu Lin, World Bank
Mingxing Liu, Peking University
Curtis J. Milhaupt, Columbia University
Katharina Pistor, Columbia University
Roy Prosterman, Professor Emeritus, University of Washington
Carl Riskin, City University of New York and Columbia University
Francesco Saraceno, Sciences Po Institut d'Etudes Politiques de Paris
Joseph E. Stiglitz, Columbia University
Ran Tao, Renmin University
Tim Wu, Columbia University
Chenggang Xu, University of Hong Kong
Lan Xue, Tsinghua University
Zhong Zhang, University of Sheffield
Feizhou Zhou, Peking University