Coase on China: Property rights and transaction costs revisited
The Coase theorem is usually presented in a reduced form that makes the questionable assumption that transaction costs can be zero. It also overlooks the effects of sharing the benefit obtained by cooperative agreements. Actually, in post-Mao China Coase’s theorem unexpectedly worked in the most flu...
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| Format: | Article |
| Language: | Spanish |
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Universidad Complutense de Madrid
2015-01-01
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| Series: | Iberian Journal of the History of Economic Thought |
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| Online Access: | http://revistas.ucm.es/index.php/IJHE/article/view/47727 |
| Summary: | The Coase theorem is usually presented in a reduced form that makes the questionable assumption that transaction costs can be zero. It also overlooks the effects of sharing the benefit obtained by cooperative agreements. Actually, in post-Mao China Coase’s theorem unexpectedly worked in the most fluid of situation although property rights were in the making and benefits accrued were large. The experience of Chinese capitalism demands a recasting of the Coase theorem to make it less static and more powerful than it appears in the usual static reduce form. |
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| ISSN: | 2386-5768 |