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"What I Need Is a Mom"

by Conna Craig via Policy Review
Thursday, June 1, 1995

The Welfare State Denies Homes to Thousands of Foster Children.
SIDEBAR: Conna Craig: Director, Institute For Children

Even Money

by J.D. Fostervia Policy Review
Thursday, June 1, 1995

A Friendly Critique of the Flat Tax.
SIDEBAR: Taking on the Mortgage-Interest Deduction.

Nixon's Ghost

by Adam Meyersonvia Policy Review
Thursday, June 1, 1995

Racial Quotas -- May They Rest In Peace

OSHA's Trivial Pursuit

by John Hoodvia Policy Review
Thursday, June 1, 1995

In Workplace Safety, Business Outperforms the Regulators

Clinton's Cocaine Babies

by Charles Condon via Policy Review
Saturday, April 1, 1995

Why Won't the Administration Let Us Save Our Children?

Pride and Prejudice

by Ward Connerlyvia Policy Review
Saturday, April 1, 1995

Black Business Leaders Ask: Is It Time to Set Quotas Aside?

The Unconstitutional Congress

by Stephen Moorevia Policy Review
Saturday, April 1, 1995

The GOP Misses the Best Argument for Limiting Government

A Farmer's Scarlet Letter

by Blake Hurstvia Policy Review
Saturday, April 1, 1995

Four Generations of Middle-Class Welfare Is Enough

China's Transition to Markets-Market Preserving Federalism, Chinese Style

by Barry R. Weingastvia Analysis
Wednesday, February 1, 1995

This essay studies the relationship between decentralization and the success of economic reform in China. It begins with a theory about the relationship between the types of decentralization and economic performance. We argue that a particular form of decentralization, called market-preserving federlism, Chinese style, provides a critical component of the political foundations for market success in China.

After discussing the evolution of federalism, Chinese style, during the first fifteen years of reform (1979-1993), we turn to the political foundation of economic reform. We argue that economic success hinges in part on an important aspect of decentralization, notably, that it provides for the political security of the reforms. By creating alternative centers of power at local levels, decentralization established forces that could help resist attempts by the central government to compromise the reforms.

China's form of decentralization has served the critical purpose of creating markets at time when political resistance to economic reform remained strong and when the durability of the reforms was important. Nonetheless, federalism, Chinese style, remains incomplete, accounting for some of the anomalies surrounding China's success. It lacks some national public goods such as enforcement of a common market and a unified monetary system, and the system needs to be institutionalized via a set of rules underpinning the market. We also observed that aspects of the problems facing modern China are not unique but have historical precedents in the economic development of the West. To this end, we highlight some important parallels between the economic and political problems facing the early United States under the Articles of Confederation (1781-1787) and those of modern China.

Do The Right Thing: The People's Economist Speaks

by Walter E. Williamsvia Books by Hoover Fellows
Sunday, January 1, 1995

Nationally syndicated columnist Walter E. Williams is chairmain of the economic department at George Mason University. This thought-provoking book contains nearly one hundred of William's most popular essays on race and sex, government, education, environment and health, law and society, international politics, and other controversial topics.


Economic Policy Working Group

The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple