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Aggregate Behaviour of Investment in China, 1953–96: An by Laixiang Sun

By Laixiang Sun

In China, mixture funding degrees were excessive and the cycles of funding development price were striking. in an effort to demonstrate the mechanisms which force funding starvation and cycles, this booklet develops an built-in growth-cycle framework which integrates the traditional idea of socialist economies, the distributive barrier-constrained development concept of constructing economies, and the new technical progresses within the western enterprise cycle conception. It additionally analyzes the evolutionary dynamics of China's country funding method and the coverage trade-off among commercial growth and agricultural improvement.

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Additional info for Aggregate Behaviour of Investment in China, 1953–96: An Analysis of Investment Hunger and Fluctuation

Example text

The main system-specific distinction lies not in the actual effort to expand but in the internally generated self-restraints that run counter to the expansion drive. For a capitalist firm even with limited liability, any loss caused by a faulty investment decision hits both owners and managers. Expansion is an attraction but also a high risk because although they expect to make good investments, the risk of bad investment limits unbridled expansion. By contrast, in a socialist economy subject to a soft budget constraint, an SOE can suppose that liquidation will not follow from any defective investment decision, however high the costs and financial losses may be.

A. a. a. a. 00 Shares of Output Value Metallurgy Power Coal & coke Petroleum Chemical Machinery Building materials Forest Food, beverages & tobacco Textile, clothing & leather Papermaking & cultural articles Others Total Shares of Employment Metallurgy Power Coal & coke Petroleum Chemical Machinery Building materials Forest Food, beverages & tobacco Textile, clothing & leather Papermaking & cultural articles Others Total Note: For translation between 'new' and 'old* industrial classifications, see Statistics on Labour and Wages of China, 1949-1985 (1987: 275-82).

Kornai 1980: 201) This circle suggests that there is a positive correlation between investment tension and shortage intensity in general, and the shortage of investment goods in particular, because investment tension results in shortages of investment goods almost without lags. These two opposite forces make the sign before \iz uncertain. 1) to display the former Soviet planners' behaviour with regard to macroeconomic investment growth. In his model the growth rate of investment is a function of structural pressure for investment and the measures of shortages in the investment goods, foreign trade, and consumption sectors.

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