China’s Institutional Challenge
The work of the Nobel laureate economist Douglass North, who died last month, goes a long way toward explaining China's dramatic changes over the last three decades, as well as illuminating the challenges that lie ahead. In fact, North's message should temper the pessimism that pervades most current discussion of China’s prospects.
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HONG KONG – Last month, the Nobel laureate economist Douglass North, who applied economic theory to history to gain insight into institutional and social change, died at his home in Michigan. But his ideas will live on, particularly in China. Though North never focused explicitly on China’s institutional development, his theoretical framework could prove invaluable to the country’s leaders as they navigate the next phase of institutional change.