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Conference Paper: Contract enforcement in China: theory and facts

TitleContract enforcement in China: theory and facts
Authors
KeywordsContract enforcement
Economic development
Formal law
Informal institutions
Issue Date2012
Citation
The 7th International Interdisciplinary Social Science Conference, Barcelona, Spain, 25-28 June 2012. How to Cite?
AbstractWhile there is still a debate on the role of formal law in economic development, the dominant body of literature tends to dismiss the role of formal law in China’s economic development. China is also frequently cited as a case of fast economic development in the absence of rule of law, or inconsistent with the conventional wisdom. So far, however, there is very little empirical evidence supporting the case that formal law in China has not played very important roles in China’s economic development. This article pays close attention to the relative roles of formal law and informal trade associations in enforcing business contracts. The survey data shows that business firms rely heavily on formal law in protecting their contractual expectation and in solving their contractual disputes. While both the formal legal system and informal trade associations have the chance to develop different means to protect the contractual expectation of business firms and to solve contractual disputes between business firms after China’s adoption of the economic reform policy, the survey has revealed that business firms dominantly rely upon formal law. The article then provides a demand-side analysis and a supply-side explanation to explain the business firms’ heavy reliance upon formal law in protecting their contractual expectation and in solving their contractual disputes. The result of the research has rectified a misconception in the literature that China’s formal law has not played important roles in its economic development during the last two or three decades.
DescriptionParallel Session
Overview (in Program): This article pays close attention to the relative roles of formal law and informal trade associations in enforcing business contracts
Persistent Identifierhttp://hdl.handle.net/10722/160545

 

DC FieldValueLanguage
dc.contributor.authorYu, Gen_US
dc.date.accessioned2012-08-16T06:13:48Z-
dc.date.available2012-08-16T06:13:48Z-
dc.date.issued2012en_US
dc.identifier.citationThe 7th International Interdisciplinary Social Science Conference, Barcelona, Spain, 25-28 June 2012.en_US
dc.identifier.urihttp://hdl.handle.net/10722/160545-
dc.descriptionParallel Session-
dc.descriptionOverview (in Program): This article pays close attention to the relative roles of formal law and informal trade associations in enforcing business contracts-
dc.description.abstractWhile there is still a debate on the role of formal law in economic development, the dominant body of literature tends to dismiss the role of formal law in China’s economic development. China is also frequently cited as a case of fast economic development in the absence of rule of law, or inconsistent with the conventional wisdom. So far, however, there is very little empirical evidence supporting the case that formal law in China has not played very important roles in China’s economic development. This article pays close attention to the relative roles of formal law and informal trade associations in enforcing business contracts. The survey data shows that business firms rely heavily on formal law in protecting their contractual expectation and in solving their contractual disputes. While both the formal legal system and informal trade associations have the chance to develop different means to protect the contractual expectation of business firms and to solve contractual disputes between business firms after China’s adoption of the economic reform policy, the survey has revealed that business firms dominantly rely upon formal law. The article then provides a demand-side analysis and a supply-side explanation to explain the business firms’ heavy reliance upon formal law in protecting their contractual expectation and in solving their contractual disputes. The result of the research has rectified a misconception in the literature that China’s formal law has not played important roles in its economic development during the last two or three decades.-
dc.languageengen_US
dc.relation.ispartof7th International Interdisciplinary Social Science Conference 2012en_US
dc.subjectContract enforcement-
dc.subjectEconomic development-
dc.subjectFormal law-
dc.subjectInformal institutions-
dc.titleContract enforcement in China: theory and factsen_US
dc.typeConference_Paperen_US
dc.identifier.emailYu, G: ghyu@hkucc.hku.hken_US
dc.identifier.authorityYu, G=rp01276en_US
dc.description.naturelink_to_OA_fulltext-
dc.identifier.hkuros203728en_US

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