| Abstract: | This essay traces the main lines of debate among economists during the course of China's reform. It first reviews how the market has become legitimated in the country. Then it examines three schools of thought that have emerged from an ongoing debate over the economic role of the state in China's “socialist market economy.” Debates have transformed radically the conceptual frameworks of economists, as well as policymakers, and thereby have exerted enormous influence on the policy process. |
