The transformation to economic development
IPCDP (Institutions, Policy and Culture in the Development Process) is an EU-funded project that examines this transformation which involves changes in policies, institutions, and social hierarchies. The work consists of four subprojects but the main emphasis is centred on China. There is a great amount of economic transition taking place in China with economic growth that stands apart from other industrialized countries. Main distinguishing features include China’s high growth accompanied by a massive increasing capital export, rise in inequality and rapid reallocation across sectors and between firms. A study conducted by the project showcases policy implications for the mechanisms of economic growth that have helped shape policy reforms in China. As a result, an article was produced which has contributed to more policy-relevant issues for China. For example, it looks at pension reforms and income inequality. Not only will this work contribute to a clearer understanding of the economic development in China, it will also provide insight into the relationship between innovation and intellectual property right protection. It also highlights the effect of culture and institutions on the process of economic development as well as the extent that entrepreneurship is spread across different countries and social groups.
Keywords
Economic development, policies, institutions, social hierarchies, China, economic transition, capital export, pension reforms, income inequality
