Paying for the Dream of Public Ownership: Case Studies on Corruption and Privatization in China |
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| Authors: | Ming Lu Zhao Chen Shuang Zhang |
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| Institution: | (1) Department of Economics, Employment and Social Security Research Center, China Center for Economic Studies, Fudan University, Shanghai, China;(2) China Center for Economic Studies, Fudan University, Shanghai, China;(3) Department of Economics, Cornell University, Ithaca, USA |
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| Abstract: | The proceeding of privatization is a tradeoff between short-term equality and long-term efficiency. Under the existing structures
of enterprise management and government powers, enterprise managers are likely to conspire with government officials to decide
the way of ownership transformation and share the benefits from there. The transformation of ownership will enhance the efficiency
of the company. Corruption indeed presses ahead the transformation of company ownership, whereas inequality is also aggravated
during the process. Case studies are provided to demonstrate the relationship between corruption and privatization in China.
Corruption and inequality are what the country pays for their dream of public ownership in 1950s. Equality, efficiency and
maintaining current social and political structure cannot be achieved simultaneously during enterprise restructuring.
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| Keywords: | Corruption Privatization Efficiency Inequality |
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