Property Rights in China
Ronald Coase discusses the state of property rights in China, highlighting the country's need to catch up with the West in terms of productivity and economic institutions. Despite government opposition, private farming and market growth have thrived, but with an undeveloped legal system. As China becomes more innovative, its production will become more valuable, signaling a potential shift from being the "workshop of the world."In this clip
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Ronald Coase on Externalities, the Firm, and the State of Economics
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