• What Makes a Market Economy?

    What Makes a Market Economy?

    By Alice Chessé What makes a market economy? To many, the answer is simple: they are countries where the market is the main mechanism of resource allocation. Yet, this intuitive definition is at odds with the political impact of the dispute over China’s non-market economy status at the World Trade Organization (WTO). When China joined

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  • China, State Capitalism, and the Global Financial Order

    China, State Capitalism, and the Global Financial Order

    By Johannes Petry In 1989, capital markets did not exist in China. Fast forward to 2018, China’s capital markets have become the second largest equity markets, second largest futures markets, and third largest bond markets in the world. More companies have listed in Hong Kong and Shanghai than anywhere else in the world. And while

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