The Political Development Cycle: The Right and the Left in People's Republic of China from 19531

• 成果类型: Article
• 署名作者: Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; Tsyvinski, Aleh
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Chicago; Institut d'Etudes Politiques Paris (Sciences Po); Yale University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20220249
• 发表日期: 2024
• 页码: 1107-1139
• 关键词: economic-growth; Aggregate productivity; structural-change; urban migration; business-cycle; COLLECTIVIZATION; MODEL; industrialization; TRANSFORMATION; misallocation

摘要

We quantify the effects of the political development cycle-the flucopment policies-on growth and structural transformation of China in 1953-1978. The left policies prioritized structural transformation toward nonagricultural production and consumption at the expense of agricultural development. The right policies prioritized agricultural consumption through slower structural transformation. The imperfect implementation of these policies led to large welfare costs of the political development cycle in a distorted economy undergoing