The theory of developmental states contend that developmental states lead economic development and carry on corporate features. However, it may not be a panacea for developing countries. In this study, I intend to reveal one paradox associated with the model of developmental states. The central premise is that developmental states, while promote economic development, has clear limitations. we find that fiscal reforms are usefulinstruments, but subject to diminishing returns. The further extension of these instruments carry particularly high risks. Economic slowdown would seem unavoidable in Chinese context. This finding has a great deal of theoretical and political implications. The Chinese central government has called for national promulgation of these reforms. The call has to be well scrutinized given the diminishing returns of these policy instruments. The working paper is available upon request.
标签: States经管大学堂：名校名师名课
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