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Why China survived the financial crisis
Shalendra D. Sharma

activities. They established and ran rural enterprises and took the profits to pay for expenditures and reinvestment. Thus, increased fiscal incentives gave rise to a new form of state-led growth in rural China – what Oi calls “local state corporatism.” Under this system, local governments “treat enterprises within their administrative purview as one component of a larger corporate whole” (Oi 1992, 99). By causing local governments to function like a large corporation with diversified businesses and facing fairly hard budget constraints, including bearing the risks of their

in The Asian financial crisis
Costas Simitis

determined the parties’ stand. The COSCO investment went ahead eventually, but under conditions that caused the Chinese company to abandon a large part of its plans and to seek instead another Mediterranean port. Did the dock workers protest because plans to develop the port of Piraeus had been abandoned? Did they fight for a reduction in public debt or in the budget deficit? No, of course not. They wanted to defend the benefits of clientel­ism they had been reaping for years, seeking the continuation of the mixture of guild corporatism, localism and exploitation of their

in The European debt crisis