Ronald Coase was a founding father of modern law and economics. Yet, Coase distanced himself from the economic analysis of law, which today dominates the law and economics scholarship, and proposed an alternative research program, which is referred to here as “law and the economy”. As market transaction presumes the delineation of rights, which are primarily defined and enforced by law, law obviously anchors the foundation of a market economy. Moreover, changes in the legal system are a main source of institutional change that reassigns rights and redraws constraints under which rights are exercised, thus fundamentally affecting transaction costs and how the economy works. “Law and the economy” recognizes the law as an integral part of the economy and calls for the study of the economic impact of law.

Law and the Economy: An Introduction to Coasian Law and Economics

Introduction. Thу article analyzes key socioeconomic undertakings of the PRC at the present stage. In China, the year 2021 has marked a completion of Xiaokang — ‘moderately prosperous’ — society construction. Through the years of reform and opening up, the traditional concept of Xiaokang society has become a strategic goal of China’s socialist modernization and a core of socialism’s theory with Chinese features. Goals. The article primarily aims at analyzing relationship between the concept of Xiaokang society and Xi Jinping’s newly proclaimed doctrine of ‘common prosperity’, compliance of socialist modernization strategies with Chinese specifics. Since the concept of ‘common prosperity’ implies not only economic but also political contexts, it requires extensive and deep sociopolitical insights into ways and mechanisms to be involved thereto, and it is as urgent to identify potential impacts on Chinese society. Materials and methods. The paper examines Chinese periodicals of the specified era, studies contemporary historiographic sources relating to the issue. The study of public policy focuses on policy articles and documents, fundamental works by Mao Zedong, Deng Xiaoping, Xi Jinping, and the economist Li Yining. Results. Over the 40 years, the strategic goal of Chinese modernization has evolved from ‘Xiaokang level’ to ‘Xiaokang society’, and from ‘comprehensive Xiaokang society construction’ to ‘completeness of Xiaokang society in all aspects’. In addition, subtexts of the strategy has also made a significant leap — from equal emphases on material and spiritual components of civilization to strengthening of all five components, namely: material, spiritual, political, social, and environmental ones. The living standards have experienced fundamental changes: the problem of food and clothing (wenbao) has finally been solved, common well-being of the people increased, and absolute poverty of rural population eliminated. However, there are still some social issues to have remained unresolved throughout the construction of ‘moderately prosperous society’. Conclusions. The fulfillment of the ‘first century goal’ has required that the Government articulate a new goal for China’s economic and social development to deal with still existing problems, such as income inequality and social imbalance, which in turn may cause political instability and threaten the legitimacy of the ruling party’s power. In response to the growing need of the people for a better life and further economic growth of society, the PRC Government has introduced a new concept of social development — ‘common prosperity’ (gongtong fuyu). President Xi Jinping points out that ‘common prosperity is a necessary condition for socialism and an important feature of Chinese-style modernization’. 

/pdf/ot-obshchestva-siaokan-k-obshchestvu-vseobshchei-3i8ipa03.pdf

От общества «сяокан» к обществу «всеобщей зажиточности»: развитие политики Китайской Народной Республики по искоренению бедности

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