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SUMMARY:***CANCELED*** Lizhi Liu - From Click to Boom: The Political Economy of E-Commerce in China
DESCRIPTION:This event is canceled. We apologize for the inconvenience. \nSpeaker: Lizhi Liu\, Georgetown University \nA central question in political economy asks: how do developing states build market-supporting institutions (e.g.\, secure property rights\, contract enforcement\, and the rule of law)? Too often\, political obstacles prevent developing states from adopting strong formal institutions. I propose that China has devised a novel solution to this political problem: institutional outsourcing. I argue that\, with weak rule of law\, the state has outsourced part of its institutional functions to key private actors\, which I call\, private regulatory intermediaries (PRIs). Using as the context China’s e-commerce market\, where 514 million active users generate more than 70 million transactions per day\, I show that online trading platforms (e.g.\, Alibaba’s Taobao.com and Tmall.com) have begun to serve as PRIs. More specifically\, platforms privately supply market-supporting institutions to enforce contracts\, prevent fraud\, and settle disputes. Not only do platforms enforce rules\, they also assist the state in creating and reforming formal institutions through institutional experiments. I demonstrate that institutional outsourcing is a more politically viable solution to market failure and governance deficit than the direct reforming of formal institutions. I further argue that institutional outsourcing\, as an alternative route to institutional development\, is potentially generalizable to other developing countries. This talk is an overview of my research on China’s e-commerce market. In the talk\, I will discuss how and why China’s e-commerce boom is not merely a technology shock. Rather\, the rise of China’s e-commerce market has brought profound economic and institutional changes in China.
URL:https://fairbank.fas.harvard.edu/events/lizhi-liu-from-click-to-boom-the-political-economy-of-e-commerce-in-china/
LOCATION:CGIS Knafel K262\, 1737 Cambridge Street\, Cambridge\, MA\, 02138\, United States
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