China?s dramatic economic growth over the past four decades has challenged conventional assumptions about the relationship between legal systems and economic development. While China has invested heavily in building its legal system, the role of formal law in governing Chinese markets is clearly different from its role in Western democracies. Tamar Groswald Ozery, who studies the intersection of Chinese law and political economy, will talk about the ways that law has been used in China since 2010 to reconfigure market governance to handle the consequences of prior decades of state capitalism. This reconfiguration is achieved through the mobilization of legal institutions in two directions: intensifying the presence of the regulatory state in the market, and shifting substantial market governance powers directly to the Communist Party. The talk is based on Ozery?s new book, Law & Political Economy in China: The Role of Law in Corporate Governance & Market Growth (Cambridge University Press). The book analyzes market development in China from 1978-2021, and concludes that law serves as an internal party-state instrument for allocating political-economic power.
