Focusing on the phenomenon of corruption, this book offers an in-depth analysis through the lens of New Institutional Economics, a prominent contemporary school of thought in social sciences. It explores the intricate relationships and structures that contribute to corrupt practices, providing insights into the economic and institutional factors at play. The work aims to deepen the understanding of corruption and its implications within various societal frameworks.
Over the past decade, the Chinese steel industry has rapidly developed, surpassing expectations and setting world records in production and trade. This growth mirrors the overall ascent of the Chinese economy and aligns with trends seen in other industrial sectors. However, many studies attribute this swift development to government intervention. This analysis focuses on the interaction between steel enterprises and government agencies, employing the concepts of market-failure and government-failure. To provide an unbiased account, the authors conduct an extensive review of official planning documents and financial statements from major steelmakers. They seek to answer three key questions: 1. What is the nature of the state-business nexus in the world’s largest steel industry? Who are the key actors in this growth story, and what mechanisms exist between government agencies and companies that may influence the sector? 2. What support does the government provide to steel mills, and how are these benefits conferred? 3. What is China’s role in the global steel market, and how does the growth of its steel sector affect global trade in finished products and raw materials?
