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...ted in the world. Chinese currency markets were not unified until 1994. China resolutely refused to open its financial markets to foreigners, again until very recently. Most striking of all, China achieved its transformation without adopting private-property rights, let alone privatizing its state enterprises” (Rodrick). China's central government and its leaders were practical enough to understand the role that private incentives and market liberalization could play in producing results. However, “they were also smart enough to realize that the solution to their problems lay in institutional innovations suited to the local conditions—the household responsibility system, township and village enterprises, special economic zones, partial liberalization in agriculture and industry—rather than in off-the-shelf blueprints and Western rules of good behavior” (Rodrick).
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