China’s Reform Playbook (1978–1988): Sequencing, Gradualism, and the Hidden Costs of Dual-Track Transition
A 1992 World Bank working paper distills six lessons from China’s post-1978 reforms, emphasizing leading-sector sequencing, gradualism, and the institutional conditions needed to sustain productivity gains. It also highlights transition frictions—especially dual-track pricing distortions, inflation-linked arbitrage incentives, and rising inequality/insecurity—that can be mitigated through policy design and stronger checks on economic power.