University of Michigan Law School University of Michigan Law School Scholarship Repository Articles Faculty Scholarship 2017 China's 'Corporatization without Privatization' and the Late 19th Century Roots of a Stubborn Path Dependency Nicholas Howson University of Michigan Law School,
[email protected] Available at: https://repository.law.umich.edu/articles/2021 Follow this and additional works at: https://repository.law.umich.edu/articles Part of the Business Organizations Law Commons, Comparative and Foreign Law Commons, and the Legal History Commons Recommended Citation "China's 'Corporatization without Privatization' and the Late 19th Century Roots of a Stubborn Path Dependency." Vand. J. Transnat'l L. 50, no. 4 (2017): 961-1006. This Article is brought to you for free and open access by the Faculty Scholarship at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Articles by an authorized administrator of University of Michigan Law School Scholarship Repository. For more information, please contact
[email protected]. China's "Corporatization without Privatization" and the Late Nineteenth Century Roots of a Stubborn Path Dependency Nicholas Calcina Howson* ABSTRACT This Article analyzes the contemporary program of "corporatizationwithout privatization"in the People's Republic of China (PRC) directed at China's traditional state-owned enterprises (SOEs) through a consideration of long ago precursor enterprise establishments-starting from the last Chinese imperial dynasty's creation of "government-promoted/- supervised, merchant-financed/-operated" (guandu shangban) firms in the latter part of the nineteenth century. While analysts are tempted to see the PRC corporations with listings on internationalexchanges that dominate the global economy and capital markets as expressions of "convergence," this Article argues that such firms in fact show deeply embedded aspects of path dependency unique to the Chinese context even prior to the fall of the Qing dynasty in 1911.