Rural-Urban Transfer of Capital
Rural-Urban Transfer of Capital
This chapter discusses the rural–urban transfer of capital in China. It focuses on the transfer of factors of production between rural and urban China. The chapter's objective is not only to measure this intersectoral resource flow, but also to explain it. It examines the institutional mechanisms by which capital has been transferred in the absence of a well-functioning capital market, and states that it has long been argued that by lowering agriculture's terms of trade with industry, governments, particularly of socialist countries in the early stages of economic development, are able to extract a surplus from agriculture for industrialization. The chapter furthermore discusses the theory of price-scissors and intersectoral resource transfers, the price-scissors in China, and measuring the intersectoral resource transfer, as well as government expenditure priorities.
Keywords: capital transfer, production factors, resource flow
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