Abstract
AbstractHow to explain the economic development of China since the country does not have the institutional matrix of market economies yet? The neo-institutional approach of North that emphasizes the role of informal rules in a society can mobilize the guanxi as part of the answer. This particular form of relational governance, peculiar to the Chinese confucian society, found a second wind with the development of business affairs to compensate for the inadequacies of the formal institutional architecture under construction. As form of capital social, guanxi produces trust and develops implicit incentives necessary to economic dynamism. By reducing uncertainty and transaction costs, it could be a substitute for formal rules during the ripening time of the latter.
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