本文探討蘇南吳江從六○年代以來的經濟興衰過程，認為吳江鄉鎮企業在八○年代的快速發展並不是地方政府的行政效能，也不是市場轉型、虛擬產權的非正式私有化、政治權力商品化、與社會網絡關係所推動，而是原有地方經濟制度特性，短缺經濟所提供的市場契機，以及鑲嵌在社會主義計畫經濟體制下的投資饑渴慣性使然。吳江獨特的地方經濟制度條件─相對富裕的農村集體積累、廉價勞力、與城鎮國營企業的外包生產關係─促使吳江鄉鎮企業起步早於中國其他各地農村，並及早搶占短缺經濟所創造的市場機會，而開啟「蘇南模式」。但當原有制度條件優勢不再，「蘇南模式」為維持舊有光環則依賴舊體制中銀行軟預算弊病，以大量資源投入的負債經營來堆砌成長，但因為投資效益不足，不僅造成地區之間缺乏產業分工的惡性競爭，而且企業利潤增長趕不上虧損幅度，故當中央政府緊縮銀根與市場疲軟之時，吳江的集體經濟便難以繼續支撐，終在上級政府強制之下完成企業產權的私有化。

This article argues that the rise of the collective economy in Wujiang in the 1980s cannot be fully explained by the thesis of the local state corporatism, the market transition theory, the concept of informal privatization through fictive ownership, the thesis of institutional commodification of political power, and the notion of embeddedness of social networks. Rather, the rise of the Wujiang economy in the 1980s can be attributed to the characteristics of local economic institutions, an established market niche inherited from the economic shortage of the early reform periods, and a debt-loaded growth aided by the institutional legacy of investment hunger of Wujian's cadres., Despite this, the performance and efficiency of the local economy has been in steady decline since the late 1980s, due to the elimination of economic shortage, the fierceness of market competition, the tight-control of banking loan service by the central state, and so on. Because of this, the collective enterprises in rural Wujian fell into a severe debt, being on the verge of bankruptcy. In the face of this economic crisis, Wujiang was reluctant to implement large-scale privatization, as a result of the socialist ideology ingrained among the local elite. However, with tremendous political pressure from above and the desire for local economic returns ,Wujiang finally embraced large-scale privatization, ending the collective economy characterized the first twenty years of the economic reform.